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Key Points

  • Brett Steenbarger’s personality self-assessment is located in the appendix.

    The strategies of human reason probably did not develop, in either evolution or any single individual, without the guiding force of the mechanisms of biological regulation, of which emotion and feeling are notable expressions. Moreover, even after reasoning strategies become established in the formative years, their effective deployment probably depends, to a considerable extent, on the continued ability to experience feelings.[42]

  • Charles Faulkner: “All of the successful traders I have met are consciously aware that their lives are bigger than their trading. They are very interested in the money and they are very interested in what they get to do to get it. They embrace their pasts, as well as who they are. Whether it’s mathematics or music, philosophy or psychology, or baseball, their interests in the world around them help carry them through the market, and equity, changes. Every day, whether they make money or not, they get to do what they want. I hear it really helps with sitting with positions, too.”

  • Ed Seykota: “To freshen a room, open a window. Works for minds too, and for hearts.”

  • Ed Seykota: “Sometimes people gamble and lose to cover up some other feelings they wish to avoid experiencing . . . guilt, for example.”

  • Ed Seykota: “Some like to search, some like to find and some realize they already have it.”

  • If you want to be a successful trader you must become passionate about the learning process.

    We know of “traders” whose public image “looks pristine,” but their personal lives, mental health and balance are in such dire straights—they are not capable of any type of real success or achievement. They might get “the numbers,” but their problematic mental health keeps them back. Bottom line—they never get to where they want to go. Life becomes one big rationalization (or excuse) for them.

  • Let the hype, crowd emotion, and “I must be right attitude” be someone else’s problem.

  • Winners take responsibility. Losers place blame.

  • You have to believe from the start that you can do it. It takes courage to do what the majority is not doing.

  • Who is John Galt?



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