To be a successful investor and trader, you have to think like a fisherman. A fisherman sets out in the middle of the night every day at the exact time and exact location with the same fishing gear on a daily basis.
His method is simple he just tests different fishing gears to find the most efficient one, adapts to the fish's daily routine, and patterns of movements, while also accounting for the weather and other external factors.
The fisherman doesn’t always come back home with fish in his baskets. Sometimes he gets big ones, other times he gets small ones, and some other days he doesn’t even have any. If the equipment he has can’t catch big fish, then he aims at smaller ones with higher quantities. The term "have the patience of a fisherman" is well known for a reason.
I guess you got the metaphorical reference. Discipline, commitment, adaptation, and patience are traits shared by both the fisherman and the trader...
A trader should create his own daily routines and watchlist with a strategy that has been back-tested and proven to be successful historically. Patience is needed to stick to the rules created without letting emotions control the decisions being made.
Being greedy and looking for that big fish or a big move in the market will let you end up testing margin levels. Get familiar with risk management approaches in order to have a probabilistic edge in any type of market.
The reason for the comparison is to show that in any profession, and in particular, in trading and investing, people tend to look for the magic trick or the best strategy with a 100% win rate that will never lose. However, there is so much more to it than how it is vaguely seen.
A successful trader will always become a successful human being, as all the skills acquired in the trading process are the same ones used in life.
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The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.