Experience does not mean you do not have to do the work, it means that the work pays more dividends.
Learning to trade futures in Chicago, the futures capital of the world, has allowed me to see how people adjust or not adjust to changes in the market. I talked to anyone who would listen and asked many questions. Some of them I knew and some were just in the elevator or hallway in passing.
I would noticed the change but they continued to say the same things and have the same view. Eventually they would disappear. Some times it was because they didn’t want to learn or because they didn’t learn fast enough.
If you have made money there is a sense of entitlement or that it will last forever. Once you have made money, it is hard to see a need to change or adapt. If you have had mostly positive results you are going to keep doing it despite losing. At times you will have to abandon your experience. It was not wasted time because it will be useful again.
The difference between those that make trading a career and those that do not is their willingness to learn each day and they know that they are only as good as their last trade. They use their experience as an advantage not a reason to not do the work.
I hear traders talk in certainty, how a bottom is formed, etc etc etc. It reminds me of my many conversations in the hallways and elevators at the CME Group. I am not saying that the ending is different but how we get/gotten there has proven to be different.
Keep a rigid process not a rigid view of the market.
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