I hear it alot.
It takes determination.
It takes Keeping It Simple Stupid. It takes a thorough study of the subject. It takes discipline. It takes an edge. On and on.
Someone who has an approach that lasts awhile says it takes being skeptical or it takes shorting the heck out of every rally. Someone else has a mathematically based system which was only worked out over years and benefiting from the oft cited Trading floor experience.
A study of one case for a small period of time such as a couple of months or years may be a nice fad but is it what it takes?
A somewhat famous book titled "Popular Delusions and the madness of Crowds" is certainly an interesting read.
A cursory look into what studies exist of the success of traders themselves and what successful ones do almost inevitably leads down a path of a story and not any kind of broad view.
It certainly would be interesting to find a study of exacting method which isolated the successful approaches and characteristics of the long term winners in this game of trading. Are they smart or is it just a jealous myth of the usually cited fund manager that intelligence is no factor in success? Are they single, blind deaf or dumb? Do they wake up early or as often afflicts many -stay up late? Do they drink and run around and socialize till 4 am or are they consumed by a fire of interest in the market?
Are there one or two or several characteristics that could be isolated which would rule out success or make failure less likely? Could you ask 10 questions or take a look at the new trader and quickly tell him or her to be on their way?
Do 5% succeed or .5%? Do those that get rich lead happier lives? Is it better to go to Vegas where at least the food is good?
The comment line is open. I will be doing some more investigation in this area and will let you know if I find anything.
In the meantime, Keep it Simple Stupid.... (winks)
