A psychic mind reader is a person who uses logic to connect many little observations together and make high probababilty guesses as to what the thoughts of others most likely are.
There are two basic requirements to becoming a psychic mind reader:
The first requirement is the clear conscious use of logic. With a strong sense of logic a person can make clear conscious observations and see how they fit together. With practice comes a sense of knowing the extent of one's logical ability and possible error margins. A person who fulfills the first requirement can be a cold reader.
The second requirement for a psychic mind reader is the balance between the conscious and unconscious sides of the mind. The subconscious is a great processor of information and can work well with the clear logic of the conscious mind - basically multiplying mind reading ability many times. A person who fulfills the second requirement can be a psychic.
One common limitation a psychic mind reader can face is the inability to guess thoughts which are too different from his or her own. To overcome this limitation, it is important to practice self-observation and go deeper in one's perception of self-identity.