LOL... Yeah, the raw eggs and 4 mile run works for me!
Trading is an evolutionary profession, like most other professions. Ask
me what it takes to become a skilled trial lawyer. I'll tell you that
for starters you had better be prepared to do well in college and get
yourself into a good law school, after which you should be prepared to
immerse yourself in the practice for many years to develop the skills
and instincts that make a good litigator.
While I don't think you need seven years of school and years of
dedicated practice, I do believe that those who ultimately succeed at
this consider trading a profession and approach it as such. What does
that mean? For starters it means that they make the necessary
investment to learn the fundamentals. They avoid jumping from one fad
to the next. They don't "just try" an iron condor.
Successful traders sit down, learn the fundamentals of the markets and
the products they plan to trade. They develop a plan for trading their
chosen market, back-test that plan on historical data, maybe the paper
trade it, and then they begin by entering small positions. They
continue trading small size until they refine their methods and prove to
themselves that they can control losses and generate profits. Then the
move forward by increasing trade size.
Successful traders learn to limit their losses. They learn to separate
their emotions from market reality. They stop worrying about whether
any given trade will be profitable, and learn to accept their losses as
they do their wins. They learn to trust their system. They learn to
walk away when losses exceed predefined levels.
You won't learn how to do these things over a weekend. So, if you're
with the majority of traders who are going to just "jump in" and start
trading your account "hoping" to make some money it's likely that you
have not yet developed what it takes. The good news is that given a
reasonable amount of intelligence, some diligence, and a dozen raw eggs,
I think most people can achieve some level of success.
Christopher Smith
TheOptionClub.
--- In OptionClub@yahoogro
>
> Okay, no one course or book will make one a options trading pro, but
what does it take?
> I mean, do you guys wake up at 4 a.m., drink some eggs then run 4
miles in the snow haha? What does one need to do in order to become a
successful options trader?
>
> Adios.
>
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