Saturday, April 12, 2008

Five Lessons Traders Can Learn From American Idol

* It's a Marathon, Not a Sprint: You don't have to finish #1 to have a very successful career, and some top finishers have short-lived careers. Check out Chris Daughtry.

* Many Are Called, Few Are Chosen: For every Idol, there are many deluded wannabees. Know your strengths, and go with them.

* Be Yourself: Much of success comes from picking the right song (market, trading style) and making it your own, rather than mimicking others. Check out David Cook.

* It Takes More Than Dreams: Some of the worst tryouts are contestants with the loftiest dreams. Without talent and skill, dreams are mere fantasies.

* Listen to Feedback: The verdicts of the markets may sound more like Simon than Paula, but they provide important information for the next performance.


Ten Lessons I've Learned From Traders