Episode 13 – Why confidence is the most important emotion in trading w/ Nikolai Dimitrov

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Summary

In this week’s episode I catch up with trader and trading coach Nikolai Dimitrov.
With experiences as a concert pianist, a semi professional bodybuilder, and a fine finish carpentry craftsman, and an educational background in physics, math, and in business and management – Nikolai brings a unique set of experiences and perspectives to trading.photo_1

What I think you’ll appreciate from our conversation is Nikolai’s craftsman like work ethic when it comes to trading.This is a trait and quality that I think all of us could benefit from and practice.

If I could distill the belief down it would this idea of practicing quality as a way of life – Quality over Quantity.

In the episode you’ll hear us talk about the foundations for peak performance, the importance of confidence, what it takes to go from good to great.  It’s a show chalked full of big ideas, so get out your pen and paper.

 

Big Ideas

In the episode you’ll hear us talk about some of these big ideas –

  • The importance of learning to understand the behavioral context behind charts and patterns
  • The importance of creating scenarios
  • Understanding that when you’re wrong it’s just feedback –  it’s simply adding up to another scenario that is more compelling
  • How successful traders frame losses in a constructive way and recover quickly
  • How the bottleneck to performance is sometimes the quality of the focus you bring
  • Why the only emotion traders should experience is confidence
  • How confidence is detached curiosity
  • Learning to love a small loss
  • How fear and doubt is the result of a lack of anticipation

 


Quotables

 

On being wrong –

When I’m wrong it’s simply adding up to another scenario that is more compelling.

On the importance of understanding your system and method –

If you don’t know your tools well, you’re not going to trust your work.


 

Transcript

 


 

Resources Mentioned

thedaytradingacademy.com – The academy where Nikolai coaches

 – Thinking, Fast and Slow – Nobel Laureate Daniel Kahneman’s treatise on behavioral psychology.

 – Antifragile: Things That Gain from Disorder (Incerto) – Taleb’s most recent title and must read for fans of his previous works – Black Swan and Fooled by Randomness.

 – Market Mind Games: A Radical Psychology of Investing, Trading and Risk – Good title my Denise Shull on understanding that trading is a game of trading against other people.

 

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Episode 13 – Why confidence is the most important emotion in trading w/ Nikolai Dimitrov

by editor time to read: 46 min
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