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					25-POINT
THE

discipline for
The success that a trader achieves in the markets is directly correlated to one’s trading discipline or lack thereof. Trading discipline is 90 percent of the game. The formula is very simple:Trade with discipline and you will succeed; trade without discipline and you will fail. I have been a trader and member of the Chicago Board of Trade (CBOT) for 20 years. During my successful pit-trading career as a scalper, I traded in three different contract markets: 30-Year Treasury bonds at the CBOT, the S&P 500 at the Chicago Mercantile Exchange (CME) and the Gilts at the London International Financial Futures Exchange (LIFFE). Currently, I also trade the electronic $5 Dow futures contract on the CBOT as time permits. Although my formal academic education consists of a bachelor’s degree in business administration from the University of Denver, I never considered myself to be an extremely gifted student. I have no formal training in market technical analysis. I’m unable to even set up a Fibonacci study or Moving Average study on a charting package, let alone know how to trade with such data. I have no formal training in market fundamental analysis. I don’t understand the economic causal relationship between the actions of the Federal Open Market Committee and Treasury bond prices or equity prices. How, then, have I been able to succeed, day after day, trading the markets for more than 20 years? The answer is simple: I trade with discipline, and I respect the market. When I’m wrong I get out immediately, and when I’m right, I don’t get too greedy. I’m content with small winners and I’m accepting of small losers. Just as I now mentor my trading clients regarding performance, discipline and profit/loss management, I was mentored by one of the best traders ever to set foot on the CBOT trading floor, David Goldberg. David was a long-time spread scalper in the wheat pit and a principal of Goldberg Bros., at the time one of the largest clearing firms at the CBOT, CME and Chicago Board Options Exchange (CBOE). David taught me the rules of trading discipline. I listened to his guidance and gradually, over time, became more and more successful. The student has now become the teacher.

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MANTRA

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day trading
By Douglas E. Zalesky

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The Wheel of Success
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1

THE MARKET PAYS YOU TO BE DISCIPLINED.

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3

ALWAYS LOWER YOUR TRADE SIZE WHEN YOU’RE TRADING POORLY.

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2

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4

NEVER TURN A WINNER INTO A LOSER.

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5

YOUR BIGGEST LOSER CAN’T EXCEED YOUR BIGGEST WINNER.

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9

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EARN THE RIGHT TO TRADE BIGGER.

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6

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C("']7%"'(,*(^-A7&'.A-_(A#(4@A7Q DEVELOP A 4KK*( N"%A'( &#N.( AI'( -+'@%/%@ METHODOLOGY AND STICK WITH IT. ,4"O'A( +"'"']7%-%A'-( X-'AQ 7+-Y(AI4A(,7-A(A4O'(+K4@'(%. DON’T CHANGE METHODOLOGIES #"&'"( /#"( AI',( A#( ,4O'( 4 A"4&';( C( &#.RA( .'@'--4"%K* FROM DAY @4"'(NI4A(AI'(,'AI#&#K#5*(%-B TO DAY.

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If you have a proven methodology but it doesn’t seem to be working in a given trading session, don’t go home that night and try to devise another one.

#

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7

BE YOURSELF. DON’T TRY TO BE SOMEONE ELSE.

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10

GET OUT OF YOUR LOSERS.

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#

W'$'"(+7A(*#7"-'K/(%.(AI'(+"'Q @4"%#7-( +#-%A%#.( #/( K#-%.5 ,#"'( ,#.'*( AI4.( *#7( @4. 4//#"&;(PI'(N#"-A(/''K%.5(%. AI'(N#"K&(%-(N4.A%.5(A#(A"4&' 4.&( .#A( )'%.5( 4)K'( A#( &#( -# )'@47-'( AI'( ']7%A*( %.( *#7"( 4@@#7.A %-( A##( K#N( 4.&( *#7"( )"#O'"45'( /%",( N%KK( .#A( 4KK#N( *#7( A#( @#.A%.7' 7.K'--(*#7(-7),%A(,#"'(/7.&-;

8

YOU ALWAYS WANT TO BE ABLE TO COME BACK AND PLAY THE NEXT DAY.

