Trader Mindset

Subscribe to the show Alan "Ace" Greenberg had a great rule that he mandated on the Bear Stearns trading floor: "If the name is down coming into Friday's close, it trades." He didn't wait for stops to be hit. If the prop trader was long and there was an unrealized loss, they sold it before the close on Friday. This simple, but brilliant rule is one that you might want to employ. By selling your losers and going flat, you have a clear head that night and the rest of the weekend. Life is good. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Things don't always go as planned. Give yourself some room to expected the unexpected. This is the best way to hedge against your blind spots for which you have many. Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Your sole purpose in life is to play superior defense. Where do you think you can express that ethos the best? Click here to get your free copy of The Inner Voice of Trading audiobook.

Subscribe to the show Nothing happens randomly. You decide that you want to trade voluntarily. Whatever happens after that is your responsibility regardless of the outcome. The best traders I have known over the years are the ones who live in a paradigm of personal responsibility. Let go of judgment of yourself and others and focus on risk management. That's what traders are at the end of the day - risk managers. If you don't manage risk, the risk manages you - and it's your fault. Click here to get your free copy of The Inner Voice of Trading audiobook.

I think it's important to trade small at the beginning of your career so that you can find out what your edge is. Once you have it, then you scale and trade larger. You should think of it like panning for gold (to find your edge). The goal isn't for large trading gains right away, but to discover and shine the light on your edge.

It's more than rate of return...

Marshall Ulrich is an American legend. As a mountaineer, he's climbed the Seven Summits - completing each on his first attempt. The Seven Summits consist of Mount Everest, Aconcagua, Denali, Kilimajaro, Mount Elbrus, Mount Vinson, Puncak Jaya, and Mount Kosciuszko by order of elevation. Marshall has completed 130 ultra marathons, each over 100 miles in distance. Most notably, he's known for completing the formidable Badwater 135 ultra marathon across Death Valley 18 times - winning the event 4 times - including 3 in a row. Temperatures can reach 130 degrees F during this race in July.