THE FIRST STEP IS THE HARDEST
Richard was anxious to trade. He had toyed with the notion of trading for a year after taking early retirement from his career as a computer systems developer. After reading several books about the markets, attending a seminar on trading, and putting together his first trading system, he determined that he was ready to start. The problem was that Richard wanted to run before he had taken his first step. With the same enthusiasm that he had applied to his first career, he began trading his system in real time with his accumulated trading capital. Unfortunately, he had not fully tested his system, which he justified as an unnecessary expenditure of time and effort since he had already done his reading and research. Richard had not completed this rite of passage and failed as a trader. He washed out of trading as his system failed him and he failed his system.
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