Mark Douglas is certainly one of the greatest authors of trading psychology literature. For this post, I wanted to share a video interview he did for Wise Trade TV where he discusses his ideas about trading and the market in general. This is an interview you don’t want to miss. It is full of insights and will lead you to some AHA moments.
This is a blog post from 2016 and I’ve updated it to make it more pertinent.
Aspiring traders will often start their journey with a discretionary approach to trading, where they get to decide which trades to make and how to manage them, based on the information available at the time.
If you watch the video, you’ll hear it from the man himself: “The Most Important Thing [A Trader] Can Have Is Humility.”
And it makes sense.
In short, here’s why…
In short, here’s how: Every day, Do things that are HARD.
Run that extra mile. Read a few more pages. Take that cold shower. Meditate a little longer. Spend a little less time on your phone.
In everything that you do, Push a little harder!
Do your best, no matter what you do.
Mastering any skill takes practice. Practice is the repetition of an action with the goal of improvement, and it helps us perform with more ease, speed, and confidence. But what does practice actually do to make us better at things? This 5-minute Ted Ed video explains how practice affects the inner workings of our brains.