Contents of this article
When we face a trading view completely different from our own, there are usually two possibilities: either we are biased, or the person with the opposing view is. Most people choose instinctively. Once you develop a strong enough view, you are willing to bet a significant amount of money on it. The market always has the final say, and if you are too stubborn, you will not survive for long.
Trading as a path to personal growth
Hardly anyone sees trading as a way to grow as a person. We are here for the money, or rather for freedom: freedom from debt, freedom to do what we want, freedom from everyday material worries. Do not underestimate how much the trading journey can benefit your personal journey. Humility is at the core of happiness, and nothing humbles a person as quickly as the market. There is a stereotype about traders that I think is one of the most dangerous things to imitate: the idea that successful traders are like Gordon Gekko, with his famous line “Greed is good”, glorifying reckless trading that takes on huge risks. I have met many great traders with many different trading styles, but most of them are realistic, open-minded and humble. The greatest living macro trader, in my opinion, is Ray Dalio of Bridgewater. He is worth USD 15.4 billion, and Dalio’s first principle is to embrace challenge and to listen.
Here is what he writes:
“I test my opinions by finding the smartest people I can and challenging them to find my mistakes. I have never cared much about other people’s conclusions; what I care about is the reasoning behind those conclusions. Through this process, I have learned a great deal from many wonderful people. I remain wary of overconfidence, and I have found an effective way of dealing with what I do not know: I keep gathering information until I can feel confident… I look at actual outcomes, which most clearly reflect the consequences of my decisions, and I learn and improve from that process.”
Happy Trading!
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