• If a trader is motivated by the money, then it is the wrong reason. A truly successful trader has got to be involved and into the trading, the money is the side issue… The principal motivation is not the trappings of success. It’s usually the by-product – simply stated ‘the game’s the thing’.
• Most of the top traders have a child-like fascination with the game. Whether it’s the psychological elements of the game, the technical elements of the game, whether it’s the nameless, faceless aspect of a market, or them as single individuals against the market, or beating their brains against everyone else’s.
• There’s a kind of almost insane focus you must have to achieve trading excellence… I think people in our own industry do not understand the importance of this type of focus. You will always get people who will look at a trader and think, “God, he’s up at 5.30am every morning, always working at the weekends. He has no life. I’m outta here. I’m taking my vacation. I’m going to Switzerland for three weeks.” Now I am not saying people should not take vacations, but the thing is, the very best traders don’t take a lot of time off. They don’t want to.
• The price of phenomenal success is not one many are prepared to pay. For others, a lack of talent means they do not have the currency with which to pay the price in any event. For those with insane focus, there is virtually no price to pay – they love what they are doing

Instead of having Enter and Target Price, Have regions and zones. You should be taking Profits at multiple zones and not at a certain fixed price. This avoids free market participation and missed Profits. Eg. Entry 2 Targets 5,6,7,8 instead of just 7.

It’s also crucial to remember that you are not your trades. You may want a particular trade to happen, but it doesn’t mean it will go the way you initially thought.

So try and stay away from those “if only” thoughts because those can mess with your emotions.

One of the most important things for traders is not to take their trades personally. This might seem difficult at first because there are real money consequences when it comes to trading, but it’s important to remember that you are not your trades.

Your feelings about what happens don’t affect the market itself, so try to separate yourself from your trading decisions.

The most successful generals in ancient Rome were awarded a “triumph” entry into the capital city on their return from victorious campaigns. It was a magnificent spectacle and parade that was meant as a ceremony to honor and appreciate the war won by a commanding general. The triumph was the biggest tribute awarded to a military commander in Rome. It was usually the peak of a general’s long military career. It was a thank you from the legions and population as an act of appreciation and respect.

While this was created to reward the current general and help motivate future generals aspire to greatness it worried the Roman senate that this could cause a general to grow too ambitious and power hungry. The senate had an idea to help keep a general’s ego in check during this process. While the honored general would be in his chariot adored by the Romans, a slave would remain sitting behind him and whisper in his ear “Memento Mori”. Many believe that this was had a larger meaning like many Latin phrases and could be fully translated into English as “Remember that you are a mere mortal and that you will die one day.” This phrase was said by a mere slave to remind the ambitious general that power and fame aren’t permanent, and that he would eventually die.

This was done to create a realistic perspective for someone who at the height of their power and success may be deluded into thinking they are a god or invincible. It was hoped to keep their ambitions in check as they realize they could go from a god in their mind to a corpse in a grave in a short amount of time. 

This is a good reality check for traders, investors, executives, entertainers and politicians who have the delusion of invincibility that could lead to arrogance causing them to fall from the pinnacle of success to the rock bottom of failure and even in some cases death. 

Remembering that you are a mortal and will one day die can help you keep a realistic perspective during your greatest success. Pride comes before the fall but staying humble can keep pride from becoming a weakness.