Characteristics of Champions (Traders)

In the video below, Michael Phelps’ coach, Bob Bowman, presents the Characteristics of Champions.

As traders we can learn from this talk to help achieve our goals. Coach Bowman breaks down success into three steps:

1) Visualize your goal
2) Develop a plan/routine to achieve your goal
3) Execute on your plan

What is your goal as trader? Make it specific. For the developing trader, you might visualize becoming a Consistently Profitable Trader.

Next develop a plan to achieve your goal. We say, develop a routine. What are the things you will do each day to drive your improvement? Last week we sequestered our newest traders to develop a daily routine for their next four months. That list covered intervals from 7:30AM to 9PM at night. It was a routine for champions, champion traders.

Finally, execute. Actually do all the things from your routine daily. From my seat this challenges many much more than they would anticipate, when they first break out their new and shiny trading monitors. And I might add, permission someone to hold you accountable for executing on your routine. What are the consequences of you failing to finish your routine daily?

Your trading career will be dictated largely by the ambitious daily routine you set and execute upon for your improvement.