The AlphaMind Podcast
10 Pieces of Killer Insights and Enduring Wisdom for Traders
January 13, 2021
Steven Goldstein & Mark Randall
There's something incredibly potent and calming about insights from people who have been there and done it many times over. AlphaMind hosts Mark and Steve have over 8 decades between them in markets, and thousands of hours coaching traders to move forward and progress in their work and get past the many mental and emotional challenges trading throws up.
In this episode, Mark and Steve share 10 powerful insights and pieces of wisdom that they feel will help them to become better more productive traders and risk-takers. In their unique AlphaMind way, they distill these to the audience through a vibrant discussion based on the sharp lessons they have picked-up from their own struggles and experiences over many years.
Amongst themes discussed are:
- Making space for yourself and stepping back form the screens and markets to be more present as a trader, more effective as an individual, and more grounded in the moment.
- The concept of a ‘Tripwire’ which brings you back to yourself and pulls you up when your process is going astray.
- Thinking of trading as a process with process orientation rather than a results orientation.
- Taking positive learning lessons from your experiences, digesting these and applying them to your work.
- Looking forward not looking down: Backing yourself, believing in yourself, not undermining yourself by lacking the faith you need in yourself to succeed in this very challenging world.
- Avoiding trying to perfect trades: Optimise and be happy with 80% instead of 100%.
- The importance of planning, even though plans rarely work out , planning is still vital and essential.
- Detachment: Learn to walk away, be willing to recognise your fallibility and don’t’ dwell on errors. This comes back to having 'Tripwires'.
- How clearing the head and mind, and taking actions to do this, becomes a powerful source of insights which lead to better trading and more effective performance.
- How we need to improve how we develop our ability to generate insights, as opposed to just reducing the aspects of trading that we fail at.
- Understanding your reason for why you are trading, which market you are trading and why you are trading the way you are.
- Looking to other markets, products, styles, timeframes, and considering the options open to you.
- Detaching your ego from your trading, and not seeking to validate your ego as a goal for your trading.