The truth is, I could have offered a dozen more lessons I've learned from Vic--all of which are highly relevant to trading. Here are a few keys to trading performance inspired by his example and reinforced over the years:
1) It's all about the reps - Vic became a squash champion with fanatical practice, drilling and mastering shots. In preparing for more active trading this coming year, I am using each trading day as a review, tracking the "trades of the day" and the ways in which they have set up, the ways of best entering them, the ways of best managing positions after entry, etc. Every day becomes a textbook lesson in good trading. As markets change, the trades of the day also shift--and the reps are helpful in adapting to the new market conditions.
2) Think outside the box - I am convinced, based on years of experience working with successful traders, that there is no edge in being consensus. If you are part of the herd looking at the same charts, regurgitating the same narratives, there is no way to achieve distinctive returns. My own trading has undergone a renaissance as the result of making cycles the most basic unit of analysis. Identifying dominant market cycles within stable market periods allows the trader to know when markets are likely to exhibit momentum and when they are likely to reverse. This has freed me from bullish or bearish biases--there are always ups and downs to be exploited in markets.
3) Collect people - Vic is a consummate collector. He has collections of art, collections of books, collections of historical artifacts. His house is a veritable museum. But where Vic has been most successful is in collecting people. He seeks out accomplished people in various fields and brings them together, whether online, in meetings, or in parties. I don't know any successful traders who don't have well-curated professional networks. Quite simply, people who are excellent in their domains bring out our own excellence. We internalize what we experience; that is why we should always surround ourselves with excellence.
Life is too short to settle for mediocrity. What are you doing in your practice, in your thought processes, and in your social life that elevates you toward excellence? Such reflections are an excellent way to begin planning for a new trading year.
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