The Mental Strategies of Top Traders: The Psychological Determinants of Trading Success

6.5. CHAPTER IN REVIEW

1. While some erroneously consider trading an individual endeavor, in fact the most successful traders are very much team players. Team players understand that working together can contribute to the success of the fund and can also enhance one's individual success.

2. A team player is cooperative, interested in helping others, and able to subdue his own ego for the good of the organization. He understands the value of sharing and places greater importance on the good of the group and the benefit of others than on his own selfish interests.

3. While some people seem to be born team players, it isn't a skill that has to be inborn. What isn't inherited can be taught.

4. A team player will be responsible, positive and encouraging, competitive, and coachable.

5. Individuals may be excellent candidates for a position, but if they don't complement the existing skills or the management style of the team leader, they are ultimately not going to fit very well. Instead of trying to make a square peg fit into a round hole, look for the round pegs for the round holes and the square pegs for the square holes.

6. The key to building good team relationships is communication. Good communication consists of verbal guidance, motivational words, the correct timing of advice, criticism, and encouragement, and the proper mixture of support. It also includes body language and facial gestures and knowing when to stay quiet as well as when to speak.

7. To successfully communicate, you must also maintain the ...