– Greg Diamond is one of Wall Street’s most successful traders, trading a daily volume of $900 million.
– He shares what basketball and trading have in common, and what success in the markets depends on.
In his high school years, Greg’s passion was competitive sports…
Growing up in North Carolina, basketball was everything to him. His team makes it to the playoffs against many athletes who continue their professional careers.
“While competing against these future pros, everyone said we weren’t good enough. The best part was that we often proved them wrong.
It taught me to ignore critics. And it convinced me that I could succeed at anything,” says Greg.
That mindset has often been critical during the basketball season and beyond…
“As much as I practiced shooting, dribbling and passing, there was nothing like the competition. So the track and field coach (who had seen me play basketball) advised me to consider hurdles.“
Competitions are intense. With a lot of training, Greg gets into good shape and becomes faster than ever.
Most of all, however, steeplechase took his competitive mindset to the next level…
– You see, the first two obstacles are the most important. You need to perfect the sequence of steps and the speed needed to jump the first hurdle and then prepare for the second.
– If you jump too early, you may land in an awkward position and take longer to prepare for the second obstacle. If you jump too late, you risk hitting the obstacle, which could result in losing the race.
But once you get into a good rhythm through a few obstacles, it can carry you the rest of the way.
It is very much an individual sport. So the right mindset is more important than ever. After all, in many ways, you are
competing against yourself.
In this sense (and others), steeplechase is like trading
Strategy, preparation and discipline are critical. And as you’ll see later, the techniques that lead to success in hurdles can also help you become a better investor.
Trading is a continuous learning process – it doesn’t end at the finish line. But it’s still important to get over the first few “hurdles,” which often present some of the most difficult challenges.
We can do this by building a focused trading mindset. This means implementing sound investment strategies, preparing for different market conditions and maintaining discipline, time and time again.
Here are 3 concrete steps to creating a successful mindset:
1. Executing a good trading strategy
Your strategy should help you determine when to trade, how much to trade and when to take profits. This strategy should also dictate when you will add or reduce a position.
2. Understand that loss is part of the process.
No trader gets every trade right. This is why risk management is so important. It helps to preserve your capital and minimize losses. This means you need the right Risk Reward Ratio and use the right volume for your account size.
3.Keep your emotions under control.
We are all subject to our emotions. But successful trading requires that you always control them (instead of ignoring them). Don’t let emotions rule your trading decisions. And don’t let trading rule your emotions.
These are perhaps the 3 most important aspects of trading, but they will take time to perfect…
– You need to study the movements of the market and learn how the price reacts to them.
– Record the trades you have made every day. If you have not traded, write down what you are considering trading or what stocks you already own. Decide exactly what you want to do (or not do) with these positions.
– Record whether you followed your risk strategy.
This will help you clarify your thought process, emotions and ultimately your relationship with investing. Over time, you will learn how you react to both good and bad market days. And when you look back, you’ll see how you’ve grown.
After 6 or 8 months, you will probably find that there is a noticeable difference in how you focus on improving your mindset as a trader. By doing this, you can use behavioral finance to our advantage.
Few people talk about this aspect of trading, but it is very important.
So may you continue to cultivate a successful mindset to overcome the obstacles you will face.

Varchev Absolute Trader
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