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.conditioned in childhood.You will learn how much more satisfyingWhile I know extremely successful traders who do not share all ofthings can be when you begin to actively pursue consciously chosenthese characteristics, including a good friend of mine who is convincedgoals.he lacks a "capacity for conviction," most successful traders have a strat-When it comes to trading, motivation is critical.Make sure you re-egy for winning, and they adhere to it with persistence, creativity, andally want to trade.People are often drawn to the "easy" money of trad-drive.And when they are winning, they don't become lax but actuallying.It's easy in the sense that all it takes is money to get underway inplay bigger, continually upgrading their game.the business.But more than money is involved.Self-understanding and What the Best Traders Look Like32 TRADI NG TO WI N 33self-mastery are critical.You have to be willing to put in time and effortThe Ten Rulesto learn about yourself, and to do what it takes to change attitudes andbehavior so as to make them consistent with your trading objectives.1.Learn to function in a tense, unstructured, and unpredictableThere's nothing easy about this "easy" money.environment.If you want to gamble, this isn't the right field for you, nor should2.Be an independent thinker versus a conventional thinker.you enter trading if you are unwilling to tolerate, or learn to tolerate,3.Work out a way to handle your emotions and maintain objec-the emotional changes and roller-coaster effects of risk.The basics antivity.ability to solve problems, analyze situations, and work with numerical4.Don't rely on hope and fear in the conventional sense.choices should feel natural so that your efforts don't infringe on your5.Work continuously to improve yourself, giving importance toperformance and leave you too uptight.self-examination and recognizing that your personality andYou have to get used to being wrong, because you are going to beway of responding to events are a critical part of the game.wrong most of the time.As in baseball, you may be wrong seven out ofThis requires continuous coaching.ten times.If you can't handle that, you don't belong in the business.6.Modify your normal responses to certain events.The key issue is to minimize your imperfections and maximize your po-7.Be willing to face problems, understand them, and recognizetential, to ride out errors, to keep your emotions under control, and tothat they are in some way related to your behavior.continually assess the variables of the market so that you begin to make8.Know when problems can be resolved and then apply meth-optimal choices more of the time.ods to solve them.That may mean giving up some control inTo do this, you have to learn to stay with the winners and focus onorder to gain a different control.It may mean changes in yourgetting rid of losers.You can't do this without internal strength, faith,personality, learning self-reliance, or giving up independencetrust, and acceptance of uncertainty.Without these qualities or the ea-and ego to become part of a trading team.gerness to develop them fear is going to govern your behavior.9.Understand the larger framework in which trading occursIn the following chapters, I will help you learn how to take actionhow the complexity of the marketplace and your personalityand begin working toward the changes that will help you become aboth must be taken into account in order to develop the mas-more successful trader.tery of trading.10.Develop the right mind-set for trading a willingness to com-mit to the kinds of changes in personal habits and beliefs thatTou Commit?will drastically alter your life.To do this requires a willingnessto surrender to the forces of the game.In order to be able toA dictionary defines commitment as a decisive choice that involves aplay at a maximum level, you have to let go of your ego anddefinite course of action.In trading, this refers to a proactive approachyour need to have things your way.where you promise a result a financial goal and then behave at yourtrading desk in such a way as to bring about that result
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