#84 Tom Canfield - Letting Go
02/05/22 • 60 min
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.
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.
Previous Episode
#83 Mike Bellafiore - Striving for Excellence in Prop Trading
Mike Bellafiore is co-founder of SMB Capital, one of the world's leading Proprietary Trading firms, based in New York City. Mike has authored two outstanding and highly popular trading books, One Good Trade: Inside the Highly Competitive World of Proprietary Trading and the The Playbook: An Inside Look at How to Think Like a Professional Trader.
For many new and aspiring traders, the chance to work in a proprietary trading firm, is the holy grail of trading. It is trading’s equivalent of making it to Broadway or being recruited by a major sports team or franchise.
In this episode Mike talks about the realities of working in a Proprietary Trading firm, and how the focus on learning, development and mentoring is such a vital ingredient which helps his traders in striving for excellence in their prop trading. Mike shares with us how SMB puts a heavy emphasis on learning and continual improvement, and in supporting their traders to become the elite.
What you will hear in this interview how SMB’s focus on, and a culture of, continual improvement and striving for excellence, is the fuel behind their success and is what helps so many traders at SMB capital to not just achieve their dreams, but to exceed them.
Follow Mike on Twitter @MikeBellafiore
Follow SMB Capital on Twitter @smbcapital
Books by Mike Bellafiore
One Good Trade: Inside the Highly Competitive World of Proprietary Trading
The Playbook: An Inside Look at How to Think Like a Professional Trader.
AlphaMind Socials:
YouTube: https://www.youtube.com/c/AlphaMind101
Apple: https://podcasts.apple.com/gb/podcast/the-alphamind-podcast/id1467395734
Spotify: https://open.spotify.com/show/1K4nmn10uoqZjF4q0ijeqQ
Twitter: Steve Goldstein @AlphaMind 101 Mark Randall @AlphaMind 102
Blog: https://alphamindblog.blogspot.com/
AlphaMind Services
Weaponizing the Trader's Mind - A Powerful Group Coaching Programme: Find out more.
One-to-One T
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.
Next Episode
#85 Sources of Trading Edge
When it comes to trading, finding your trading edge and learning how to sharpen your trading edge, are what ultimately define whether you succeed or fail.
We believe there are 3 main sources of edge for traders, and that these 3 edges support each other to make each edge more potent and powerful. Developing trading mastery however requires the combining of the edges into one singular sustainable practice that is unique to the trader and which powers their success in the complex, uncertain and challenging situations they face.
In this episode, AlphaMind podcast hosts Steve and Mark discuss this topic and illuminate for listeners how these 3 sources of edge are so vital to success and survival in financial markets.
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: bit.ly/3gtk0Zq
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.
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