Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation) there is an elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one definitely commits oneself; the Providence moves too. All sorts of things occur to help one that would never otherwise have occurred. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents and meetings and material assistance, which no man could have dreamed would come his way.
– W. H. Murray (climbed Mt. Everest)
How high is the cost of trading?
While the actual price is difficult to quantify, I believe it is higher than most people think. And in most cases, it is higher than most people are willing to pay. Those who feel that this is a game than can be conquered in a few short months are deluding themselves. Not only does it take many months to years of relentless effort to obtain market proficiency, but also excellence seems to emerge only after one has learned and experienced every conceivable way to lose.
The truth of the matter is that the pains, the agony, the scars of an experienced trader run especially long and deep.
If aspiring market mavens do not possess a great deal of fortitude, or if they lack resolve, are devoid of passion, and are unwilling to forsake all, they simply won’t last. Individuals who truly desire market success will have to pay with their blood, their money, and a very big part of their lives. The tuition is high. There is no denying that. But the ultimate reward that goes to those willing to pay the price is immeasurable.
Recognize that the cost of trading mastery is high. Then, provided you accept the cost, decide to make achieving trading successfully your “magnificent obsession”. Fan the flame of your passion until it ignites into a white-hot desire to attain that wonderful state of trading mastery. Make your sole mission in life to overcome all obstacles to your success without any thought of ever giving up. This burning desire is the wind behind the sails of every profitable trader in existence.