#84 Tom Canfield - Letting Go

Contrary to common belief, it is not market knowledge, analytical skills, or some special system or secret indicator that are the key differentiators of success in financial markets. The true differentiator is the ability to ‘Let Go’, and the capability to sustain a ‘Letting Go’ mindset at all times.
 
 This week, Tom Canfield, a veteran US based Retail Trader, returns to the AlphaMind Podcast to discuss his ongoing journey of ‘Letting Go’ as a trader, and his battle to get there.

Chapter on the Audio Podcast

(00:00) Introduction
(02:37) The Conversation Starts.
(04:43) Tom’s 2021 Heart Attack.
(07:49) That 2021 Podcast, my 25-year journey, evolving and learning to ‘Let Go’.
(09:25) 55 years of hard-wired personality traits that don’t want to give up the fight.
(10:25) You fall down, you get up, success is a function of resilience and failure.
(13:52) The market is always evolving, and we must learn how to evolve with it.
(17:15) People must find a way to break the stress in a productive way.
(19:20) Rewinding to Tom’s massive drawdown and dealing with the angst.
(22:30) Becoming acutely aware of my stress and the beginning of understanding myself.
(23:48) The ‘Gun to My Head’ of having to make income from my trading.
(27:38) Building a safety net for underperforming periods, to ease the stress and pressure.
(29:38) It’s OK not to trade if the environment is difficult.
(30:15) Trading is not as it is portrayed on Twitter. 
(33:00) I’m a feel-trader, feel trading is tough to teach.
(34:10) There is not one right-way to do it, there are multiple nuanced approaches.
(37:25) The challenging now is how to do this without letting it own me.
(42:20) Awareness of your stress profile. – Start from a view that stress is part of it.
(44:37) The challenge of doing the job alone: The loneliness of the job gets to you.
(50:30) You got to really ‘Let Go’
(53:50) Want less, expect less, experience more.
(55:53) The mental side of the game is everything, once you learn the basics.

You can follow Tom on his excellent Twitter Feed @canny4

AlphaMind Socials:
YouTube bit.ly/3J54QWx
iTunes apple.co/3grmcAN
Spotify spoti.fi/3ruiRHz
Twitter: Steve Goldstein bit.ly/3J9SNHQ Mark Randall bit.ly/3uqL9Ez
Website: bit.ly/3GpcOIs
Blog: bit.ly/34dVoBK

AlphaMind Services
Weaponizing the Trader's Mind - A Powerful Group Coaching Programme: Find out more.
One-to-One Trader Performance Coaching: Find out more

AlphaMind Podcast Sponsor
The Society of Technical Analysts: https://www.technicalanalysts.com/
Receive a 10% discount on their world-beating Technical Analysis Home Study Course, or Technical Analysis Home Study Course + Diploma Programme: Details

Sign-up for our Newsletter:

AlphaMind: Powering Performance in Global Markets

AlphaMind brings powerful change, growth and development to people and businesses within global markets.

Driven by a deep understanding of how markets work, and how people and businesses function within them, we partner with clients to create personal performance improvements that elevate returns across their trading activities.

Go to the AlphaMind website to know more.