The first time I read his article was in 2021. . .
Over time I have become richer because of my learning mindset. As Brian Gilbert told me:
Self-consciousness
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I know Brian Gilbert. He was a famous trader in the United States in the 1980s, known for his outstanding performance in the futures market and bold trading strategies. He was called the "King of Trading" and also known as the "Market Wizard."
Gilbert was born in 1949 and grew up in Chicago. He worked in a bank in his early years and later began to trade futures. He quickly achieved success in the trading field and became one of the most successful traders on Wall Street in the 1980s.
Gilbert's trading style is very aggressive, and he often uses leverage to trade. He once said, "I would rather lose $1 million than miss out on a $1 million opportunity." His adventurous spirit has brought him huge gains, but also caused him to suffer heavy losses.
Gilbert's most famous trade was the soybean trade in 1982. At that time, the United States was in a severe economic recession and soybean prices fell sharply. Gilbert went long against the trend and eventually made a profit of $100 million. This trade made him a legend.
Gilbert's trading career is full of legends. He is a talented trader and a controversial figure. He has had a profound impact on the futures market, and his trading strategies are still studied and imitated by many traders.
Here are some details about Brian Gilber:
* Date of Birth: 1949
* Birthplace: Chicago, USA
* Occupation: Trader
* Representative work: Soybean trading in 1982
* Notable quote: "I would rather lose $1 million than miss out on $1 million."
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It is not very important to have a view on the market, but it is more important to listen to the voice of the market and observe the dynamics of the market. I have become a trader who "responds and adjusts to market changes at any time" instead of a trader who "holds on to views and sticks to his own opinions" -
Brian Gilbert
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I'll give you an example, I think I'm a good trader, but there's a guy who works for me who's a better trader than I am. I can either go out and rack my brains trying to trade better than him, or I can just be myself and let him do the best he can on the trade, and I do the best I can, and we can each do our best.
This is how I see a trader's life. Out of 12 months, you have 4 successful months. You are so excited that you can't sleep, and you hope that the next day will come and you can continue to trade. You are on the rise and you are very lucky.
You have two months of losing trades in a year. During these two months, you will be depressed, in a bad mood, easily angry, and feel that the whole world owes you. You can't sleep at night, not knowing when the next good trading opportunity will appear? You live in worry every day...
There are still 6 months in a year when you make money and lose money, and you can't sleep at night. Therefore, you will think about how to make money day and night, and forget to eat and sleep.
Because you are constantly worrying about trading and thinking too much! So at the end of the year, you will never be able to sleep well. It will exhaust your youthful energy. So you need to be self-aware. Yes, self-aware.
Only with self-knowledge can you soothe and calm your emotions.
If you don’t have self-awareness, then after a big win, you will become arrogant and feel high above, like a kite in the sky. You will think that ordinary workers are losers with no future, and that you can earn back what they earn in a year by screwing screws with just one order. 😂 As for the risks that are right in front of you, you will be completely unaware and unprepared. So the market will suddenly bring your assets back to their original state, and you will fall from the sky back to the ground.
Or on the contrary, after losing several orders in a row, you don't have self-awareness and therefore can't calm down your emotions. In the end, you may jump out of the window, or drive off a cliff into the sea...choose various ways to commit suicide. Why don't I become an on-site trader? Because I know myself. I know that I need to like dealing with people, and I can't do this when trading on the floor.
Hard work has no direct relationship with trading success. It doesn't matter how hard you work. It has nothing to do with whether I make money or not. You must have "self-knowledge". And bring this self-knowledge into the market trading.
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Reporter: Under what circumstances can you trade well?
Brian Gilberg replied:
I realized that when you are not worried and anxious, you can trade well. When you are too concerned and too involved, you will not trade well.
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Most traders have too much self-esteem and self-awareness to admit their mistakes. Even if some traders are willing to admit their mistakes in the early stages of their trading career, they are unable to do so in the later stages. They think they are so great and have been trading for many years, how could they be wrong? Therefore, many veteran traders still end up in failure.
Additionally, some traders fail because they worry too much about losing money.
In other words, successful trading is about trying to avoid losses, but not being afraid of losses.
This is a good and appropriate statement. I am not afraid of losses. When you start to be afraid of losses, you are doomed to lose.
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Summarize:
Self-consciousness is important
