by Gavin M.
This will be a realistic advice to you young traders. By young, meaning the cluster of the demographics belonging to our twitter-crazed, iPhone-loving youth under 22 years old. If you don't like to be told off, stop reading from this point. I want to say, I have been there - I was a teenager once. I felt invincible, I felt like the world owed me a lot of things because you know, "we are the future" and all that bs. One thing the education system will never prepare you properly for is the reality that is life. Life is full of disappointments and stupidity but how you succeed depends largely on your character. If you are a young guy thinking you're going to be a millionaire overnight just by going all in on the markets, you're living in a fantasy world. You found the markets, and you think it's interesting - exhilarating even. It is but it's not a toy, it's not just a device you can learn overnight. I started young in the markets and I was also told to be patient and be nimble. Advice from older folks that really became super important to me when I experienced my first catastrophic loss for being cocky. This is why older traders view young traders as being impertinent and impatient because most of the young folks nowadays feel very entitled. If you can find your center, your moral base, and build humility and patience from it, you will succeed like the rich people of today. Hubris and overconfidence never got anyone anywhere. You need to develop patience because when you get in over your head and you lose thousands of dollars, no one else is responsible for it but you. This is extremely important. At Equity Sense, I actually have given up teaching younger folks. I choose to only accept students like Dr. House chooses to accept patient cases. You have the gift of time - time which a person starting in their 30s don't always have. If you are 18 and are starting to learn the markets, you have the best chance of being a millionaire before you're 30. Learning the markets is very important. Choosing a school of trading is just as important as making a career/life decision. What you learn from that trading school will be the very foundation of your future trading career. Do not follow every prick on twitter that advertises ridiculous trades. 90% of the people on twitter are either faking it or people good at pretending they know their sh**. Pick solid people to follow - tested by their mettle and skills. The books will teach you fundamentals of how to trade but they will not teach you HOW to EXACTLY trade. In an ever-changing market environment, the people who trade day in and day out are the best people to learn from. Seek a mentor to guide you in this field. Just as every billionaire dad mentors his future heir, you need someone with good experience to mentor you in how to trade. This is very important. Only a small minority has been successful at learning how to trade on their own - by small I mean less than 10% of all the traders. If you have the aptitude to self-teach and the fat trading account to take in lots of trial and error trades, then go for it. Just as Doctors go to medical school to be doctors, traders need to be mentored to be really good. I cannot stress that enough. Failure to accept the inherent importance of patience and humility will be your own demise.
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Multiple AuthorsTraders from Equity Sense will be writing on this blog on positions and other market-related things. Archives
May 2018
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