Many years ago when I first considered trading for a living I read the famous book Market Wizards by Jack Schwager.
Jack Schwager interviewed top traders and others to disclose their various trading approaches, personal rules and secrets to their success.
As you read his book you realize several things. If you want to be successful you will have to work hard and stay committed. Learn from your mistakes - realise your biggest enemies can be emotions and lack of knowledge. Schwager's book examines a side of trading rarely addressed: the human side.
In the book some of the world's greatest traders respond candidly to questions regarding their early life experiences. How they became involved in trading and how they honed their skills and developed as traders. Also their trading experiences, philosophies and styles, their emotions and responses after losing and winning streaks.
Something that stands out in the interviews is a shared philosophy. A level of acceptance, awareness, letting go and being in flow was a necessary requirement to trade. Not only was it a requirement to trade - but to live. For as traders we mirror our beliefs and performance in our life.
Traders and coaches such as Ed Seykota and the late Van Tharp (two of the interviewees) have developed, borrowed and adopted methods from eastern philosophies to improve their lives and trading.
Most spiritual belief systems adopt a trilogy of beliefs:
- Awareness & Acceptance
- Non Judgment and/or Labeling
- Knowledge & Wisdom
Look at that trilogy and compare it to trading.
If you are interested in this fascinating side of trading and investing, I expand far more on the points above in my new book The Zen Trader
The Chinese have a saying
“good luck is when preparation meets opportunity”
so get prepared for those opportunities, develop an aware, non judgemental and accepting mind and create your own luck!