My friend SteveO made a post about being a one trick pony on the Fastlane to Millions Forum. Before he made this post I had been thinking about this alot. I think that many people spread themselves too thin. I know that I am doing it right now. If you find something that you are good at, it should be able to take you far and get you where you want to be. There’s no reason to try to get into another avenue of investing.
I was talking to my friend who’s a pro poker player and I really can’t grasp why he’s thinking of doing something else. He probably pulls in a consistent $30k a month and he wants to venture into stock/options trading because of the higher potential of making money. Because he’s been told that day trading is very similar to online poker, he thinks it would be a good fit. My contention is that he knows how long it took him to become good at poker. He can see how bad the fish play and he can see how poorly even the good semi pro’s play. It has taken him so long to get to this level of poker play. Getting into day trading is like starting out as a fish again. Does he really want to go through a year or two of growing pains again to try to get to the level he’s achieved in poker?
Like SteveO found that he’s good at turning around apartments, my friend is good at poker. You only need one active source of cashflow. Once you’ve found it, the next step is to learn how to invest it, not to find another job.
I haven’t found my pony yet!
I also liked Sonya’s quote about the ponies. “If you ride a pony as far as you had hoped – or find you have outgrown the pony… it could be time to find a different pony!!… As long as you have the self discipline to not jump too soon!”