One of Heart’s main hobbies, and for a longer time than trading, is photography.
Photography, done at a professional level, or amateur with aspirations to be pro, demanded a hefty investment into gear, that is a good camera, good lenses, film rolls, developing chemicals and tools - or spending money at a lab - printing costs, etc.
There was a barrier to entry, economical but also of commitment: were you ready to spend this money and buy all this stuff and then find out it’s not for you?
This barrier is now lowered by digital, and even more by smartphones with a camera, at least to start.
Then, there is a technical aspect to it, which must be learned:
what is exposure and how it works, what are the three parameters in control of the photographer and how they interact with each other - the triangle of iso, shutter speed and aperture:
and if you go even deeper down the rabbit hole, how to use a flash and how to tune it, props, lamps, umbrellas, etc. This is all still valid today, with digital cameras.
There is a technical knowledge to learn about photography itself:
composition rules, that is, techniques of framing the picture that have been proven for decades to “work” for the human eye and producing pleasing to the eye compositions, like the rule of thirds, dutch angle, contrasts of colors, blurred backgrounds in certain portraits - bokeh, how to make a subject pop, and so on.
Finally, and most importantly, comes the creative aspect of it:
learning how to “properly” take a photo won’t teach you how to take a GOOD photo, a photo that will impress the viewers and stuck with them.
Like anything, some people have a natural talent for it, some people not.
But like anything, talent is just a starting advantage, the rest comes from training.
Flipping photo books and photo magazines, going to exhibitions, attending lectures, taking tons and tons of photos and understanding where you’re falling short, etc.
You need to put the hours in, and it’s not easy both to do and to put into words, what makes a good photo.
But people don’t want to do that.
They want to be succesful photographers, but don’t want to spend years on the craft.
They want to be a succesful basketball player, or youtuber, or writer, or programmer, or runner, but they don’t put the hours in.
So what they do? They discuss the gear.
Why?
Firstly, because it takes no effort, and can be done from the sofa.
Secondly, because there are some “objective” and measurable traits about gear, that can be compared and discussed easily.
If I ask you to compare Bresson photography with Martin Parr’s, it’s hard, because you can’t just “measure” the artistic qualities of them.
But if a camera has 36 Megapixels and a 2/3” sensor, and the other one is 24 Mpixels and a 3” sensor, suddenly we can argue about which one is the best camera. And not you nor me need to be able to take good photos with them, we can just endlessly bicker on forums about Sony vs Canon vs Nikon vs Fuji vs Leica etc. and so on with lenses, and so on with tripods etc.
Same thing happens with runners comparing running shoes - comfortably in their slippers at home - or bodybuilders and what exercise is better for your triceps, etc.
Meanwhile “doers” are out there getting shit done, putting miles in, lifting heavy iron and putting it down, taking photos.
Capitalism plays a bit of a role as well, constantly flooding the market with new shiny products to make the old ones obsolete, while for example any camera that came out in the last 10 years is perfectly capable of taking stunning photos.
The problem is the photographer.
Let’s talk about trading.
Trading is of course a less artistic activity, it is more technical and can be compared more to an intense sport practiced at a professional level.
Like in sport, and like in photography, you need to attain a certain technical knowledge before even starting.
At the bare minimum, you need to learn how to read a chandlestick chart, how to identify levels, how to spot resistance and support, etc. But all of this is “public knowledge”. Hell, some influencers - I mean, the ones in good faith - will even draw the levels for you and post them on twitter.
But the Karate or Judo positions and moves are also “public knowledge.
You can buy a book, or watch videos, to learn all of the moves and levels of Judo and how and why they work.
Will you become a master judoka after waching those?
No.
Why?
Because you need to put the damn hours in.
You need to practice the moves, and maybe your body refuses to do them or to bend to your will, you need to condition it, and maybe you need more reach so you need to stretch or you need more leg strength and attain better balance so you need to train…
And every hour you do not put in, your enemy will.
When it’s competition day, you will lose to the other guy who stayed last in the gym, who missed a night out to train, who didn’t drink 8 Vodka Redbull on friday night, and so on and so on.
The same is in trading. Everyone can have the same knowledge and the same tools.
Hell, I trade and chart with mostly free tools, and a single screen.
What makes the difference, is you. You must be the edge.
When you make a plan before a new trading day, when you finally manage to stick to your plan, when you build your resistance to fomoing into unplanned trades, when after a long day of trading you don’t go to drink immediately but you stay and you journal your trades, and identify patterns of success and patterns of mistakes.
When you put the hours in, watching the charts with purpose, when you take trades and learn from them, and learn how to deal with your emotions, all of this makes you a better trader than anyone with a “strategy” but no discipline, no control, no experience.
Every hour you put in the market, and build your edge, is an advantage against your counterparty in the orderbooks.
Everyone can learn “how to trade”, but few will stick around and put the effort to become a good trader.
Become the edge.
Your articles help me to keep going during this bear. Ty Heart.
such a great pic