Even Neurosurgeons Can Miss “It”
A trading friend of mine emailed me:
“Hi Michael - An old friend called me yesterday. He is a very successful neurosurgeon and a very good person as well. His only downfall in his mind is his lack of success in the trading world. After we exchanged pleasantries he asked me what I thought about the stock market. After a brief pause I responded, “I think the stock market is going up!” He then mentioned he subscribed to a couple of very expensive forecasting services one of which is run by a live “guru” who won a big trading contest several years ago. His next question was how could I disagree with the guru? I then responded, “You asked me what I thought about the stock market and I told you it is going up because it IS going up right now. Look at the chart!” We laughed as I was not being mean but simply offering him an observation of what the market is doing right now not what I think the market is going to do. I then told him I don’t ever have a clue what the market is GOING to do and anyone who says they know is either a very big liar or an idiot. I simply respond to a set of rules for trading and I guess I am dumb enough to just keep following them to the best of my ability. I then reminded him of two very important lessons that he should be learning right now.
#1: No one really KNOWS what a market is going to do although many profess to know.
#2: If you follow the beliefs and more importantly the advice of others you and you alone are responsible for your results be they good or bad. Van Tharp calls this phenomenon “respondability.” The only person responsible for your results is in the mirror.