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11

THE FIRST LOSS IS THE BEST LOSS.

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=I'.( C( N4-( 4( .'N 4.&( 7.&%-@%+K%.'& A"4&'"B(C(@4.RA(A'KK(*#7 I#N( ,4.*( A%,'-( AI4A( C +"4*'&(A#(AI'(^\#.&(5#&;_(3* +"4*'"-(N'"'(4(+K'4(A#(I'K+(,'(#7A(#/(4(K'--QAI4.Q+K'4-4.A(A"4&'(+#-%Q A%#.;( C( N#7K&( +"4*( /#"( -#,'( -#"A( #/( &%$%.'( %.A'"$'.A%#.( AI4AB( )*( AI' N4*B( .'$'"( ,4A'"%4K%6'&;( C( -##.( "'4K%6'&( AI4A( +"4*%.5( A#( AI'( ^\#.& 5#&_(#"(4.*(#AI'"(^/7A7"'-(5#&_(N4-(4(N4-A'&('T'"@%-';(d7-A(5'A(#7Ae

#

12

DON’T HOPE AND PRAY. IF YOU DO, YOU WILL LOSE.

!"#$%&'&()*(+'",%--%#.(#/(012(34546%.'(1')"74"*(899:;(< 899:(=4-'.&#"/(>(?--#@%4A'-B(C.@;(D(:EF8(G'&4"(H'%5IA-(J"%$'(D(G'&4"(14KK-B(C? L9MF:

C(I4$'(.'$'"(7.&'"-A##&(NI* -#( ,4.*( 'K'@A"#.%@( A"4&'"K%-A'.( A#( #"( N4A@I( GW\GB 30W\GB(\K##,)'"5(W'N-(#" 1WW( 4KK( &4*( K#.5;( PI'( ^A4KO%.5 I'4&-_(#.(AI'-'(+"#5"4,-(O.#N($'"*(K%AAK'(4)#7A(,4"O'A(&*.4,%@-(4.& ,4"O'A(+"%@'(4@A%#.;(i'"*(/'NB(%/(4.*B(I4$'('$'"('$'.(A"4&'&(4(#.'(K#A %.(4.*(+%A(#.(4.*('T@I4.5';(S'A(AI'*(@K4%,(A#()'('T+'"A-(#.('$'"*AI%.5;

#

13

DON’T WORRY ABOUT NEWS. IT’S HISTORY.

#

17

NEVER TAKE A BIG LOSS. ONLY A BIG LOSS CAN HURT YOU.

!K'4-'("'$%'N("7K'-(lLB(lEB lF9B( lFF( 4.&( lFL;( C/( *#7 /#KK#N( 4.*( #.'( #/( AI'-' "7K'-(*#7(N%KK(.'$'"($%#K4A' "7K'(lFm;

\'/#"'()'@#,%.5(4(^A"4&%.5(4.&(,4"O'A-('T+'"AB_(AI'(57*(#.(GW\G "'+#"A%.5(I#7"K*(/"#,(AI'(\#.&(!%AB(N4-(4(+I#.'(@K'"O(#.(AI'(A"4&%.5 /K##";(2)$%#7-K*(AI%-(]74K%/%'-(I%,(A#()'(4.('T+'"Ae(H'B(4.&(#AI'"-B(@4. +"#$%&'(.#(7A%K%A*(A#(*#7;(P"'4A(%A(/#"(NI4A(%A("'4KK*(%-j;('.A'"A4%.,'.A; PI'(/4@A(%-V(PI'("'+#"A%.5(AI4A(*#7(I'4"(#.(AI'()7-%.'--(+"#5"4,-(%^#K&(.'N-;_(PI'(-A#"*(I4-(4K"'4&*()''.(&%--'@A'&(4.&(@#.-7,'&()*(AI' +"#/'--%#.4K(,4"O'A(+4"A%@%+4.A-(K#.5()'/#"'(AI'(^.'N-_(I4-()''.(&%-Q -',%.4A'&;(J#(.#A(A"4&'(#//(#/(AI'("'+#"A%.5;(CAR-(A##(K4A';

