This weekend I’m going to talk about what this journey is all about. Granted – I’ll only highlight one aspect of that journey. Some might have longer holding periods they like to stick to. Some might prefer switching positions on a much more frequent basis. It all comes down to the same. Getting exposure to opportunities. Here’s a quote from Nassim Nicholas Taleb’s book ‘The Black Swan’ describing that phenomenon. Quote from page 170:
“… seemed to follow implicitly, though not explicitly, Louis Pasteur’s adage about creating luck by sheer exposure. ‘Luck favors the prepared,’ Pasteur said, and, like all great discoverers, he knew something about accidental discoveries. The best way to get maximal exposure is to keep researching. Collect opportunities…”
So whenever a trade doesn’t work keep in mind the outcome of one single trade doesn’t really matter. What it all comes down to is to repeat the process over and over again. In the long run doing research on a regular basis and getting exposure to opportunities is the only way to be successful in the markets.
An excuse becomes an obstacle in your journey to success when it is made in place of your best effort or when it is used as the object of the blame. – Bo Bennett