Inside the Mind of a Trader
Traders are turning to coaches to help them maintain a killer instinct and keep their sharp edge intact. "Power Lunch" took a look inside the mind of a trader with Executive Coach Maggie Craddock and CNBC’s own Fast Money trader, Jeff Macke.
According to Craddock, there are key characteristics that make a great trader: Pattern, Presence and Power. These key ideas help traders to clarify their competitive instinct. “Traders have to be the most intuitive and the most introspective about their gut instinct,” Craddock said.
“Traders have a certain thought process, and if you can understand what you believe as someone on the other side of that trade, it helps you keep score in terms of where the trade is going on a day-to-day basis,” said Fast Money’s Macke. “The hardest thing to do is to have the ability to say when you are wrong. You need to be self-reflective to maintain that discipline.”