Whats the third requirement of becoming a successful trader?
Bob Prechter: No. 3 – Get experience. I can’t stress that enough. I don’t care how much you read or how brilliant you are, you won’t find out how easy it is to lose the market game until you trade with your own real money. Let me give you an example: If you buy an Xbox baseball game and become a hitting expert while sitting quietly alone on the floor of your living room, you may conclude that you are one talented baseball player. Now let the Mean Green Giant reach in, pick you up, and place you in the batter’s box at the bottom of the ninth inning in the final game of the World Series with your team behind by one run, the third base coach flashing signals one after another, a fastball heading toward your face at 90 m.p.h., and 60 beer-soaked fans in the front row screaming, “Yer a bum! Yer a bum!” Guess what? You feel different! Suddenly you can’t approach the task with the same cool detachment you displayed in your living room. This new situation is real, it matters, it is physical, i
