A 20 year old chess associate of mine has asked me about a possible career in markets. He's International Master strength at chess (close to getting the title), a second year maths undergraduate, has an interest in poker and was in the Bolton Wanderers soccer academy until he was 16.

I've suggested he reads up on the field and sent him links to the Daily Speculations book list. What other steps should he take?

Peter Pinkhasov writes: 

Not that I know anything, but I lost my roll a few times with all the money I've saved up from folding towels at the jewish community center from grade 7 trying to lever it up my last year in college. I think $ is a product of work for which discovering that one doesn't have the emotional capacity to do could be costly in terms of time value. I wasn't blessed with having a mentor when I started but it would have saved me a lot of time and efforts if I had read Education of a Speculator many years earlier. I think trying it yourself with self capital is good start.

anonymous writes: 

Take up some sports. It teaches you how to lose regularly and hopefully with grace and dignity. I suppose chess does that, but the physicality of sports, and trading, makes it helpful.



 I was watching a formula one race the other evening and it reminded me of the racing line. The racing line is the direction, speed and angle in which a driver goes through a corner. Come in too far from the inside, your exit will be poor. Too far out, someone can pass you. Come out of the corner perfectly but be in the wrong gear, you're toast.

I was thinking how many times traders hit a trade entry well but don't have the right leverage (wrong gear). Or come in too far from the inside and spin out before they complete the corner (capitulate with too much leverage).



I am sitting at the Philadelphia Union vs Kansas City game to find out that the park was renamed this year to Talen Energy Stadium. Ticker: TLN.


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