Chapter 6

The Expert Trader

The knowledge that is gained from books and experience is an integral part of becoming a successful trader, but the path to expert trading begins within yourself. You must believe that you can reach your goals, fulfill your aspirations. Mastering the academics is not enough. An athlete with average ability will be victorious over opponents of greater skill if he believes he can be a champion.

Achieving the level of expert in any pursuit is a challenge that few people attempt, for it requires complete dedication and determination. To reach and maintain excellence, an individual must have a desire to succeed that transcends personal sacrifice. Understandably, most people are not willing to give up the diversity of their lives for a single all-encompassing goal.

Consider anyone that you perceive to be an expert in his or her field. Olympic swimmers spend from four to six hours in the water every day. Great composers and musicians have been known to practice for most of their waking hours. Top salespersons work 12- to 16-hour days. The best creative advertising personnel are always rethinking their accounts, shaping and detailing new ideas. Any highly successful business exceeds the norm by going beyond the rules and calculative rationality to the higher grounds of innovation and excellence.

Do you have what it takes to become an expert trader? We have covered a tremendous wealth of material, from the market's smallest unit to the importance of self-understanding—but the knowledge contained in this book is only the beginning. A derivative source can impart all the learning in the world, but again, much learning does not teach understanding. Benjamin Hoff put it wonderfully simply in The Tao of Pooh: “Knowledge and Experience do not necessarily speak the same language...there is more to Knowing than just being correct.”¹

In your pursuit of excellence, you may sometimes stumble and feel the frustration of your mistakes. The challenge before you is not without difficulties, but with the inner strength that grows from believing in your potential, you can strive to soar beyond the average—feel the exhilaration that goes with completing what you set out to accomplish. As you continue to learn and build experience, remember that your newly acquired skill and understanding is just the start of a process that will continue for a lifetime.

Note

1. Benjamin Hoff, The Tao of Pooh (New York: Penguin Books, 1982), p. 29.