The Master Mind Series - Part 1: Mastering Your Mind as a Trader
Introduction
As traders, our results come directly from our state of mind in the markets.
A strong, calm mind will be able to withstand losses, stick to the plan, and most importantly not get EUPHORIC when experiencing a winning streak.
A strong mind is super glued to the process.
This requires a high degree of mental mastery.
Without consciously mastering our psychology, success is impossible.
That's why developing a focused "Master Mind" is essential.
In this series (The Mastermind Series), we will be covering the ideas presented in one of my favorite books of all time, Theron Q. Dumont's Mastermind.
In this book, Dumont contrasts the ordinary scattered mind versus the highly trained "Master Mind".
Most traders have the former - jumping impulsively from idea to idea, unable to concentrate, blown about by emotion and distraction.
This leads to overtrading, mistakes, and ultimately unprofitability.
Dumont advocates that we must transform our mind into a "Master Mind...highly developed under conscious direction and training."
This means actively mastering our will, dismissing fear and greed, and installing deliberate empowering mental habits through PRACTICE.
This is one of my all-time favorite books. (Didn’t I already say that?)
And even though it wasn’t written with the specific intention of helping traders, I’ve found that the lessons within it apply to trading in a profound way.
Throughout this series, I am going to synthesize the main ideas and explore how WE all can apply them to our mental frameworks for Trading Mental Mastery.
Let’s get started.