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understand why there are very few books that address the virtues a successful trader needs. It is a fairly easy matter to educate a person on how the moving averages, stochastic, relative strength index (RSI), candlesticks, and cycles behave. It is more difficult to teach a trader the more esoteric applications of the RSI, Gann Analysis, Elliott Wave, and other esoteric mathematical studies. However, it is an entirely different matter to tell new traders that the biggest obstacle to becoming excellent traders is their own beliefs and values. All the various analyses or trading techniques are an attempt to put the market action into a "picture" or "representation" that the trader can then internalize and profit from. While it is difficult to master the inner workings of the RSI, it is even more difficult to master one's virtues, vices, and beliefs. |
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New traders, and society as a whole, want to believe that by spending money on a problem it may be eliminated easily with little or no effort. Do you think most traders want to spend the time and effort to validate Elliott Wave theory to their conscious and unconscious mind when they can buy a program that will analyze the market from the Elliott Wave perspective and tell them the exact moment they should enter their order? When traders "pay their dues" and perform the research, investing the time to master a particular technique, they will internalize that technique into their psyche. They are then in a unique position to use their unconscious and conscious mind to master the technique, with intuition available to help them modify the technique. When you first heard the story of how a child told the world that the emperor had no clothes on, did you stop to ask yourself why it took a little child to recognize the truth? The answer was that there was no adult with integrity present. Integrity is not something that many people have in today's society. |
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I really want to avoid getting into a philosophical argument; however, to have integrity, you must adhere to certain absolute moral norms. The two universal moral norms are "Love God above all else" and "Love thy neighbor as thyself." These two universal norms are what will strengthen all your virtues, and help you annihilate your vices. |
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Every individual who has succeeded on a massive scale has a tremendous sense of integrity. If you were to ask such people if being honest is the same as having integrity, they would tell you that there is a huge difference between the two. Just about everybody confuses honesty with integrity, since in today's world these words are often used interchangeably. Honest people are truthful and credible with others and themselves. People with integrity have an uncompromising adherence to their beliefsa trait that transcends honesty. A person of religious faith would say that such people are in an unimpaired spiritual state. |
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