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#Post#: 315--------------------------------------------------
7 Traits that Successful Traders Share with Elite Athletes
DIR By: fxvictory
Date: February 15, 2015, 8:21 pm
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It's no secret that trading is extremely difficult. In fact,
trading can be frustratingly difficult for the 90% of traders
who strive to reach the seemingly untouchable goal of consistent
profitability. However, in order to achieve the success of
professional traders, you must study the habits and traits of
professional traders. In essence, you must emulate the Pros in
order to one day become a Pro.
As it turns out, professional traders share certain traits with
elite athletes - traits that happen to form the foundation for
what it takes to be a successful trader.
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Did you know that Pete Najarian (@petenajarian), Eric Bolling
(@ericbolling), and Jeff Kilburg (@TheKillir) were once elite
athletes? They may even tell you that they still are. But these
guys are just a few of the recent examples of highly successful
traders that were first trained as elite athletes.
Here are the traits that they possess, and you should, too.
1. Athletes Devote Countless Hours to Practice
What separates Peyton Manning from the average guy throwing a
football? Well, aside from sheer size and a rocket arm…it's
practice. Countless hours of practice. Peyton Manning, like
other elite athletes, spends countless hours in the film room,
on the practice field, and in the weight room perfecting his
craft. Even after winning the Super Bowl and numerous MVP
awards, Manning continues to strive to improve his game each and
every day.
By the same token, the most successful traders devote countless
hours to study and practice, as well. Successful traders
routinely wake up earlier than most to study overnight market
activity, read the day's headlines, and review their trading
approach for the upcoming session. They also review and study
the day's activity after the closing bell, and develop their
initial trading plan for the upcoming session.
While Peyton Manning reviews each of his throws from his
previous game, successful traders review each and every trade,
as well. While Manning practices the game plan for his upcoming
opponent, successful traders develop a trading plan for the
upcoming session. While perfection can never be achieved through
practice, striving for such a goal can yield excellence.
2. Athletes Thrive in Structured Environments
Elite athletes, even at the high school and college levels, are
forced into a structured environment by their coaches in order
to improve their game. They wake up at the crack of dawn and are
in the gym by 6:00am. By 8:00am, they're on the practice field.
By 10:00am, they're in the film room, with another practice and
film session looming in the afternoon.
It's the structured environment that forces otherwise
undisciplined personalities to conform in order get the most out
of their gifts and talents.
Likewise, successful traders are taught early on that structure
is the quickest path to consistent profitability. In order to
achieve trading success, professional traders are taught to be
highly structured in their trading approach, which usually means
managing risk, setting loss limits, and sticking to a trading
business plan.
3. Athletes are Extraordinarily Disciplined
While we normally associate athletes with discipline, I don't
think we really understand how disciplined they truly are.
Michael Jordan started the "Breakfast Club" when he was with the
1990's Chicago Bulls in order to practice with his teammates
before the team practiced with coaches. Not coincidentally,
Jordan began this club the year before the first of his six NBA
Championships.
Similarly, in order to become a successful trader, you must
possess (or develop) the inner fortitude to do the things that
lead to profitable trading. You cannot rely on anyone to push
you. You must have the discipline to push yourself and stick to
your rules.
4. Athletes Persevere at All Costs
Athletes are trained to win. To persevere at all costs. They
develop a winning attitude early on - a competitive personality
trait that usually lasts the rest of their lives. If the shot
isn't falling and the game is slipping away, athletes are
trained to adjust and overcome.
Trading is no different. You will lose money trading. You might
even blow out your account a time or two. But you must continue
to pick yourself off the floor, adjust, and seek victory. All
successful traders have overcome and persevered, and they have
the stories (and battle scars) to prove it.
5. Athletes are Even-Keeled during Adversity
Athletes are trained to keep their cool during adversity. Being
level-headed when things aren't going your way is the only
reliable path to giving yourself a chance to prevail. This is
why it is not uncommon to see teams rally from seemingly
insurmountable deficits to win a game. These teams were coached
to be strong-willed in the face of adversity.
Professional traders must maintain their cool while trading,
especially when the house is stacked against them. When they
don't, they lose big. It pays to stay level-headed in the
market.
6. Athletes Excel in Pressure Situations
Athletes are trained to perform in situations with utmost
pressure. Practice and repetition helps athletes handle even the
most intense, pressure-cooker situations. Why do you think
football coaches devote so much time to the 2-minute drill with
their offense (and defense) in practice? Through practice and
repetition, athletes are trained to become numb to the intense
pressure typically felt during live action, thereby allowing
them to think and perform at the highest of levels.
Imagine the pressure of playing in a World Cup final, a Super
Bowl, a World Series game, or an NBA Finals game. Millions of
people watching your every move. Some players choke, but
champions prevail.
Trading can be one of the most pressure-packed professions in
the world. Floor Traders win and lose sums of money that are the
size of mortgages - daily. Your ability to not only handle the
pressure, but excel when the heat is on will help you become a
successful trader.
7. Athletes are Coached and Coachable
Elite athletes don't become elite without great coaching. Even
after winning three Super Bowls, Tom Brady continues to work
with the same quarterbacks coach he's had since his days as a
youth. In addition, Brady takes direction from his head coach,
his position coach, his offensive coordinator, and even his
strength coach. Probably most important, however, is Brady's
willingness to continue to be coached, even after achieving so
much in his sport.
Professional traders learn from the coaching of other successful
professional traders. The best traders on the planet learned
through the guidance of other seasoned professionals.
Like any worthwhile endeavor, education is everything.
Education, whether through books, seminars, or one-on-one
coaching, is simply a cost of doing business. Not only must you
be willing to seek coaching, but you must be willing to accept
direction, as well.
These seven traits keep athletes at the top of their game. But
they're not the only ones who benefit from these traits.
Virtually anyone who has reached the top of their profession
possesses these traits. Rock stars, performers, celebrities,
CEO's, figure skaters, military personnel, you name it, must
posses these qualities in order to be the best at what they do.
And let's face it, professional traders are the best of the best
when it comes to trading. That's why they're the 10%.
Give me your thoughts. Got any others traits to add to the list?
Cheers!
Frank Ochoa
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