\%5(K#--'-(+"'$'.A(*#7(/"#,(I4$%.5(4(N%..%.5(&4*;(PI'*(N%+'(#7A(A## ,4.*( -,4KK( N%..'"-( AI4A( *#7( I4$'( N#"O'&( -#( I4"&( A#( 4@I%'$';( \%5 K#--'-(4K-#(^O%KK(*#7_(/"#,(4(+-*@I#K#5%@4K(4.&(',#A%#.4K(-A4.&+#%.A; CA(A4O'-(4(K#.5(A%,'(A#(5'A(*#7"(@#./%&'.@'()4@O(4/A'"(A4O%.5(4()%5(K#-#.(4(A"4&';

#

18

=I'.(C(N4-(4(*#7.5()#.&(A"4&Q MAKE A '"B(,*(5#4K('$'"*(&4*(N4-(A# LITTLE BIT EVERYDAY. DIG ,4O'( F9( )#.&( A%@-;(? A%@( %YOUR DITCHES. `:F;8LB( -#( %/( C( ,4&'( F9( A%@#.( AI'( &4*B( C( N#7K&( )'( 7+ DON’T FILL `:F8;L9; THEM IN.

#

DON’T SPECULATE. C.(4KK(#/(AI'(*'4"-(AI4A C( I4$'( )''.( 4( A"4&'" IF YOU DO, YOU 4.&( 4--#@%4A'&( N%AI WILL LOSE. A"4&'"-B( C( I4$'( .'$'"( ,'A( 4 -7@@'--/7K( -+'@7K4A#";( CA( %-( %,+#--%)K'( A#( -+'@7K4A'( 4.&( @#.-%-A'.AK* +"%.A(K4"5'(N%..'"-;(J#.RA()'(4(-+'@7K4A#";(\'(4(A"4&'";
0I#"AQA'",(-@4K+%.5(#/(AI'(,4"O'A-(%-(AI'(4.-N'";(PI'(+"#)4)%K%A*(#/(4 N%..%.5(&4*(#"(N''O(%-(5"'4AK*(%.@"'4-'&(%/(*#7(A"4&'(-I#"A(A'",V(-,4KK N%..'"-(4.&('$'.(-,4KK'"(K#--'-;

14

CA(,4*(.#A(-#7.&(K%O'(4(K#A(#/(,#.'*(A#(*#7B()7A(%A(-7"'K*(N4-(A#(,'; 3*(,'.A#"B(J4$%&(k#K&)'"5B(A#K&(,'(AI4A(%/(C(@#7K&(,4O'(F9()#.&(A%@'$'"*( A"4&%.5( &4*( #/( AI'( *'4"B( 4A( AI'( '.&( #/( AI'( *'4"( C( N#7K&( )'( 7+ `m8BL99(%.(,*(A"4&%.5(4@@#7.A;(W#A()4&(/#"(4(8:Q*'4"(#K&(O%&(%.(FnE8; CA(%-(4,46%.5(I#N(]7%@OK*(*#7"(A"4&%.5(4@@#7.A(N%KK()7%K&(7+(#$'"(A%,' c7-A()*(,4O%.5(4(K%AAK'()%A('$'"*(&4*;(C/(*#7(4"'(4(.'N('Q3%.%(0>! A"4&Q '"(A"*(A#(,4O'(c7-A(L(#"(M(+#%.A-(+'"(&4*;(C/(*#7(@4.(&#(AI4A(*#7RKK(I4$' AI4A(`m8B999(4A(AI'('.&(#/(AI'(*'4";(

