Creativity is allowing yourself to make mistakes. Art is knowing which ones to keep.
The Trader as Entrepreneur
The old trading psychology emphasized planning your trades and trading your plans. The new trading psychology—Trading Psychology 2.0—stresses the changing nature of markets and the need to develop fresh plans for new contingencies. The old psychology placed a premium on controlling emotions. Trading Psychology 2.0 is about cultivating positive emotional experience through the exercise of signature talents and skills. The ideal trader, according to the old trading psychology, is a disciplined rule follower. The ideal trader V.2.0 is a creative entrepreneur, uncovering and exploiting fresh patterns and rules.
What is an entrepreneur? When we think of famous entrepreneurs, three qualities come to mind: innovation, vision, and leadership:
- Innovation—The successful entrepreneur creates something new. We are accustomed to seeing Starbucks coffeeshops on street corners, but it wasn't so long ago that premium coffee served in dedicated cafés was a unique idea in the United States. Similarly, personal computing and software for the masses was a completely unique phenomenon when Microsoft challenged the world of mainframe computing. Doing something new and doing it better lies at the heart of entrepreneurship.
- Vision—A new product or service doesn't just sell itself. It takes vision to turn an idea into a business. ...