Today I finally found some time to read Adrienne Laris Toghraie's excellent newsletter "The Discipline Perspective of Trading". Adrienne is a Trader's Coach and has taught hundreds or maybe even thousands of traders emotional control and discipline.

In the latest issue of her newsletter, Adrienne talks about "Excellence Versus Mediocrity in Trading". She explains the relationship between excellence and competition. In a nutshell: Without competition you won't be able to achieve excellence.

You need to measure your results against your own standards AND the results of other traders. If you trade in a vacuum, it will be difficult to put the power of competition into your performance. You need to stay in contact with other traders and see how they are doing. If you find a trader who achieves better results that you do, learn from her. What is she doing that you don't do yet? What techniques does the other trader uses? How did she improve her trading results?

NEVER stop learning! There are many ways to make money in the markets, and the more you know the better trader you will be. Like in every other profession, you want to get better every week, every months and every year.

However, there are a few pitfalls:

1. Don't chase the Holy Grail! You won't be able to achieve a winning percentage of 100%. Make sure that the standards that you set for yourself are still realistic.
   .
2. Make sure that the trading style fits YOUR goals and preferences. You might find a trader that achieves better results that you do, but her trading style might not be a good fit for you. Last weekend I talked to Dan Gramza, a professional trader and an excellent educator, and he likes to day trade AND to establish some long term positions that he holds for several weeks or sometimes a few months. This long term swing trading approach is definitely not for me.
   .
3. Make sure that your source is credible. It seems that a trader's performance is getting better every time he talks about it. This seems to be a human phenomena: Have you noticed that the "deal" that you friend got on his new car gets better and better every day? Adrienne suggests that you read what your "teacher" has written on the subject. Another way is to attend her seminars, workshops, public talks, chat room sessions, etc. One of the best ways is through personal recommendation from other traders.

Knowing these pitfalls will help you avoiding them.

How do you find other traders?

One of the best ways is to meet them in person in seminars and workshops. Be careful when approaching traders in free workshops: Often these traders are not yet trading or are not successful. Profitable traders attend PAID workshops since they know the value and can afford to pay for it. Don't be shy to contact traders through professional networks like LinkedIn. Stay away from forums and chat rooms: Most of the time you will only meet "Keyboard Cowboys" with a big mouth and nothing to show.

How do YOU meet other traders? - Leave a comment!

PS: We will conduct a free webinar with Adrienne in November. You can register here:
http://www.rockwelltrading.com/webinar/evolution-of-a-master-trader-by-adrienne-toghraie