My Lessons Learned posts acknowledge blog posts from around the web which illustrate exceptional ideas that are valuable to new traders. The goal is to assimilate the wisdom of the experienced, instead of learning the hard way. There is an excellent post by Mike Bellafiore from the
SMB Capital blog discussing the failure rate of traders and what it takes to succeed. Here are some critical lessons from the article that are noteworthy:
TRADING IS EXCEPTIONALLY COMPETITIVE, REQUIRES OBSESSIVE PASSION AND ENDLESS PRACTICE! OVER 90% OF TRADERS FAIL! BE PREPARED TO WORK HARD AND STRUGGLE FOR 6-8 MONTHS BEFORE SUSTAINING PROFITABILITY. YOU MUST PRACTICE TRADES 100'S OR 1000'S OF TIMES TO DEVELOP ADEQUATE SKILLS. ALWAYS HAVE A PLAN B!
Blog Post Highlights:
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