What can a mastermind do for you? Why should this be part of your trading practice? What are the qualities of a good mastermind?
Trading can be a very lonely profession particularly with online trading through a deep discount broker. At the same time trading places tremendous psychological pressures on you to win or at least not lose. Especially if you are counting on the win today to pay for your lifestyle. If you are in big markets, going against well capitalized institutions with the best in equipment, training, talent, research and size it can quickly become a lonely dark place.
The good news is that a mastermind can develop into a powerful ally for you. A good one will have some or all of the following qualities, at a minimum:
1. The group will have a charter, with a purpose and mission statement
2. Group members will treat each other with dignity and respect, and be genuinely committed to share their best practices with others
3. Members will listen carefully to advice, and will treat it as an offer to help.
4.The group will be flexible in its approach to solving the unique needs of its members
5. It will help with a structured, disciplined approach to exchanging, recording and archiving information in a professional manner.
6. It will not just be a social club, although it will have a social component.
7. The traders will consider the whole person concept and not simply be focused on the relentless pursuit of money.
8. The group will demonstrate and support a professional work ethic
9. Sensible use of technology will enable the group to collaborate efficiently and effectively through the web.
10. Group members will take care to enforce their standards of conduct with all members.
You will notice that there is a good mix of social and professional values and virtues as well as a description of how to exchange technical information. The Mastermind’s social power may be even more important than the technical trading aspects of the markets, which can be simplified into a robust set of trading systems and principles for most people.
In future articles I will describe how to find a mastermind to join or how to create and maintain one with a group of friends and colleagues.