#
PI%-("7K'(%-(AI'(#.'(AI4A(C(5'A AI'(,#-A(]7'-A%#.-(4.&(/''&Q )4@O( #.( )*( A"4&'"-( /"#,( 4KK #$'"( AI'( N#"K&;( P"4&'"-( 4-OB ^=I4A(&#(*#7(,'4.B(K#$'(A#(K#-'(,#.'*;(?"'(*#7(@"46*Z_ W#B(CR,(.#A(@"46*;(=I4A(C(,'4.(%-(A#(4@@'+A(AI'(/4@A(AI4A(*#7(4"'(5#%.5 A#(I4$'(K#-%.5(A"4&'-(AI"#75I#7A(AI'(A"4&%.5(-'--%#.;(k'A(#7A(#/(*#7" K#-'"-(]7%@OK*;(h#$'(A#(5'A(#7A(#/(*#7"(K#-'"-(]7%@OK*;(CA(N%KK(-4$'(*#7 4(K#A(#/(A"4&%.5(@4+%A4K(4.&(N%KK(,4O'(*#7(4(,7@I()'AA'"(A"4&'";

#

15

LOVE TO LOSE MONEY.

d7-A(4-(C(&#.RA(O.#N(#/ 4.*( -7@@'--/7K( -+'@7Q K4A#"-B( C( &#.RA( O.#N( #/ 4.*( A"4&'"( NI#( 5#'-( %.A#( 4 A"4&'('T+'@A%.5(A#(I%A(4(I#,'("7.(4.&(AI'.(4@A74KK*(I4$%.5(%A(I4++'.; S#7(-I#7K&(.'$'"(4++"#4@I(4(A"4&'(N%AI(AI'(%&'4(AI4A(%AR-(5#%.5(A#()'(4 I75'(N%..'";(0#,'A%,'-(AI'*(A7".(#7A(AI4A(N4*B()7A(AI'(A%,'-(AI4A(C(I4$' 4(I%A(4(I#,'("7.(#.(4(+#-%A%#.(%-(,#-A(&'/%.%A'K*(K7@OB(.#A(-O%KK;

19

HIT SINGLES NOT HOME RUNS.

3*(%.A'.A(#.(AI'(A"4&'(N4-(A#(+"#&7@'(4(-,4KK(N%..'"()7AB()'@47-'(C I4&(AI'(A"4&'(#.B(4.&(4A(AI'(-4,'(A%,'(X4-(K7@O(N#7K&(I4$'(%AYB(AI'(1'& 7.'T+'@A'&K*( '.A'"'&( AI'( ,4"O'AB( C( 7.N%AA%.5K*( I4&( 4( I75'( N%..'"; PI%-(+"#)4)K*(I4-(I4++'.'&(A#(,'(K'--(AI4.(/%$'(A%,'-(%.(89(*'4"-;

PI%-("7K'("'K4A'-(A#(AI' AI'#"*( #/( @4+%A4K /K#N;( CA( %-( A"4&%.5 @4+%A4K( AI4A( +7-I'-( 4 ,4"O'A( #.'( N4*( #" 4.#AI'";( ?.( #$'"-7++K*( #" %,)4K4.@'(#/()7*(#"&'"-(N%KK(+7-I(AI' ,4"O'A(7+;(?.(#$'"-7++K*(#/(-'KK(#"&'"-(N%KK(+7-I(AI'(,4"O'A(K#N'"; =I'.( +"%@'( -A45.4A%#.( %-( +"'-'.A( X4-( A*+%@4KK*( I4++'.-( ,4.*( A%,'AI"#75I#7A( AI'( A"4&%.5( -'--%#.YB( AI'( ,4"O'A( 4.&( %A-( +4"A%@%+4.A-( 4"' A'KK%.5(7-(AI4AB(4A(AI'(+"'-'.A(A%,'B(AI'*(4"'(I4++*(#"(-4A%-/%'&(N%AI(AI' +"'$4%K%.5()%&(4.&(#//'"; S#7(&#.RA(N4.A(A#()'(%.(AI'(,4"O'A(4A(AI'-'(A%,'-;(PI'(,4"O'A(%-(.#A(5#%.5 4.*NI'"';(CA(%-(4(N4-A'(#/(A%,'B(@4+%A4K(4.&(',#A%#.4K('.'"5*;(CAR-(,7@I )'AA'"(A#(N4%A(/#"(AI'(,4"O'A(A#(I'4A(7+(4(K%AAK'(4.&(AI'.(+K4@'(*#7"(A"4&';

#

16

IF YOUR TRADE IS NOT GOING ANYWHERE IN A GIVEN TIMEFRAME, IT’S TIME TO EXIT.

