Tom Dante

Tom Dante



The one thing I'd have done differently A Thread

If I could go back in time and do one thing differently in my trading career, it would have been to stop wasting time.

I wasted so much time messing around. Refusing to get out of losing trades. Making plans I never followed. Taking trades on whims. Over betting out of misplaced confidence. Under betting out of misplaced fear. Never recording trades. Never taking it seriously.

Many of these things happen in a trader's development. It is not so much doing them once or twice that is the problem. It is doing them repeatedly over long periods of time that is detrimental.

I know traders that are still making the same mistakes they were several years ago and waiting for a different outcome than the one they've had so far.

If you want to speed up your progression, you need to make a plan. Once that is done, you need to follow it with an almost scientific detachment. This means not wasting your time and money on shit trades that aren't part of it.

You've heard the phrase "don't focus on the money". It's as old as the hills. But it's advice that works. Your aim should be simply to follow the process and prove or disprove the efficacy of your plan.

Journal everything. Do more of what works and eliminate what doesn't. Do this ruthlessly and the money will take care of itself.

As an interesting aside, I have a clever friend who went to Oxford University but failed his first-year exams. One night we went for a drink, and I asked him about what happened.

He told me the reason he failed is because he simply didn't put the effort in. I expected as much. After all, it's logical: if you don't do the work, you can't expect the reward. What I wasn't expecting, was the reason he gave me for not working.

It wasn't the case that he didn't put in the work because he was out partying all the time or that it was too hard, or he had a huge issue with procrastination. He told me he knew, deep down, he didn't put in the work because he was scared of doing it and still failing.

His rationale was this: If I don't give it my all, I'll always know I probably could have made it but just didn't make enough effort. If I give it 100% and still fail, I'll both feel bad and look bad in the eyes of everyone around because it's proof I'm simply not good enough.

This was his ego trying to protect him. And I wonder how many people out there might think like this. Not just in trading but in any endeavour.

So, I ask: How committed are you? Are you simply having some fun, fucking around and hoping for the best? Or are you giving it your all each and every day?

No matter what anyone tells you, giving it 100% does not guarantee success in this business. But you either embrace that and do it anyway or you sit there one day, wondering what might have been. Which one are you doing?

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