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.1 (Continued)Bull Market CorrectionsSample Analysis of One MoveDate Begin: 8/14/26 Date End: 10/19/26 No.of Days: 53Dow Begin: 166.10 Dow End: 145.66 No.of Pts.: -20.44% Change: - 12.3%Mean Upmove: 1.05% Mean Downmove: -1.92%Median Upmove:.92% Median Downmove: -1.71%Mean Updays: 1.69 Mean Downdays: 2.21Median Updays: 2 Median Downdays: 2Upday Sequences: 241Table 13.1 (Continued)Upday Sequences:No.of Days No.of Times Occurred Median % MoveRear Market Intermediate DownmovesSample Analysis of One MoveDate Begin: 9/3/29 Date End: 10/4/29 No.of Days: 27Dow Begin: 381.17 Dow End: 325.17 No.of Pts.: -56.00% Change: - 14.6%Mean Upmove: 1.08% Mean Downmove: -2.89%Median Upmove:.96% Median Downmove: -3.00%Mean Updays: 1.42 Mean Downdays: 2.12Median Updays: 1 Median Downdays: 2242 243Table 13.1 (Continued)Bear Market Intermediate CorrectionsSample Analysis of One MoveDate Begin: 10/4/29 Date End: 10/10/29 No.of Days: 5Dow Begin: 325.17 Dow End: 352.86 No.of Pts.: 27.69% Change: 8.5%Mean Upmove: 4.26% Mean Downmove: -.21%Median Upmove: 2.27% Median Downmove: -.21%Mean Updays: 2 Mean Downdays: 1Median Updays: 2 Median Downdays: 1244 you'd expect many more 2-, 3-, and 4-day up sequences; the percentages are all listed there.One way to use this data in day trading is to set up an example.Assume an intermediate bull market uptrend isin force and that you have declines 3 days in a row for a loss of 1.666 percent.You can integrate this with the days'down odds I've given you (with 3 downdays, odds are 94.4 percent that the next day is up) and say that if you buy atthe close of the third downday, you can expect to make an average percentage gain of 1.309 percent or a medianchange of 1.06 percent in 2 days.You could use these odds and numbers a hundred different ways.All you need is imagination and time to go with the direction I'm showing you.Could I show you a system?Yes! But systems don't work all the time, and I don't use them as such.Any system I could give you might requirechanges by the time you read this book.Besides, for you to trade a system religiously, you must truly believe in it, andany system I offer here won't mean as much to you as one of your own creation.What I much prefer to give you, what Ihope I have given you, is the big picture.Good luck and leave scars! 14The Character andPersonality of a TraderWhat does it take to be a successful trader? Experience? A good feel for the market? Mastery of analyticalatechniques? All these are important, but reaching even the highest level of "facts and figures" expertise is not in itselfsufficient.To achieve real success as a trader-no matter how you define "success" you must have all the ingredients ofa trader's psychology: good character, a certain personality type, and a particular way of thinking.ACHIEVING REAL SUCCESSTo a large extent, this book, like most others that deal with the market.concentrates on the cognitive sphere: allthe things we can know and understand with our mind.The preceding chapters concern themselves with concrete,rational, scientific ideas: techniques of technical analysis, basic economic principles, tables of illustrative data.To be sure, these tools, and the mental acuity to apply them intelligently, are absolutely essential to success asa trader.But genuine success as a whole, integrated human being, takes more than a good brain.It also takes character.Character is a function of a person's ethical and moral philosophy.Webster's dictionary defines it as thecomplex of mental and ethical247248traits marking a person." Ethics are evident in the code of values that guide a person's actions and choices.Do you putyour own interests and those of your family first, or are you more concerned with the well-being of others? Do youchoose honesty over lying, integrity rather than hypocrisy, productiveness over idleness? Can you consistently weigh,based on some internal sense of right and wrong, justice versus mercy, rationality versus emotional whim, pride versushumility? The process of making those choices and decisions may be intuitive and hard to explain, but in all cases itbegins with your own personal sense of morality and ethicsin other words, your character.Personality, on the other hand, is how a person behaves as opposed to what that person believes.Again fromWebster's: "(1).the complex of characteristics that distinguishes an individual; (2) the totality of an individual'sbehavioral and emotional tendencies; (3) the organization of the individual's distinguishing character traits, attitudes orhabits; (4) their disposition."Do you have the type of character and personality necessary to be a successful trader? What are the ingredientsof a healthy psychology? Can humans learn to change? These critical questions are extremely important to everyone inleading a happy and successful life, but they are even more critical to a profession that is one of the toughest on Earth.The reason trading is so difficult is that you cannot lie, hide, feign.or rationalize failure.In the life of a trader,reality is what it is.Or in Aristotelian terms, A is A! If you are a lawyer and you lose a case.you can rationalize "thejury was biased." If you are a doctor and the patient dies, you can say "I did all that was humanly possible but it was inGod's hands." In both cases, the professionals still get paid.However, at the end of the trader's marking period-be it aday, a month, a quarter.or a year-the "report card" will either show plus or minus capital.There are no excuses,because all that matters in this business is the bottom line.Traders don't get paid for failure.Ayn Rand's great discussion on the trader principle includes this statement:The symbol of all relationships among [rational] men, the moral symbol of respect for human beings, is thetrader.We, who live by values.not by loot.are traders, both in matter and in spirit.A trader is a man who earnswhat he gets and does not give or take the undeserved.A trader does not ask to be paid for his failures, nor doeshe ask to be loved for his flaws.'249This is the essence of the trading business
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