Millionaire TradersQ: You could say that you focus on doing the trade rather than
worrying about the trade.
A: That’s right.
Lessons from Paul Willette
Support from Loved Ones Is KeyOne of the least appreciated aspects of trading is that it requires an
enormous amount of emotional support and understanding from
family members. Because the game is so fundamentally psycho-
logical in nature, criticisms from loved ones will exacerbate tenfold
the normal doubts and pressures of the job. Every successful trader
who we interviewed was either completely and totally autonomous
or enjoyed the strong support from his family and spouse. No one
exemplifies this dictum more than Paul Willette, whose wife es-
sentially put him through trading school by going to work while he
stayed at home and refined his day-trading skills. Willette’s story is
extremely unusual. Few spouses would be willing to back someone
in such a high-risk venture. But fortunately for both of them, it
resulted in a very successful career for Paul that provides secu-
rity and freedom for their whole family. Yet even Paul is the first
to admit the fragile nature of the job. He will often pass up on
trading if he has had an argument with his wife the night before.
Just like athletes or actors, traders need complete peace of mind in
order to perform well. The game requires not only concentration
but more importantly, emotional equanimity. While support from
your loved ones certainly doesn’t guarantee success, hostility from
those closest to you will almost always result in failure.
Do the Small Things WellPaul Willette’s trading strategy is fairly straightforward. No fancy
customized indicators. No complex statistical algorithms. He trades
what he calls “the meat of the candle,” ignoring the wicks on either
side and while his entry criteria are proprietary, his exit rules are
crystal clear. Paul maintains at least a partial position in the trade