Last week, I was reading about Michael Jordan, the legendary
Basket Ball player. His life is very inspiring. . I was very surprised to
note how he practiced the game. Despite being number one in the game, his
game practice was very basic and simple, like free throws and just dribbling.
Getting the basics right is very important whether it is
Basket Ball or Trading. We need a solid foundation to build on. Otherwise the
whole structure may collapse. If you get away from the basics, the bottoms will
fall out for sure
Unfortunately, many traders do not understand the fact that
they are practicing useless skills. They work hard and practice well. Still
trading consistency remains elusive for them. They think their problem is
psychological or discipline related. Wrong.
The real problem is that they do not understand the “Reality of the Market”. They have no idea how a dual auction market functions and what
move prices. Any methods that ignore these realities are destined to fail. The
more they practice, the more they will fail and they will become experts in trading the wrong way
Message from Michael Jordan is very clear and relevant even
in the field of Trading. Jordan warns that when you “get away from fundamentals… the bottom
can fall out of your game, your schoolwork, your job… whatever you’re doing.”
Are you practicing to fail ?
Reminds me ...
ReplyDeletePractice does not make u perfect.. Only perfect practice makes u perfect !
Regards,
Really nice !!!!! ....thank you sir
ReplyDeleteEYE opener article.
hi
ReplyDeletewhat is meant by DUAL AUCTION MARKET ?
In a single auction multiple buyers compete to buy from a seller. Example you are selling your old car on an auction and buyers are competing to buy it..
DeleteIn dual auction there are multiple buyers as well as sellers.Here few other people are also trying to sell their own cars.So you need to compete and reduce prices.Buyers compete to buy and sellers compete to sell. So price discovery is much more efficient
ST
Thanks ST :-)
ReplyDelete