ogSTACUS TO " KOldlN{; A to<' tRADE R

Ultimately, these are the """,e people who wppon thost' who make
n'oney in u,~ ",ark~(.S_ They h(... ~ no ptan, no training, and no ca .... rutty
deveioPl-'{t, ,.... ,t"d sys!t'nl. TIley l>ccom~ the roddt'r for the ",arke(.S, the
inc"m .... prodllcing prey for tlw profp:ssi()naltrad~",.
What e au."". new troders ,,, "nt~r th" profession wilh suc.h a naive,
o"ef-inllaled ,·i.. ,,· of Iheir invulnerability"? To name a few;

• G.....,d
• L.azin<'SS
• Egotism
• Lack of expenence
The problem with the -into-wishing- approach 10 trading is that I! guar·
ant""" failurc In the form of IOSS('S. Tllerc arc no good If"dding l<'SSOllS 10
l>c deli",...1 frun' it except til(\( it dues not work.

U ;OURI\'Ci nn; 1101.\' CiR \11 . Pl' LSI\'C;

sO~If; on~ F.I.SF-'S mINK

Very oflen a "",ic." will r" llow 3 style that is ""I sui""I,,, him becau .... il
makes someone else ".oney. As we discussed previously, trading IS a ,'ery
personal and indi,ojduaUzed e(foll. What ",orks brilliantly for one trader
may ""ork moderalely for anotller and poorly for a third. Not only will
ttle resoorces, trailUng, and back!(round of this indi,ojdual ~ differcm from
anuther trader'a, his ability (0 deal with specific ti n' .. fnunl'S, liSk, unecr·
lainlY, n'a,hematiCai construc(.S, bOR'do''', and a host of 01 her Ilel'SUnalily
variables will be differe"t.
If you sull ~Ue\"C in Santa. then the search for a holy grail will make
sense. O1hefY,ise, the answer to su"",e"" StlU "",id"" in the formula:

hard work + intense preparation + adequate capItal + psychological

prepM .... lness ([>uildi"g dl'lCiplin" and d~ah"g wi\.l, your sabotage
L..~ues i" advance ur yuur trad ing) ~ Trading succ.p:ss .

IIOW 00 "OL K\,OW Wllf'; V "OL 'Mil OV

nu: WNOV" l 'M \«:1, <:
Y"ur trading has an automalic feedba~k syst"m to tell you wh"n yOll ,.,... on
the "'rong trac k. It is callt"d inconsistent R'SuJlS. When you are losing more
money than you are making from your trading, somelhing IS not right with