#

H#N(.%@'(%-(%A(A#()' 4)K'( A#( A7".( #. *#7"( !G( %.( AI' ,#".%.5( O.#N%.5 AI4A( %/( *#7( +K4*( )*( AI' U7K'-B(A"4&'(N%AI(&%-@%+K%.'(4.&(-A%@O(A#(*#7"(,'AI#&#K#5*B(AI'(+"#)4Q )%K%A*(#/(4(-7@@'--/7K(&4*(%-(I%5I;

20

CONSISTENCY BUILDS CONFIDENCE AND CONTROL.

CR$'(I4&(*'4"-(NI'"'(C(@#7K&(@#7.A(#.(#.'(I4.&(AI'(.7,)'"(#/(K#-%.5 &4*-(AI4A(C(I4&;(J#.RA(*#7(AI%.O(AI4A(AI%-(@#.-%-A'.@*(4KK#N'&(,'(A#()' 'TA"','K*(@#./%&'.AZ(C(O.'N(AI4A(C(N4-(5#%.5(A#(,4O'(,#.'*(#.(4.* 5%$'.(&4*;(=I*(N#7K&(C(AI%.O(#AI'"N%-'Z(34O%.5(4(K%AAK'()%A('$'"*&4* XU7K'-(lFE(4.&(lFnY(N%KK(4KK#N(*#7(A#(A"4&'(AI"#75I#7A(AI'(A"4&%.5(-'-Q -%#.(N%AI(@#./%&'.@'(4.&(@#.A"#K; U',',)'"( U7K'( lnV( C/( *#7( ,4O'( 4( K%AAK'( )%A( '$'"*( &4*B( AI'.( *#7( I4$' '4".'&( AI'( "%5IA( A#( A"4&'( )%55'";( PI7-B( )*( /#KK#N%.5( AI'( U7K'-( #/ J%-@%+K%.'B(*#7"(^K%AAK'()%A_(@4.(-##.(A7".(%.A#(,7@I(,#"'(+"#/%A4)K'(&4*-;(

!"#$%&'&()*(+'",%--%#.(#/(012(34546%.'(1')"74"*(899:;(< 899:(=4-'.&#"/(>(?--#@%4A'-B(C.@;(D(:EF8(G'&4"(H'%5IA-(J"%$'(D(G'&4"(14KK-B(C? L9MF:

PI'( .'A( '//'@A( #/ -@4K%.5(#7A(#/(*#7" N%..'"-(N%KK()'(4. %.@"'4-'&( 4$'"45' N%.(+'"(A"4&'(NI%K'(O''+%.5 *#7"(K#--'-(A#(*#7"(+"'Q&'/%.'&("%-O(+4"4,'A'"-;

#

21

!"#$%&#'(")*%+,'-#)./"#

LEARN TO SWEAT OUT (SCALE OUT) YOUR WINNERS.

