Mark Minervini, a stock Market Wizard, offers a master trader program that cost 5000. One may make money in the markets, one may even make one’s fortune in the markets, and one might even find investing rewarding on a number of nonfinancial levels, but in the process one will make mistakes. Ed Seykota, a Market Wizard, has a trading tribe that cost 99/month. As a trader and investor one will make mistakes”that is perhaps the only thing one can guarantee about investing. In this way one is able to demonstrate how mistakes are not the bane of traders, but rather the way in which the market lets traders know how and where they need to adjust, correct, and adapt. More I am reading this book more I am becoming aware and more I am becoming aware, more better I am becoming. Oftentimes, the mistakes themselves led to the creation of entirely new trading methods or techniques, such as the “pocket pivot,” or the broader understanding of concepts, such as what one refers to as the Big Stock Principle. Ed Seykota has brilliantly described his TT Process in his book The Trading Tribe. It also shows how one gains knowledge by treating the mistakes as useful market feedback, which was then put to profitable use by forcing one to devise solutions and evolve the methods in order to ensure that such mistakes did not occur again. This chapter examines some of the author’s biggest mistakes, analyzing through them step-by-step while discussing the thinking and decisions in real time during these periods when one runs into difficulty.
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