QUESTION – how would you describe what makes a successful trader – keeping in mind that it has been reported that 90% of traders fail?
Peter Reznicek: I think there are only a handful of key traits that define all successful traders. One is discipline which is pretty self-explanatory. The second is an ability to be fluid and change your mind often. The third (which is the most difficult) is to be able to get go of the common sense, if this then that rational thought, that would be valuable in almost all other endeavours but is actually detrimental in trading. You have to understand the simple concept that supply, demand, inventory position, and timeframe outlook are the only true drivers of price and what they do constantly goes against what we think of as common sense. Failure in these three areas is what drives that 90% number.
Charles Faulkner – you need to gave goals that are above and beyond your everyday concerns.
Goal: bring your best self to every conversation/conflict
Have a goal to learn patterns of other successful people. Having a goal can help direct your attention.
Bring the goal back down to earth. We can react and create what we want in our world.
Mirror neurons – seeing stuff