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Today more than ever, successful traders need three kinds of relationships to prosper.
- Role models, mentors, coaches, people you look up to and follow
In terms of your trading, these are the people you learn from. As a Safety In The Market Client, David Bowden is an obvious candidate for this group. While you may not have direct contact with David, many traders are inspired by his success and implement his lessons to excel in trading. You may at times ask yourself: “What would David do in this situation?” While you may not know or find out the exact answer, your knowledge of David would assist you in focussing and choosing an appropriate action. You can also add W. D. Gann to this group, as someone you can learn from and look up to.
- Peers who you share your life with, people you can talk to.
These people are at the same level as you. You are intimate with them - sharing your thoughts and feelings. You can compare notes and assist each other in being more objective about your trades, your analysis, your emotional ups and downs. A peer is easier to open up to with challenges and issues. You can lower your defences knowing that you are working with people at the same level as you.
This does not necessarily mean you and your peers are making the same money from trading. It means that you agree to be at the same level, debating, discussing, sharing, communicating, listening, opening up, being supportive and objective.
- People who are following you
These people see you as a role model, mentor, coach and inspiration. Stephen Covey in his Seven Habits of Highly Effective People says that you first learn a skill, then you teach it and then you apply it. Initially this may come as a surprise. It is human tendency to want to master a skill before you start teaching it, showing it. But it is a huge growth process to be able to start inspiring others before (or as) you apply what you have learnt. You need people who you can pass your knowledge on, people who will be inspired by you. These could be your children, relatives, friends, colleagues, associates or strangers
These three groups of people keep you in balance. Absence of one or two of these groups will ultimately reduce your potential and trading success. Go get them. And if you already have them, nurture them, grow them.
PS. This article was inspired by Pat Mesiti’s book: How to Have a Millionaire Mindset.
Believe, achieve
Sinan Koray
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