Successful efforts to master markets lead us down paths of self-mastery.
This book is one guide to those paths.
Market participants have traditionally defined self-mastery as
discipline—controlling the emotions that all too often distort information
processing and trigger impulsive behavior. To be sure, discipline is
required for any great undertaking, whether it is pursuing an Olympic
medal, a business startup, or a medical breakthrough. But discipline,
while necessary for success, is never sufficient. Discipline does not
substitute for skill, talent, and insight. Strict, disciplined adherence to
mediocre plans can only lock in mediocre results. If it were otherwise,
there would be no losing automated trading systems.
I’ve followed and traded markets since the late 1970s. During the past
decade, I have served as a full-time performance coach at two trading
firms—Kingstree Trading in Chicago and Tudor Investment Corp.
in Greenwich, Connecticut—and worked with many other trading
organizations on a consultative basis. Through the TraderFeed blog
and three prior trading books, I’ve had the honor of interacting with
thousands of traders around the world. If there’s one thing this whirlwind
of experience has taught me, it’s that there is far more to market mastery
than controlling emotions and impulses. Sustained success requires
the cultivation of a host of positive performance elements: creativity,
productivity, adaptation to change, and psychological well-being. The
good news is that recent research in psychology and related fields
This book is one guide to those paths.
Market participants have traditionally defined self-mastery as
discipline—controlling the emotions that all too often distort information
processing and trigger impulsive behavior. To be sure, discipline is
required for any great undertaking, whether it is pursuing an Olympic
medal, a business startup, or a medical breakthrough. But discipline,
while necessary for success, is never sufficient. Discipline does not
substitute for skill, talent, and insight. Strict, disciplined adherence to
mediocre plans can only lock in mediocre results. If it were otherwise,
there would be no losing automated trading systems.
I’ve followed and traded markets since the late 1970s. During the past
decade, I have served as a full-time performance coach at two trading
firms—Kingstree Trading in Chicago and Tudor Investment Corp.
in Greenwich, Connecticut—and worked with many other trading
organizations on a consultative basis. Through the TraderFeed blog
and three prior trading books, I’ve had the honor of interacting with
thousands of traders around the world. If there’s one thing this whirlwind
of experience has taught me, it’s that there is far more to market mastery
than controlling emotions and impulses. Sustained success requires
the cultivation of a host of positive performance elements: creativity,
productivity, adaptation to change, and psychological well-being. The
good news is that recent research in psychology and related fields