There is an excellent article on CNN Money about the secrets of greatness and how researchers have found that natural talent may be irrelevant to great success.  Thanks for the link Forex Rookie

British-based researchers Michael J. Howe, Jane W. Davidson and John A. Sluboda conclude in an extensive study, "The evidence we have surveyed ... does not support the [notion that] excelling is a consequence of possessing innate gifts."

For failed traders that had been told that they failed because they weren't born with the gift now have renewed promise.  According to researchers, if you want to be great, you need to do what everyone else that is great did which is:

1. Practice, practice, practice.  (Michael Jordan never took a day off and shot more basketballs in a day than most of us in our lifetime)
2. Work hard.  (This is a given)
3. Try to obtain immediate feedback on your progress.  (Even if the feedback isn't going to be favorable to you, still seek it out)
4. Set specific goals.  (A must)
5. Concentrate as much on technique as on outcome.

http://money.cnn.com/magazines/fortune/fortune_archive/2006/10/30/8391794/index.htm

Read more about the research in this New York Times article.

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No. 1 :

Rich ...

Thought I'd share the best definition of the inner world of a trader that I’ve ever seen …

'Traders are impaled on the three points of a psychic triangle.'

This phrase describes perfectly the trader’s constantly changing inner state as he weighs the imperative existing at each triangle point: Which currency should I trade? How much should I risk? And, when should I enter/exit?

Certainly traders have different emotional make-ups, and while each individual handles these insistent questions in his own way, the image of a dynamic triangle in continuous straining flux is one hell of a metaphor for the emotional and decision-making balancing act that every trader must sustain during the trading day.

The image is artful in its accuracy and evokes a higher heart rate just in imagining it.

Submitted by Bill • 2006-10-30 14:39:30

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