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Let’s begin with the markets themselves, and with fear and greed. We have all heard the cliches about fear and greed. They rule the markets. In fact, that’s all the markets are—a reflection of these emotions. In order to make money trading, you must learn to control your fear and greed. | Prologue Where to Begin Let s begin with the markets themselves and with fear and greed. We have all heard the cliches about fear and greed. They rule the markets. In fact that s all the markets are a reflection of these emotions. In order to make money trading you must learn to control your fear and greed. Overcoming Fear and Greed We all have to deal with our runaway emotions at various times in life and these emotions really begin to run away when we trade. Bill Williams1 used to say in his seminars that trading was the clearest window into your own personal psychology clearer than any other endeavor. I think he was right. UNDERSTANDING THE MARKETS We give in to our fear when we don t take the next trade because we ve just been through a string of losers and fear losing again. We give in to our fear when we put our stop loss too close and get stopped out of a trade without giving the trade enough room to develop. We give in to our fear when we freeze as a trade starts to lose money and we don t take the exit signal because we re afraid of losing money. We give in to our greed when we take a profit early before the regular signal because we don t want to give back any of the profits. We give in to our greed when we trade more contracts or shares than we normally would because we feel good about this trade. 8 Prologue Where to Begin So we start with the question How can we understand the markets If we understand how they work we can get a better understanding of ourselves and in turn be better traders. Controlling greed takes discipline. As far as fear Peter Steidlmayer2 explained in his work with Market Profile that markets exist for one purpose and one purpose only they exist to facilitate trade. Facilitating trade means that the markets will do anything they can to get individuals to participate in the market. How they do this is through movement. Markets move up and down searching for buyers and sellers. The crucial point here is that markets must move for .
