The Urgency of Virtual Mentor in Trading
“Rule №1: Never lose money. Rule №2: Never forget rule №1”
“Risk comes from not knowing what you are doing.”
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction”
“I always knew I was going to be rich. I don’t think I ever doubted it for a minute.”
Most of successfull traders have same in common habit. Same attitude.
This attitude is strong. Bonded. Good attitudes are strongly attached.
Most successful traders have similar behavior. Their successful behavior fused into their subconscious.
Become their soul. Take Warren Buffet’s example, how he has such great patience and is able to control his appetite and trade with excellent emotional control. In fact indeed those who are rich are those who can become kings. Besides the king is the servant.
Traders who often loss and margin calls is a food for large traders who can control their trading emotions well. The defeat of the small traders is a victory and profit for traders with the power of capital and emotion of great patience. The great traders are at the top of the food chain.
Look at the lions, they are patient in waiting for their prey.
Look at the eagles they can fly alone without the need for friends to produce food.
Making the world’s great traders a role model and virtual mentor, can and give a good effect on our behavioral development and trading results.
What they say, what they do is an example. Is a model that we can trace for our practice in the conditions and behavior of our own trading, although not necessarily the exact same.
Their words and phrases are the essence of decades of thought and practice that make them what they are today.
I do not recommend you to choose Waren Buffet as your virtual mentor, if you already have a better virtual mentor. You could idolize a legendary trader scalper, Paul Rotter for example, but Paul himself in an interview suggested to make trading with a long-term approach and investment vision.
You can check this link
“Successful investing requires skill and experience, not luck or magic” Paul Rotter.
“Experience” in the words of Paul Rotter describes many things and is very deep. I think personal experience is habit, behavior and psychology in facing the most extreme conditions in a trading position.
Hours of in trading that forge a trader so understand the mistakes he has made and try to fix them as much as possible.
George Soros (the man who broke Bank of England) is a trader who very quickly realizes his mistake and immediately fix it. Some of his words that he can survive for a long time is due to rapid introspection of his mistakes.
So, which one is your virtual trading mentor?
Good luck on your trading.