Snippet from Mike Bellafiore at the SMB Blog
(see original post here: http://www.smbtraining.com/blog/five-suggestions-for-traders )
"...Traders are often wired to grab on too tightly. They are wildly ambitious. Some even irresponsibly driven. Failure is not something they can tolerate. If they could they might not have ever tried this silly sport of trading, with more potential rejection than a NYC bar. The traders above strike me as holding on too tightly.
I see this with GMan at times. I saw this with Dr. Momentum from One Good Trade. I see this with that developing trader from our desk above.
What is progress? What is failure for the new and developing trader? Is it a month where you did not exceed last month’s PnL? Not necessarily. Is it not making money in your first 6 months of trading? Maybe not. Framing your progress incorrectly breeds unnecessary stress and regret.
Everyday that you trade you get better. Everyday where you gain screen time you improve as a trader. Often when reading the new regrets of a developing trader I think of that great Dave Matthews line, “Where are you going?”
I have found five suggestions to be very helpful to me as a trader, which relate to the comments from the developing traders above and their inability to sustain their energy.
1) Make sure you take some time off.
2) Do things outside of work so that you do not value yourself from your trading. Trading is the game we play. It is not who we are.
3) Be grateful for the privilege of trading. It really is so cool that we get to do this for a living. Be thankful for this opportunity, no matter how short or long.
4) Stop judging your trading by your PnL. For example that trader on our desk had a better month than the prior though he did not make more money. He worked on his sizing. There was less opportunity this month than the prior so comparable results are an improvement. He gained another month of experience.
5) It is ok to fail. How is Oprah doing with OWN? Remember that Michael Jordon commercial about all his failures before triumph. Oh man if you only knew how many stupid mistakes I make every week as a trader. Failure is a blessing to learn.
They say an artist is the only one who can truly judge their work. You know what you need to work on as a trader. Are you doing it? If so, then isn’t that so much more important than your PnL? And if you are doing all you can then why are you so concerned about your results?
Bella
(see original post here: http://www.smbtraining.com/blog/five-suggestions-for-traders )
"...Traders are often wired to grab on too tightly. They are wildly ambitious. Some even irresponsibly driven. Failure is not something they can tolerate. If they could they might not have ever tried this silly sport of trading, with more potential rejection than a NYC bar. The traders above strike me as holding on too tightly.
I see this with GMan at times. I saw this with Dr. Momentum from One Good Trade. I see this with that developing trader from our desk above.
What is progress? What is failure for the new and developing trader? Is it a month where you did not exceed last month’s PnL? Not necessarily. Is it not making money in your first 6 months of trading? Maybe not. Framing your progress incorrectly breeds unnecessary stress and regret.
Everyday that you trade you get better. Everyday where you gain screen time you improve as a trader. Often when reading the new regrets of a developing trader I think of that great Dave Matthews line, “Where are you going?”
I have found five suggestions to be very helpful to me as a trader, which relate to the comments from the developing traders above and their inability to sustain their energy.
1) Make sure you take some time off.
2) Do things outside of work so that you do not value yourself from your trading. Trading is the game we play. It is not who we are.
3) Be grateful for the privilege of trading. It really is so cool that we get to do this for a living. Be thankful for this opportunity, no matter how short or long.
4) Stop judging your trading by your PnL. For example that trader on our desk had a better month than the prior though he did not make more money. He worked on his sizing. There was less opportunity this month than the prior so comparable results are an improvement. He gained another month of experience.
5) It is ok to fail. How is Oprah doing with OWN? Remember that Michael Jordon commercial about all his failures before triumph. Oh man if you only knew how many stupid mistakes I make every week as a trader. Failure is a blessing to learn.
They say an artist is the only one who can truly judge their work. You know what you need to work on as a trader. Are you doing it? If so, then isn’t that so much more important than your PnL? And if you are doing all you can then why are you so concerned about your results?
Bella
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