One of the more colorful descriptions of patience in trading was offered by Jim Rogers in Market Wizards: “I just wait until there is money lying in the comer, and all I have to do is go over there and pick it up.” In other words, until he is so sure of a trade that it seems as easy as picking money off the floor, he does nothing.
CONFIDENCE
An unwavering confidence in their ability to continue to win in the markets was a nearly universal characteristic among the traders I inter-viewed. Dr. Van Tharp, a psychologist who has done a great deal of research on traders and was interviewed in Market Wizards, claims that one of the basic traits of winning traders is that they believe “they’ve won the game before the start.”
LOSING IS PART OF THE GAME
There is no more certain recipe for losing than having a fear of los-ing. If you can’t stand taking losses, you will either end up taking large losses or missing great trading opportunities-either flaw is sufficient to sink any chance for success. explained, “It never bothered me to lose, because I always knew that I would make it right back.”RaschkeThe great traders fully realize that losing is an intrinsic element in the game of trading. This attitude seems linked to confidence. Because exceptional traders are confident that they will win over the long run, individual losing trades no longer seem horrible; they simply appear inevitable-which is what they are. As Linda Raschke explained, “It never bothered me to lose, because I always knew that I would make it right back.”
There is no more certain recipe for losing than having a fear of los-ing. If you can’t stand taking losses, you will either end up taking large losses or missing great trading opportunities-either flaw is sufficient to sink any chance for success.
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