In this episode, we’re joined by Paralympic medalist and motivational speaker Don Elgin, who shares insights from his extraordinary journey of triumph and resilience. Discover how to keep your ego in check, navigate post-victory phases, and break free from detrimental comparison games.

What is a Growth Mindset for Traders?

A growth mindset for traders means welcoming new challenges, refraining from harsh self-judgment, and actively seeking mentors for guidance. It also involves feeling inspired by the success of other traders and celebrating their wins, rather than feeling jealousy or inadequacy.

Don’s Background and Lessons from Growing Up

Don Elgin is a Paralympic medalist, motivational speaker, and the father of four. Born without the lower half of his left leg in New South Wales, Don transformed what some could see as a handicap into a sparkling example of motivation. From competing in four World Championships and three Paralympic Games to standing behind podiums as a sought-after motivational speaker, Don’s warmth, humor, and determination inspire audiences nationwide. His autobiography, “One Foot on the Podium,” earned him a silver medal at the Independent Publisher Book Awards in 2016.

Don’s background is deeply rooted in the life lessons he learned while growing up in a small country town called Tokmall. Raised by his father, Don was taught the importance of never forgetting where he came from. He learned to embrace life’s ups and downs and apply the lessons learned to various aspects of his life, whether it’s sports, business, trading, or relationships. Don believes in the value of transferable skills and the significance of celebrating others’ wins as a key to personal and professional growth.

Keeping Your Ego in Check as an Elite Athlete

Keep your foot on the ground, stay grounded, and embrace your wins without losing track. It’s important to avoid letting your ego get too big, as it can create discomfort and push people away. Surround yourself with good people who give you honest advice and keep you in check. These individuals, whether it’s a mentor, confidant, or family member, play a crucial role in reminding you to stay grounded and focused on your goals.

It’s essential to have someone who has your best interests at heart and can offer straightforward, unbiased guidance. Your mentor should be someone who cares about your well-being and is not driven by personal agendas. Their support and advice can help you navigate challenges, stay on track, and make sound decisions in your trading journey.

The Comparison Effect: Upward vs. Downward Comparison

As an elite athlete, I draw inspiration and learning from various individuals, not just one person. I believe that there are valuable traits and behaviours to learn from different people, whether it’s their resilience, positive attitude, or ability to bounce back from setbacks. Mentors come in various forms, and they may not necessarily be high-profile figures. It’s about identifying the qualities or actions that resonate with you and incorporating them into your own approach.

Attitudes are contagious, and it’s crucial to be mindful of the energy you bring to your interactions. Surround yourself with individuals who uplift and challenge you, each playing a specific role in your life. Whether it’s seeking financial advice, guidance on success, or simply engaging in light-hearted conversations, knowing which individual fulfils a specific role in your life can significantly impact your personal and professional growth.

When aiming for personal growth, it’s important to have a circle of individuals who wear different “hats,” each contributing to your overall well-being and development. By seeking advice and support from the right people, you can protect your dreams from negativity and doubt, and ultimately, thrive in your chosen path.

The Silver Medal Effect and Dealing with Disappointment

The silver medal effect refers to the unique emotional experience of silver medalists compared to gold and bronze medalists. While the gold and bronze medalists often express euphoria and gratitude, the silver medalist experiences a sense of disappointment and frustration. They believe they had a shot at the top spot and analyze their performance to identify what could have been done differently. This emotional journey involves a mix of negative and complex emotions, requiring time and perspective to process and accept the outcome.

The High-Stakes Ego in the Trading World

In the trading world, high-stakes ego comes into play, particularly in competitive environments where traders are rated and ranked against their peers. This can create a cutthroat arena where individuals are pitted against each other, leading to intense pressure and the risk of being eliminated if performance falls short. The ranking system and monetary rewards further intensify the high-stakes ego, making it crucial for traders to manage their emotions and maintain a resilient mindset amidst the challenges of the trading world.

Seeking Out the Right Mentors and Role Models

I’m a big believer that you want to grab inspiration from various individuals, not just one person. We only know what we know and if we persevere with finding out from a very small group of people, then we’re not really getting the best result. Probably the greatest example I’ve got for me as an athlete is my dad. He would say, “If you want to get fit, take up boxing.” I said, “Dad, I’m a track and field pentathlete,” but I took up boxing and loved it. It was a great way to cross-train and I watched all these other boxers and realized that I couldn’t skip. I thought I couldn’t do what everybody else could do, but it wasn’t until somebody challenged that and then I asked myself the exact same question that I was willing to ask everybody else. I absolutely seek people out, but just because somebody says something doesn’t mean it’s gospel and you have to adopt it and live it. Be willing to seek and make informed decisions.

Maintaining a Detached, Disciplined Mindset as a Trader

What we’re looking to do is to hone finely tuned trading machines – people who are detached, who don’t suffer from the joy-despair pendulum that we go through when we start out trading. We want to be expert traders who feel the emotions but don’t have those big swings. It’s important to keep your ego in check. Ego needs to be managed, as it’s dangerous when it gets out of check. When your ego gets out of check, you stop listening to the people who helped you achieve success in the first place. You start not following the same process that got you that success, and that is dangerous. So, ego needs to be managed, and we need to make sure it’s got a place in what we’re doing. We need to be detached and disciplined to thrive in the trading world.

If opportunities present that I can come to somebody’s workplace or school, then that’s really my passion. My website is the place to follow me and to get in touch with me. I love receiving emails or people reaching out. I love it, and more importantly, if opportunities present that I can come to somebody’s workplace or school, then that’s really my passion.

Connecting with Don Elgin

Stay connected with Don Elgin across various platforms:

• Linkedin: linkedin.com/in/don-elgin
• Website: donelgin.com.au (Company)

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