c16 JWBT016-Busby September 30, 2008 14:38 Printer: TBD
158 THE WILD CARDS
than unsuccessful men with talent. Genius will not; unrewarded genius is
almost a proverb. Education will not, the world is full of educated derelicts.
Persistence and determination alone are omnipotent. The slogan ‘Press On’
has solved and will solve the problems of the human race.” Those who quit
will never experience success. That is a fact of life and of trading.
Trading is difficult. There are many skills to master. In addition to ana-
lyzing the markets and reading the tape successfully, you must learn to op-
erate the trading platform correctly, be disciplined, and stay balanced. You
must also preserve your capital and manage risk. Faced with such daunting
challenges, many would-be traders quit. They do not have the persistence
to become winners.
If you want to learn to be a trader, you must stay in the game long
enough to master it. Do not be too easily defeated. When you lose, do not
be destroyed by it. Become more determined to do better. Put the loss in
the proper perspective and move on.Patience Pays
I love to trade. Trading is fun. Electronic trading platforms resemble video
games, and all it takes to get into the action is just a click of the computer
mouse. However, such careless trading will lead to disaster. Never trade
for sport. Trade to make money. That means that most of the day should be
spent in analysis and evaluation. Only when good opportunities are present
should you get into the market. It takes a great deal of patience to watch
prices move and stay out of the action.
However, staying out is a market position and a good one. There are
three actions that a trader may take: he can be long, short, or out of the
market. Winners opt to be out of the market most of the time. They realize
that the smart approach to trading is to trade only when the odds of success
are good. If market conditions are not ideal, they do not trade.
One of the simplest steps that many traders can take to make more
money and gain trading consistency is to stop trading at the drop of a dime
and have the patience to wait for the right trade.Believe in Yourself
Even on a good day, trading is hard. There is much to gauge, measure, and
evaluate. Faced with such a daunting challenge, it is easy to become dis-
couraged and lose confidence in your abilities. In trading, like many other