Experience is the best teacher

From the Preface in Linda Bradford Raschke and Larry Connors book: Street Smarts.

Traders talk amongst themselves, not necessarily to discuss bullish or bearish market opinions, but
ather to share insights into the nature and quirkiness of this business. The mental toll trading
exacts definitely forms bonds. When we open up, it is always surprising to discover the similarity of
lsssons learned, experiences shared, and how we all independently arrive at the same
onclusions. Often in talking with each other we're really looking for clues into our own heads,
hyoping to understand ourselves a little better.
Iespite our constant pursuit of knowledge, the market itself assures there is no shortcut to
btaining our final degree. In the end, it is experience which is our ultimate teacher and there is no
substitute. We can only choose the attitude with which we approach this process of learning to
trade. We can accept the inevitable setbacks and learn from them, or we can yield to our natural
human stubbornness and be forced to repeat the same lessons over and over again.