Meet the Street: No Guts, No Glory

A successful investor isn't all that different from a successful athlete, says sports psychologist Thomas J. Ferraro. In both cases, winning is about having knowledge, guts and passion.

By knowledge, Ferraro -- who counsels professional athletes in golf, boxing and basketball -- means learning more about the markets, and the companies and sectors they cover, as well as the competition. Traders also need guts, he says, not necessarily to pull the trigger on a big trade, but to pull out of a trade that's gone sour. Finally, the psychologist says, traders need to have a lifelong passion for the art of the trade, not just the money, or they'll burn out.

Dr. Thomas J. Ferraro, Trading Psychologist

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