I like to think that I love to try new experiences, especially if it comes to trading. Hence my willingness to try the course by Pride Educators (http://www.tradewithpride.com/) and my testing of Dynamic Trading Bars (http://www.trade2win.com/store/dynamic-trading-bars-p141.html). Sometimes I read a book/books for the sheer joy of viewing an event from a different perspective.
I have to admit, however, that in this field of new experiences, I more than met my match in a student and friend, Ms Ana Wang. She has packed enough experiences to last two lifetimes (www.anatrader.com).
Last year she dragged me kicking and screaming into participating in a trading competition. In my 30-years as a trader, I had never entered a trading competition. Partially because I feel that winning a comp requires different risk management skills to long-term success and partially because…well I was afraid. What if I did poorly in public? Horrors!
Ana would have none of it. She said she needed only a hand with the position sizing – she’d take care of the rest. Well those that know Ana will know just how hard it is to refuse her once she makes up her mind. So in we went and ran second in an exciting competition. She was beaten on the last day by a little under 2% – after having led for much of the second half.
I loved the experience and while it is unlikely I’d do it again, I am more than glad to have taken part.
Last month, Ana was at it again. She started an advisory newsletter on trading. Again this is an area I refuse to venture into. While I think that it’s a legitimate source of assistance, its main drawback is that subscribers tend to heed entry suggestions and ignore position sizing and trade management advices (at least that’s what I did in my losing years).
As usual, Ana will have none of it. She started the newsletter (www.awanginvest.com) and has just ended a 2-week free trial for RSS subscribers.
What does this have to do with trading?
Like Charlie Munger, I believe trading is enhanced by a willingness to expand our horizons beyond our comfort zones. Most times, most of us rationalize our failure to move beyond our comfort limits and then bemoan that our lives are not as rich as we would have liked.
I believe that in trading, as in life, the greater our range of experiences and the more we learn from them, the richer our lives become. Ana would never forgive me if I revealed her age. But her willingness to venture forth, at an age when conservatism is said to be the norm, would put the younger generation to shame.