The best of the best traders are constantly constructively satisfied and at the same time dissatisfied with their achievements.

The best traders I’ve met pointed to survival on the market as their main achievement. By studying their biographies, you can benefit in one particular way: you will strengthen your ability to adapt. Markets are changing and will continue to change, sometimes dramatically. Alternative data, big data and AI are coming into widespread use.

One day I came up with the idea of finding the best traders in the world and then asking them about everything that is relevant for achieving success on the market. I wanted to know their full story — from the beginning, up until now. In the result, I interviewed almost 100 traders from all over the world. One of the questions was “What are the cardinal rules of trading according to you?” Check it out, what some of them told me…

The reasons you get punched in the face in trading can be many: an attack on a refinery, a bombing, a flash crash, … or more mundane: a strong move and sl. A quick rise in price followed by an even quicker fall. An upward impulse, a downward impulse and a breakout of previous lows. You are on the minus side.

The best traders have both channels functioning well even in the most difficult situations. This means that even under the influence of strong, or even very strong emotions in trading, the best traders are able to make good decisions.

In the long run, the best and mentally strongest traders are characterized by Mental Toughness to losses and big losses, ability to cope with long periods of losses and then bounce back.

A minor problem in trading that has occurred may be felt by you as very painful and serious at a time when you are particularly sensitive to stress, when your mental condition is weakened. The cumulations of negative events affect your trading results, especially losses and mistakes. It is best not to trade then.

This post is hugely important, especially for traders outside of funds.
The basis is to observe the best traders, a specific behavior when they are successful.
Interestingly, the same behavior is observed in the most outstanding athletes, businessmen, members of elite special units.

Our mind works in several basic modes.
A plan prepared calmly is rational, well thought out and sensible.
However, just before the entry, strong emotions arise and suddenly the same plan seems weak and not adapted to the market.

A trader I met approached me with the following problem. He was having an exceptionally good day, an excellent day in fact. As luck would have it, he entered a large position at the beginning of the day (day trader) and due to the terrorist attack the market fell dramatically…