S#7(-I#7K&(.'$'"(-@4K'(#7A(#/(*#7"(K#-'"-;(C/(*#7"(A"4&'(-%6'(%-(,#"'(AI4. 4(#.'(K#A(4.&(*#7"(A"4&'(%-(4(K#-'"B($'+,-+.),!/0),)1!,!()0#!,2'.0)0'(,!( -3..!;(C/(*#7"(A"4&'(-%6'(%-(,#"'(AI4.(4(#.'(K#A(4.&(*#7"(A"4&'(%-(4(N%.Q .'"B(%A(%-()'-A(A#('T%A(#.'QI4K/(#/(*#7"(+#-%A%#.(4A(*#7"(/%"-A(+"%@'(A4"5'A; C/( *#7( A"4&'( N%AI( +"#A'@A%$'( -A#+QK#--( #"&'"-B( *#7( -I#7K&( 4,'.&( AI' #"&'"(A#("'/K'@A(AI'(@I4.5'(%.(A"4&'(-%6'(X"',',)'"(*#7(I4$'('T%A'&(#.'Q I4K/(#/(*#7"(+#-%A%#.Y(4.&("4%-'(#"(K#N'"(AI'(-A#+(+"%@'B(&'+'.&%.5(#. NI'AI'"( %AR-( 4( K#.5( #"( -I#"A( +#-%A%#.B( A#( *#7"( #"%5%.4K( %.%A%4A%.5( A"4&' '.A"*(+"%@';(S#7(.#N(4"'('--'.A%4KK*(^+K4*%.5(N%AI(AI'(I#7-'R-(,#.'*;_ S#7(@4.RA(K#-'(#.(AI'("',4%.%.5(+#-%A%#.B(4.&(AI4AR-(#)$%#7-K*(4(/4.A4-Q A%@(+#-%A%#.(%.(NI%@I(A#(+7A(*#7"-'K/;(!K4@'(4(K%,%A(#"&'"(4(/'N(A%@-(4)#$' #"()'K#N(AI'(,4"O'AB(&'+'.&%.5(#.(*#7"(+#-%A%#.B(-%A()4@O(4.&("'K4T;

I can’t tell you how many times traders have come into my office terribly depressed because they “knew” the market was going one way or another; however, they failed to put a position on.

#

22

MAKE THE SAME TYPE OF TRADES OVER AND OVER AGAIN – BE A BRICKLAYER.

? )"%@OK4*'"(-I#N7+( /#"( N#"O '$'"*( &4*( #/( I%N#"O%.5( K%/'( 4.& 'T'@7A'-( N%AI( AI' -4,'( ,'AI#&#K#5*[ )"%@O()*()"%@O()*()"%@O;(

PI'(-4,'(@#.-%-A'.@*(4++K%'-(A#(A"4&'"-B(4-(N'KK;(!K'4-'("'$%'N(U7K'lM(4.&(l89;(C(I4$'(.#A(@I4.5'&(,*(A"4&%.5(,'AI#&#K#5*(4.&('T'@7Q A%#.(-A"4A'5*(%.(89(*'4"-;(C(57'--(CR,(AI'()"%@OK4*'";

='( 4KK( -A4"A( #7A AI'(&4*(AI'(-4,'; ='(4KK(-A4"A(#7A(4A 6'"#;( 2.@'( AI'( )'KK "%.5-( 4.&( A"4&%.5( )'5%.-B %AR-(I#N(N'(@#.&7@A(#7"-'K$'-(/"#,(4()'I4$%#"4K(-A4.&+#%.A(AI4A N%KK(&%@A4A'(NI'AI'"(#"(.#A(N'(N%KK(,4O'(,#.'*(#.(AI'(&4*;(C/(*#7 /#KK#N(AI'(8L(U7K'-B(*#7(-I#7K&(&#(N'KK;(C/(*#7(&#(.#AB(*#7(N%KK &#(+##"K*;

#

24

ALL TRADERS ARE CREATED EQUAL IN THE EYES OF THE MARKET.

#

C( @4.RA( A'KK *#7( I#N ,4.*( A%,'A"4&'"-( I4$' @#,'( %.A#( ,* #//%@'( A'""%)K* &'+"'--'&( )'@47-'( AI'*( ^O.'N_( AI'( ,4"O'A( N4-( 5#%.5( #.'( N4*( #" 4.#AI'"o(I#N'$'"B(AI'*(/4%K'&(A#(+7A(4(+#-%A%#.(#.;(=I'.(C(4-O(AI', NI*(AI'*(&%&(.#A(+7A(AI'(A"4&'(#.B(AI'%"("'-+#.-'-(4"'(4KN4*-(AI'(-4,'V AI'*(&%&(.#A(N4.A(A#(@I4-'(AI'(,4"O'A;(PI'*(N'"'(N4%A%.5(A#()'(/%KK'& 4A(AI'(4)-#K7A'()'-A(+#--%)K'(+"%@'(X4.&(.'$'"(5#A(/%KK'&YB(#"(#.K*(AN# #7A( #/( AI"''( #/( AI'%" ,4"O'A(%.&%@4A#"-(N'"' +"'-'.A( 4.&( AI'*( N'"' N4%A%.5(/#"(AI'(AI%"&; A bricklayer shows up

23

DON’T OVER-ANALYZE. DON’T PROCRASTINATE. DON’T HESITATE. IF YOU DO, YOU WILL LOSE.

