The Quiet Trader: Philosophical Guide to Profitable Trading- 240 Meditations

Trade with the end in mind. As Warren Buffet famously put it, “Do not save what is left after spending; instead, spend what is left after saving.”

the moment when a trader realizes that he/she needs to take the “uncomfortable trades”, that is the exact same moment when they are joining the league of the great traders. In a way, traders who can see beyond timeframes and surpass their biases are the great traders.

Small changes in your strategy can lead to dramatic improvements in your trading results. You need to study a trading strategy, break it down into its component parts and find ways to improve it.

To grow, a trader needs to give up their current mind-set. To win, one needs to lose first. If you want to become a consistently profitable trader, you will need to release your need to be correct all the time. A 100% winning ratio is simply not possible and should not be a personal goal.

To see where your next trade is going, you need to create it first in your mind, see it from all possible angles and envision yourself losing. Then and only then you will be able to see yourself winning.

Therefore, a trading strategy is less important than a trading character. What matters is the consistent approach that they are all taking and the love for trading that they share.

Before placing a trade, you need to have your thinking hat on and don’t stop asking questions until you reach a well-rounded idea of what scenarios you could expect.

They should try to maximize their profits when they are right and minimize their losses when they are wrong.