Charles Faulkner has been featured in many Trend Following Radio episodes and across all of my books. An excerpt from “The Little Book of Trading”:
Perhaps you have heard the expression about living in the moment of now. What do I mean? The past is gone and the future is unknowable, but we have right now. That does not mean we cannot consider our past experiences or mistakes as useful references. Nor does that mean we cannot prepare and plan for the future. It does mean that making decisions based upon what is actually happening in the moment of right now is how great trend following traders organize their lives and produce their fortunes.
While not primarily a trader, Charles Faulkner brings a tremendously useful insight to the table. In all my years I can think of no one who does a better job of bringing traders and investors to a better understanding of themselves. Understanding yourself as a trader is the needed introduction to the journey of success in trend following profits.
Faulkner sees the world from a very wide and novel perspective, and you should too.
Case in point: A crucial lesson to understand is that when entering the market game, losses are part of the game. No matter the amount of experience you have, there will always be losses. That said, you want to make sure your losses are ones that you can handle—knowing that they are emotionally going to affect you.
People in sports understand this. Professional game players understand that to build your skill, you need to take losses and learn from them. You hope to play against people better than you because that is what makes you better.
Studying traders is very useful because everything in their world is extremely focused due to the intensity of their profession. What might take months or years to unfold in an ordinary life can unfold very quickly for traders.
For example, for many people the biggest purchase they make is a house or a car. And for many successful trend traders that kind of money can go through their hands within an hour, or even minutes.
This means, when trading, you don’t want to view money in terms of dollars as if you were going to buy a new car, but rather use the dollars to keep score. Putting yourself into that mental framework is critical. Releasing your mind from how you value money in terms of shopping, and instead focusing on it as a score during the game, is a huge first step.
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A nice email came across my desk:
Good day Michael,
First I want to thank you for sharing your work with me and the rest of the world. I first read your work about 5 years ago and have not missed a podcast. Many podcasts I have returned to repeatedly for the timeless information and thought-provoking content. Another resource I don’t miss is the Epsilon Theory notes by Ben Hunt (thanks for introducing me to his work as well). I just wanted to suggest to you if you have not already read Ben’s latest note “I know it was you, Fredo” it is worth the time, like all of his notes. The information you have shared has not only changed my approach to the market but to nearly every aspect of my life. The exposure you provided me to the works of Charles Faulkner and Alan Watts two examples of many that have shaped the way I think about the world.
I felt it was time I thanked for what your work has meant to me.
Best regards
[Name]
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