When I met him at his house a few years back, I saw the biggest library of trading books I had seen. It was like walking into a bookstore.
He was, and continues to be, a voracious reader - his approach is a bit like mine in that, he may find one sentence or paragraph within a whole book, blog post or newsletter which may help him or be of value (in my own case, these can come from non-trading books too).
Two big things came out of our conversation:
- He trades with a passion and level of commitment I haven't come across too often. While the actual act of trading his particular method takes relatively little time, he spends 10-12 hours working every day reading, researching, playing around with ideas, reviewing his trades, and generally working to improve himself and his performance.
- The other big thing was that one word kept coming up again and again - that word was consistency. Consistency is his big goal. He went through some examples of where remaining consistent, even when his results were showing a temporary dip in performance, has paid off.
A lot of people are drawn towards trading as a potential way to escape the 9-5 routine, to work less and theoretically earn more. People like my friend show that, actually, the opposite is true. They end up spending most of their waking hours (as well as a few of their sleeping hours!) consumed by the markets and trading, and have this inner drive to succeed.
This is who you are up against - people who have honed their skills through their hard work and determination and are now reaping the rewards.
So, the question for you is - do you have what it takes to get to where he is?