Fear(less) log Nr 14 - Vincent Bruzzese
Vincent Bruzzese aka Hari Seldon.
Greetings Fellow Traders,
We are back. Today’s responses are short, straight to the point but nevertheless worth checking out. Vincent kindly enough answered the questionnaire even though (or maybe because) he actually doesn’t like people (his own words). Nevertheless, he wants to help new traders to not fall into the same traps he fell as well as protect them from many ‘not-so-legit’ trading gurus out there.
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Vincent Bruzese (aka Hari Seldon)
Quite a pic. Vincent is one of the gambler-turned-trader characters. He started playing poker when he was 8! and then moved on to try his luck in the casinos. Once he started trading, he blew up his accounts multiple times until he started to become interested in finding a real edge. That’s when things changed. He is also big on developing the right mindset which according to him takes two years at least of hard work. He created a subreddit to help other traders and I encourage you to check it out (link below).
Maybe not too surprisingly, for Vincent, the most difficult challenge new traders face is one of the classics, not holding on to your winners and not cutting your losers.
Let’s see what he had to say:
When did you first become aware of fear while trading? Was there a particular trade or situation that triggered it?
“When I first started trading - the fear wasn't in losing the money, it was more a worry that the market was beating me and I would never be able to figure out how to come out ahead.”
What specific fears did you experience while trading? How did they manifest? The most common fears include fear of losing money, fear of being wrong, fear of losing out on the dream, fear of not being respected, fear of keeping up with expectations, or just fear of losing.
“The fears I have no probably differ from most traders as I trade publicly - so there is a fear of leading people in the wrong direction with a trade and of course the constant fear of being wrong in front of thousands of followers.”
How did you initially deal with those fears? Did you try any specific techniques or methods?
“I rely heavily on my record and statistics - I know that over time, with X number of trades, I will come out ahead.”
Did you seek out mentoring or support to help you deal with your fears? If so, what kind of support did you receive?
“No, but I do enjoy being part of a larger trading community.”
Were there any resources (books, courses, etc.) that helped you better understand and cope with your fears while trading? If so, which ones?
“The one I wrote myself - the Wiki.” (You can find that here.)
Have you ever paid attention to your body signals, such as heart rate, while trading? If so, how did you use this information to manage your fear?
“Not really, no.”
Are you now fear-free while trading, or do you still experience fear from time to time? If you still experience fear, how do you manage it? Does it motivate you, or do you try to eliminate it altogether?
“I am not afraid of losing money, and I am not afraid of being beaten by the market - but I still have the fear of leading people the wrong way on a trade.”
What advice would you give to someone who is experiencing fear while trading? Is there anything you wish you had known when you first started dealing with fear in trading?
“Follow the ten steps, take your time, don't start trading with real money until you have hit milestones set and treat this like a job.”
Final Word
Vincent has managed to live one of those often-cited classic trader lifestyles…Starting with gambling, moving into markets, blowing up, finding an edge, becoming profitable, teaching others. I think not everyone who is a successful has to go through these stages but nevertheless Vincent surely has accumulated a lot of knowledge in his journey. If you are interested to learn more about him, I’d start with his reddit Wiki.
He is also on Twitter @VJBruzzese
Have no fear!
Chris
crk@traderistic.com
References
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