I was once told of a very successful trader who was so agnostic to which market he was trading that “he wouldn’t even know the difference between the Indy 500 and the S&P 500”.
Often times being smart, sounding intelligent, discussing markets, predicting the future….. does little to nothing in terms of making money.
The trader mentioned above manages his own account which is in the high millions and spends every day on the golf course.
Not wanting to be seen as ‘smart’, or caring what others think works well for him.
The priority behind his trading is perhaps to make a lot of money and spend time doing what he loves.
I was once asked: “ How’s being smart working out for you ?”
The truth was that at the time the answer was not particularly well.
The question also shook me into considering that since being ‘smart’ wasn’t necessarily producing the results I was looking for maybe I should be spending time working out what exactly would.
Taking a personal inventory of what components specifically add to your bottom line trading and which don’t is an important exercise.
Consider stripping away the things that don’t or are dubious and seeing where that leaves you.
My guess…… a lot closer to spending your days doing what you love.
Sometimes the most profitable thing you can do is to not know the difference between the Indy 500 and the S&P 500
#trading #makingmoney #investing