c16 JWBT016-Busby September 30, 2008 14:38 Printer: TBD
Beyond the Numbers 159areas of life, having a winning attitude is critical. I have heard it said that
the market pays you what you think you are worth. If you do not respect
your abilities, neither will Wall Street. Evaluate each trade carefully and
follow the rules; if the odds for success are in your favor, have the confi-
dence to take the trade and expect it to pay you. If you do not believe the
trade is going to work, do not take it. Sit on the sidelines and wait for a
better setup that meets all of the criteria of a winner. The markets will be
here tomorrow. If you do not feel good about any trades today, stay out of
the market and wait until the numbers and the indicators strongly support
your play.Review
Trading is not easy. It requires the mastery of many different skills and abil-
ities. If making money on Wall Street required only the ability to read the
tape, many intelligent and educated people could do it. However, trading
takes more than quantifiable information. Trading decisions get clouded by
bias, ego, and lack of patience and many other attributes that traders are
lacking. It is those “soft” skills like patience and good judgment that make
trading an art and not a science. Furthermore, it is those skills that make
good traders.