Immediate Gratification Refuted! It takes time to be good or great at anything.Thus,
it is unrealistic for a new trader to expect immediate success. The Stages of Success for a New Trader is briefly explained by Dr. Hoffman in the following sentences: Stage I involves the neophyte trader experiencing trading by trading with real money**. Stage II involves the neophyte trader accepting losses as part of the trading experience. In Stage II, the new trader learns how accept a loss painlessly . Losses are expected and handled STOICALLY ***. Stage III involves learning to win. No one enters Stage III without mastering Stage II. It is important to recognize that each person progresses in trading at a rate commensurate with his/her own ability. Thus, the time involved in getting to Stage III is different for every individual.It is mandatory that the new trader recognize the importance of taking one’s time while methodically experiencing the experiences in each of the three stages. For a new trader to want to skip a stage is normal. However, skipping a stage is not recommended.
**( In Stage I, the new trader is neither concerned with making or losing money. Learning to trade in Stage I is akin to learning to meet the ball when learning to hit a baseball ).
*** ( Stage II may be likened to learning to ice skate and continually falling on the ice in the beginning ).
**** ( In Stage III mistakes of the past are eliminated and temptations outside of the rules established by the trader are ignored.
About Me
- Mickey Hoffman
- Chicago, Illinois, United States
- Dr. Mickey Hoffman, a registered trader and broker with the National Futures Association, is a 30 year member of the Chicago Mercantile Exchange. In 1992, he founded the University of Trading for the sole purpose of introducing students to the career of futures trading. His extensive background in education and trading enables him to provide his students with an experience that is truly unique. Dr. Hoffman was a successful high school and college athlete, high school teacher, head coach, vice principal and summer school principal . His experience as a trader, broker, teacher, futures and options firm owner and author enable him to teach, counsel, and guide inexperienced students and experienced traders. Mickey enjoys working with new students as well as those who who are having a difficult time trading. Many have called Dr. Hoffman a "LIFE COACH"!
