≈ Investing is a psychological endeavor. ≈
For most people starting in the trading/investing business, a high IQ, mad math skills and high doses of courage are probably the three common traits they think successful investors and traders share with one another.
— “I was never good with numbers, I won’t be a successful investor.”
If they start to manage their money without any sort of education whatsoever and stick with these three traits, they will, more likely than not, decimate their account in a matter of days.
Last Monday, the Justices Bros. brought a very VERY special guest to the Trading Justice Podcast episode #329. His name is Jack Schwager, author of the “Market Wizards” best-selling book series: Market Wizards (1989), The New Market Wizards (1992), and Stock Market Wizards (2001). If you missed it, visit this link HERE.
What a likable man. What an interview. I risk saying that this was one of the best interviews I have ever seen. The amount of wisdom shared per minute is something staggering.
The Video of the Day shows a clip from this interview conducted by Coach Matt. In this clip, Matt asks Jack what are the two to three most successful traits that are a commonality between successful traders.
No “courage”, “high IQ” or “math skills”. Instead, we got:
- Risk Management;
- Flexibility to change your opinion.
As simple as it gets, but nothing could be more complex to achieve.
Investing and trading are psychological endeavors and that is why success is a rare thing in these lands.
Chart of the Day
God bless the laggard
While all major indices are running like there is no tomorrow, poor Russel is being left behind. “Specialists” are probably piling up excuses for such behavior.
Fortunately, we couldn’t care less. While the RUT is going nowhere, the money is flowing into our pockets. Selling Condors against the laggard is what we love doing. God bless the laggard.
Video of the day
The three common traits of successful traders
Jack Schwager discuss what he considers to be the three common traits of successful traders.
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