Sunday, December 9, 2012

Weird’s Weekend’s Deep Thoughts: The Unlikely Skill of Good Traders




According to Adam Grimes: “….So much of a discretionary trader’s performance depends on more or less subjective decisions, so we must approach the market with the right mindset and attitude. I’ve come to realize that one of my key trading skills is more than a little counter-intuitive, and perhaps may be very surprising at first glance. The good news is you can develop this arcane skill too, but, I have to warn you, it is a bitter pill for some people to swallow—I am really, really, really good at being wrong.

“I think this skill might come from my previous career as a classical musician. I spent much of my childhood and young adulthood as a classic pianist and a composer. At least once a week, my work would be reviewed by a teacher and criticism was much more likely than praise. At some point, you just accept criticism and critique as normal; you develop a thick skin and stop having any emotional reaction. I even once had a teacher hit me in the back of the head and say, “everything you are doing is very, very bad” and storm out of the room. My reaction? I sighed because I knew he was right and resolved to work harder next week...."




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