PI'(,4"O'A(,#$'NI'"'$'"( %A N4.A-( A#( 5#;( CA &#'-( .#A( @4"' 4)#7A( *#7( #"( ,';( CA &#'-(.#A(+K4*(/4$#"%A'-;(CA(&#'.#A( &%-@"%,%.4A';( CA( &#'-( .#A( %.A'.A%#.4KK*( I4",( 4.*( #.'( %.&%$%&74K; PI'(,4"O'A(%-(4KN4*-("%5IA;

#

25

IT’S THE MARKET ITSELF THAT WIELDS THE ULTIMATE SCALE OF JUSTICE.

S#7(,7-A(K'4".(A#("'-+'@A(AI'(,4"O'A;(PI'(,4"O'A(N%KK(,'"@%K'--K* +7.%-I( *#7( %/( *#7( &#( .#A( +K4*( )*( AI'( U7K'-;( h'4".( A#( @#.&%A%#. *#7"-'K/(A#(+K4*()*(AI'(8L(U7K'-(#/(P"4&%.5(J%-@%+K%.'(4.&(*#7(N%KK )'("'N4"&'&;

PI'( .'A( "'-7KA( #/( 4KK AI%-( +"#@"4-A%.4A%#. 4.&( I'-%A4A%#.( %-( AI' A"4&'"( N4-( @#""'@A( %. &'&7@%.5(,4"O'A(&%"'@Q A%#.( )7A( I%-( +"#/%A( #. AI'(A"4&'(N4-(6'"#;((=' &#.RA(5'A(+4%&(%.(AI%-()7-%.'--(7.K'--(N'(+7A(AI'(A"4&'(#.;(J#.RA(#$'"Q 4.4K*6'(AI'(A"4&';(!K4@'(AI'(A"4&'(4.&(AI'.(,4.45'(%A;(C/(*#7R"'(N"#.5B 5'A(#7A;(\7A(*#7RKK(.'$'"()'("%5IA(7.K'--(*#7(4@A74KK*(,4O'(AI'(A"4&';

for work every day of his working life and executes with the same methodology— brick by brick by brick.

4'+5,637!.8$,0.,9:;,'&,!<'=37>,<?<?9?>,@@@?!7'=37)#3*A 0(5?='-?,,:<'=37,2#'"0*!.,21$.0=37,3(*,!7!=)#'(0=,!/!=+A )0'(>,%#'8!#35!,3(*,=7!3#0(5,.!#"0=!.,)',377,-3B'#,&+)+#!. 3(*, !C+0)0!., !/=13(5!.?, D1!$, .!#"0=!, !7!=)#'(0=, E()!#(!) )#3*!#.>,&7''#,)#3*!#.,3(*,0(.)0)+)0'(37,)#3*0(5,&0#-.?,F'# 3**0)0'(37,0(&'#-3)0'(,'(,)1!,&0#-,3(*,4'+5G.,HI,J+7!.,'& D#3*0(5, 40.=0270(!, 27!3.!, ='()3=), 4'+5, 3) *'+5?K37!.8$L!7'=37)#3*0(5?='-

SFO

!"#$%&'&()*(+'",%--%#.(#/(012(34546%.'(1')"74"*(899:;(< 899:(=4-'.&#"/(>(?--#@%4A'-B(C.@;(D(:EF8(G'&4"(H'%5IA-(J"%$'(D(G'&4"(14KK-B(C? L9MF:


				
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posted:9/6/2008
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