1) Diligence – All of the successful young traders were workhorses and not show horses. They put significant time into studying markets, learning from others, and learning from their mistakes. All spent much more time in preparation, research, and idea generation than in trading. They also displayed diligence in managing their capital. All were very good at being open-minded, recognizing when a trade was not working out, and limiting losses. This diligence in preserving capital helped them not lose too much money during their learning curves.
Now , to elaborate on learning curves : With repetition of almost any motor task, learning occurs, and a person becomes more efficient or effective at carrying out a task. In the pursuit rotor tasks, time spent on the metal dot increases. In the mirror-tracing task, the tracing becomes more accurate. Progress in skill learning commonly follows an S-shaped curve, with some measure of skill on the Y axis and number of trials on the X-axis. Progress is slow at first, then a subject may experience a burst of learning that produces a rapid rise on the graph.
People often speak of a steep learning curve when they mean the opposite. A steep learning curve is one in which skill improves quickly, meaning something is easy to learn.However, what most people mean by “steep learning curve” is difficult learning experience. No doubt they are thinking of steep hills and steep mountains which make climbing difficult In actuality, the steepest part of the learning curve is the portion where learning is fastest and easiest.