Three Traders. Three Journeys. One Shared Lens.
What happens when you ask three master-level traders the same unfiltered questions about the realities of professional trading? You get answers that challenge assumptions, sharpen your focus, and prove that while paths may diverge, success often converges around a few shared principles.
We sat down separately with Carol Harmer, David Floyd, and Michael Berman, Ph.D.—three veteran traders and faculty members at the International Trading Institute. Across decades of experience and markets, they represent distinct styles. But within those differences lie valuable overlaps. This article curates their insights into a single, flowing conversation—a roundtable in spirit, if not in format.
The Foundation: Simplicity, Structure, and Survival
Carol Harmer began with a story from the open-outcry days in London. “We didn’t have indicators,” she said. “We had people. Noise. Paper. Chaos. You had to feel the market.” And while the chaos has shifted to screens and data feeds, her approach hasn’t changed much. “I still believe simplicity wins. Different markets have different rhythms, but the structure? That hasn’t changed.”
David Floyd would agree with that—up to a point. For him, execution is the heartbeat of the trade. “People think execution is just pressing a button. But real execution is being prepared before the price gets there. You’re either in control or you’re chasing.”
Michael Berman takes a broader view, often speaking in systems and structures. “I spent years trying to systematize what I did. Eventually, I realized you can augment discretion with AI, but you can’t replace it. The edge is in how you adapt.”
Each trader has refined their own way of staying grounded. Carol Harmer returns often to the discipline of simplicity. She keeps the same setups she’s used for decades and focuses on price action across different markets, knowing that over-optimization can become a trap. “Most people don’t lose because their system is bad. They lose because they don’t follow it.”
Michael Berman, on the other hand, openly admits to evolving. “I used to think I was the best trader in the room. Now? I know I’m not. But I’ve outlasted most of them.”
This idea of survivability—of staying in the game long enough to compound insight and performance—comes up repeatedly. David Floyd doesn’t sugarcoat it. “You can have five great setups. If you can’t execute under pressure, it doesn’t matter. The psychology of execution is what separates amateurs from professionals.”
Execution and Adaptation in a Rapidly Changing Trading Market
David Floyd knows the stakes of real-time decision-making. He runs multiple managed accounts, often trading 20 to 50 contracts simultaneously across clients. He relies on hotkeys, not guesswork. “If I hesitate, I lose consistency. And in this business, consistency is everything.”
Carol Harmer echoes that rhythm matters. “Different markets require different timing. You don’t force gold to behave like the euro. You learn its personality.”
Meanwhile, Michael Berman speaks to the intersection of execution and evolution. “Execution isn’t static. As volatility regimes change or structure shifts, your trade sizing, timing, and even your entry models must evolve too.”
None of the traders shy away from technology’s role in modern trading. Michael Berman sees AI and automation as supportive tools. “AI can filter noise, run pattern recognition, even generate trade ideas. But it can’t yet measure trader intuition. And that’s still irreplaceable.”
Carol Harmer is more cautious: “There’s always a new flavor of the month. Most traders I know would be better off mastering a few tools instead of collecting a hundred indicators they don’t understand.”
The Inner Game: Psychology, Ego, and Decision-Making in Trading
The conversation returns repeatedly to psychology. Carol Harmer makes a point that resonates throughout the interviews: “Too many people think confidence is about never being wrong. But real confidence is knowing when to exit without hesitation.”
Michael Berman is candid about his early mistakes. “Ego is probably the most expensive thing a trader can carry. It cost me millions early in my career.”
This kind of reflection reframes trading not as an exercise in technical mastery, but as a test of emotional resilience. David Floyd emphasizes that successful execution is inseparable from mental clarity. “It’s not about calling the market. It’s about reading yourself.”
What Separates the Professional from the Aspiring trader?
Before we wrapped up our conversations, we asked each trader a simple question: what separates the professional from the aspiring trader?
Carol Harmer didn’t miss a beat. “They know when not to trade.”
David Floyd leaned into specialization. “You can’t be good at everything. Pick your lane. Go deep.”
And Michael Berman, true to form, looked at the broader picture. “Retail traders overestimate their edge and underestimate their costs. That alone wipes out most accounts.”
Their answers, though different, reflect one shared truth: professionalism in trading comes from a deep commitment to process over outcome.
Trading Is Personal, But Not Isolated
From structure and simplicity to execution and ego, these traders showed us that success doesn’t come from following a single playbook. It comes from refining your own.
There are common threads:
- Adapt, but don’t drift.
- Simplify, but don’t oversimplify.
- Specialize, but keep perspective.
- And above all: survive.
Because the longer you last in this game, the better you get at playing it.
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Disclaimer
This article is for educational purposes only and does not constitute financial, investment, or trading advice. All trading involves significant risk, including the potential loss of your entire investment. Past performance is not indicative of future results. You alone are responsible for evaluating all risks associated with the use of any information provided here and for your own trading decisions. Neither the author nor the International Trading Institute is liable for any losses or damages arising from the application of this material.
