FIGURING OUT WHO YOU ARE

If you’ve been trading for while figuring out what type of trader you are
will be easier. If you’re a novice trader, then you may have no idea what
will work best for you. Above I mentioned different characteristics that
traders may possess. There are way too many to list, so figuring out who
you are is something you have to learn on your own through trial and error.
The more you trade, the more you will realize what you like and do not like
as well as what seems to work best for you. This is where the “tuition of
trading” comes into play.

The tuition of trading is what I call the first couple of years of trading,
when you would normally be losing money. Though you may be losing
money during this time, these losses are invaluable as you should be learning
from every mistake you make. Because there are no classes at Harvard
to teach you how to trade, the only way to learn is by risking money (tuition)
and going through the school of hard knocks. After a couple of years
you should be ready to graduate and hopefully you will still have some
money left. Paper trading is a way to get started but it won’t help you nearly
as much for two reasons. First is that you won’t have the patience to paper
trade for three years to gain the proper experience and second is that
you will learn a lot more about who you are with real money on the line.
Though this book may not help you discover who you are, it will help you
acquire some of that education you need to do so.