self mastery
Through the continued discipline and daily effort we as traders put into our craft over the years, through my observation, some seperate themselves from the pack. These traders have achieved mastery. Now, let me be clear I personally have not achieved this state of excellence in my trading, but for the disciplined and determined trader, the goal is the same to all of us… Mastery. What does it take to reach this mysterious level of skill referred to as Mastery?
The dual focus of the successful trader: working on yourself, working on your trading.
desire
I began to ponder on what the first step to achieving mastery is, and it came to mind that the first step in achieving any goal is a strong burning desire to do so. Without a strong desire, you have nothing to lean on during the trials you are sure to face as a developing trader. Similar to desire, you must have a authentic love and appreciation for your craft. How are you going to make yourself get out of bed to make sure you are up and prepared for the open if you dread the actual experience of trading? To often people are lured down false paths by what they think they desire, whether that be money, fame, or power. So you have to ask yourself, “Am I trading for the right reasons?”. If your reason, your burning desire to trade, is to get rich you may accomplish this- maybe. But if you cannot aim higher than “get rich”, in my estimation you are doomed to mediocrity. You may very well be met with failure before you attain your riches, if you are even capable of doing so.
discipline
Discipline is the cornerstone on which all skills are built and developed. Without the determination to get better everyday, your progress towards mastery will be severely lacking. And that is really what it comes down to. If you are not disciplined and focused to improve your skills day to day, week to week, and year over year, you are depriving yourself of essential practice time and repetitions that contribute to achieving the state of Mastery. Discipline is a simple concept. Do the work you are supposed to do every day to get better. Form good habits in the early years of development. Your future self will thank you. One way to think about building good habits for the developing trader, paraphrasing Mike Bellafiore here, is to develop “Best Trading Practices”. Decide on what you need to do every day to get better. What best practices can you implement into your trading routine to ensure that you are getting better each day?
exploration
Mastery can only come through exploration. You are never going to find your unique edge in markets by remaining stagnant in your trading. Do not allow the mind to accept any stage of success as the final goal. Always keep the desire of Mastery kindled in your mind. Essentially, once you have learned to survive (mastered the basics), you can begin to roam into different aspects of trading that you feel naturally inclined to explore. Search for dynamics of trading that uniquely suit your personality. If you allow your “why” for trading to be led by a desire greater than monetary achievement, combined with years of determined focused and concentrated effort of discipline, you are that much closer to reaching a state of Mastery in your trading.
I enjoy sharing trading insight to fellow traders. Every morning we cover the markets and game plan for the day, join us!
