Most people who call themselves traders lose money, and you've heard that a thousand times. It's not even interesting to hear people talk about it anymore, although we could all use a dose of that reality more often. It's questionable whether most people who call themselves traders are actually really embarking on a new career as opposed to a hobby. That's a discussion for another time, perhaps.
Tonight, as I was on my flight to Arizona to do a seminar, I thought about some recent "new traders" that I have worked with and known. One is a PhD in organic chemistry. Another is an analyst/researcher at a Wall Street firm. Both are students of mine and I would consider them the best kind of friends in the world.
What impresses me about these "beginning traders" is that they have a fresh, inquisitorial perspective. They are flexible. They are open-minded. They are approaching trading as a new career, with vigor, energy, dedication, responsibility and also generosity (as they share with others that which they have learned). And another thing: neither of them is likely to lose their entire first account. Both of them have been making money, have taken money out of their accounts. Neither of them have had trading experience in the past.
So what makes the difference here? They are beginning traders but they're not psycho-risk-taking crazy gambling currency dudes. Instead, there is something about them that makes a difference.
Right now I can only account for their success (and they are at the beginning, I know) by saying that they are getting the best out of being beginners. This fresh, new, open minded stance they are taking is what creates the very success they are having.
I have a lot more to say about this, and I'd like to hear what you have to say too.
