Jack of All Trades

With the bevy of information at a trader’s fingertips, many climb aboard the merry-go-round of learning never to depart.  They reason that improving trading results is inextricably linked to acquiring more knowledge.  If one can develop mediocre trading habits after reading one stock book, surely they’ll do better after reading five.  If one attains a modicum of success by trading a simple long stock strategy, surely they’ll see improvement if they also learn the nuances of shorting, options, spreads, and futures.  As they energetically jump from one topic to the next, one strategy to another, I wonder if some traders are passing up a more rewarding path.  I wonder if by putting a premium on the breadth of their knowledge, they’re losing sight of the depth.

Is it better to know a little about a lot, or a lot about a little?

I’d argue the latter, particularly with trading.  Better to be great at a few strategies than mediocre at numerous ones.  I suppose in the long run the ideal outcome is to know a lot about a lot, but such an endeavor takes time and is achieved piecemeal.

Twitter plays an interesting part in this process.  It reveals one’s discipline or lack thereof.  Trade ideas are a dime a dozen and it can be seriously tempting to simply follow trades at random.   If one isn’t a careful curator or disciplined observer their portfolio can become a hodgepodge of day, swing, and position trades with stock and option positions galore.

If you’re planning on attending multiple Rich Dad Education Elite trainings be sure to take adequate time between each one to practice the techniques and strategies learned in the previous class.  That way you’re taking full advantage of your education and having proper preparation for your next step in the learning continuum.

In your knowledge acquisition quest, don’t sacrifice specialization. Don’t become a jack of all trades and master of none.

Tyler Craig, CMT
Rich Dad Education Elite Training Instructor

Learn more about our Elite Stock Courses here.