How You Can Be Better Tomorrow Than You Are Today
I am often asked: What is the most important attribute to become a successful trader. My answer may surprise you.
It has nothing to do with “conviction” market predictions. In fact, for those that have read my latest book The PlayBook, I scorch the myth propagated by the Financial Media Entertainment Complex that trading is about “conviction” predictions.
It has little to do with where you went to school , where you grew up, or who your dad is. Trading is a meritocracy paying those with skill.
Now one attribute is not all there is to becoming a successful trader but remember the question and remember that often it is one asked by another to me.
Improve with Each Trade, Each Day, Each Month
Recently one of our best senior traders ripped up over three thousand dollars in a Reversal Trade. I loved the trade.
- The trader was aggressive where he should have been.
- The trader had an edge with this setup.
- The trader could have made multiples of 3k if he was right.
- In short, the trader put on an excellent risk/reward short.
And he lost.
What happened next makes all the difference between the average trader and the successful trader. He sought to learn from this trade. He emailed me and his outside trading coach for feedback. He reviewed in detail what he did well and where he could have minimized his losses. He prepared a follow up trade in this stock for the next day. As I write, he is deep in the money on that trade (but I hope you recognize that is not the point).
This trader has a growth mindset. A growth mindset is my favorite attribute to witness from the traders we train. Every trade is an opportunity to grown and learn and push past personal ceilings.
The Growth Mindset for a Trader
Do you judge your trading by your PnL? Do you have a review process after each close to become your best trader? Do you know what setups make the most sense for your personality? Have you archived these trades in detail so they are internalized and you can trade them better and bigger? Do you have a process to increase your size responsibly with your best setups?
Our pro traders are taught to grow from each trade, each session, and each trading month with the tools, education, and infrastructure we offer to them. These are the same techniques and tools students learn and have access to in the SMBU DNA Program. Perhaps they can help your trading.
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