CHAPTER
1
The Tuition of Trading
How To Make Money Performing Vascular Surgery Using Household Tools and Kitchen Utensils. I don’t think people would read such a book with the expectation of being able to do open-heart surgery out of their garages in their spare time, yet people go into trading with little or no experience and expect to succeed just after reading a book or two. Doctors, lawyers, and engineers need to go to school for years before they are expected to be professionals and earn a living. A pro baseball player spends a few years in the minors before getting called up to play with the big boys. Football and basketball players start out by playing college ball for 4 years, and then only the best get drafted. Electricians, plumbers, and welders are apprentices first. These people do not just decide to work in their field and start doing so from day 1; they work up to it. So why should traders think they are any different or better? After all, they are trying to enter what I believe is the hardest profession of all with hopes of being successful with little or no experience. The same way it takes years to become a surgeon, a trader needs to put in time before expecting to be capable of doing it successfully. Just as in every other profession, a trader needs the proper education. Unfortunately, Harvard doesn’t offer any degrees in trading. The only “schooling” traders get in learning their profession is hands-on, and the money they lose can be considered their tuition. It is through these losses that they will, they hope, gain the experience needed to be a great trader. 2
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