“We has met the enemy, and it is us.”
The famous quote from Walt Kelly’s cartoon strip, “Pogo,” would provide as fitting a one-line summation of the art of trading as any. Time and time again, those whom I interviewed for this book and its predecessor stressed the absolutely critical role of psychological elements in trading success. When asked to explain what was important to success, the Market Wizards never talked about indicators or techniques, but rather about such things as discipline, emotional control, patience, and mental attitude toward losing. The message is clear: The key to winning in the markets is internal, not external.