Becoming One of the Chosen Few

BellaMike Bellafiore's (Bella's) Blogs1 Comment

This weekend I was invited by Stocktwits and the Money Show to speak at the LA Trader Expo in Pasadena. One of the most awesome things about the Internet and our young trading blogosphere is how much free trading content is obtainable. GMan and I refer to this as domain knowledge. And acquiring domain knowledge is an import ingredient to your development as a trader. But it is severely overvalued amongst new and developing traders. Let me shake off some of my jet lag and explain.

During my Saturday presentation at the LA Expo I shared a very important lesson that the market has taught me over the last twelve years. Before I did so I shared a slightly embarrassing error that I had made. Taking the elevator down in my hotel I glanced at my shoes. My right shoe felt bigger than my left strolling to the elevator, but I gave this little thought. Now affixed only on my two shoes I noticed something odd. They were different. On my right were my most comfortable Rockports and on my left my fanciest Ferragamos. I started my talk with this confession.

I was so impressed at the turnout for my presentation. At the beginning moments of my discussion it was 1-1 in the England-USA World Cup match. The audience had the right to be skeptical of the presenter with two different shoes and I did of anyone in the audience there to hear me during the World Cup.

My presentation was Simulation: How to Turn One Trading Day of Experience into Ten. I cautioned that to be great at anything requires four elements. And not just domain knowledge or listening to me or someone like me talk about something the market taught us. I continued that for all the setups they learned at the Trader Expo they needed to do more to make these patterns their own. To become great at anything requires four elements:
1 domain knowledge
2 motivation
3 critical feedback
4 simulation
Raising my voice I challenged this soccer fanatic-less crowd that if you think you are going to learn some simple set up that works for someone else, go back use it on Monday, and transform your trading career they would soon be very disappointed.

It is terrific that these attendees sought domain knowledge that perhaps they could make their own. But the acquisition of domain knowledge is not the beginning and end of the mastering process. The trader must then develop THEIR trading skill to make this trading pattern their own.

Next motivation to sustain the effort to work on this trade was required. Also critical feedback from a mentor was essential. Finally a whole lot of practice was required to add this trade to their quiver of consistently profitable setups.

The great news for all that attended is that they are now armed with many awesome trading ideas. Many of the educators present were true trading pros with important advice including the brilliant @ ppearlman and @stevenplace, hysterically insightful @howardlindon and our friends crafting an online trading community @todaytrader. Monday is your opportunity to start getting better as a trader. But what you learned must be transformed into skill. If this is done then you will be on your way to giving yourself the chance to join our exclusive club of veteran, consistently profitable traders. We love new members. Why can’t that be you?

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