race on both price and quality.

The material I read described the differences in the management approaches of American and Japanese manufacturers. American automakers, it turned out, were very concerned about the possibility of breakdowns on the assembly line. WITHтараясь избежать негативного влияния поломок, они заставляли конвейер двигаться достаточно slowly so as not to let it stop when some problem occurs.

Japanese manufacturers have taken a radically different approach. When production was running efficiently, they would speed up the assembly line until a failure occurred. Then they intensively studied the source of the failure and took preventive measures. WITHо временем нашли много слабых звеньев в процессе производства и повысили как его эффективность, так и качество.

American manufacturers saw breakdowns as failures and failures as outcomes to be avoided. The Japanese looked at the problems of production as an opportunity for learning and improvement. These were completely different management philosophies and different approaches to life, and they gave completely different results.

This lesson applies to trading just as it does to manufacturing: successful market participants look for their weaknesses and learn from failures, while losers hide from their shortcomings and, therefore, cannot learn anything.

WITHью, оставшаяся в живых
Когда WITHью[3] вошла в мой кабинет, я сразу же понял, что она не была обычной студенткой Медицинского университета штата Нью-Йорк. WITHью выглядела и говорила, как человек из бедного квартала. When we got to know each other better, I found out that she really was what she seemed. Her clothes and street talk testified to the same. IN то время я, конечно, не предполагал, что WITHью станет для меня одним из самых вдохновляющих людей, которым мне выпала честь оказывать помощь. She also showed me the power of decision focus.

INо время нашей первой встречи WITHью казалась совершенно обезумевшей от горя. Although she studied well, as befits a young lady, who had previously graduated with honors from school in conditions of strong competition. Однако WITHью твердо заявила мне, что собирается оставить учебу. WITHквозь слезы сообщила мне, что несколько месяцев назад умерла ее бабушка и с этой потерей она не может справиться.

WITHью, как оказалось, выросла, по существу, без родителей. The father left the family when the girl was a few months old and she never saw him. The mother was a chronic cocaine addict and could not constantly take care of her daughter. Когда органам опеки стало известно, что мать WITHью продавала свое тело, а также наркотики, чтобы финансировать свое пристрастие, тогда ее лишили родительских прав, а девочку забрали из дома и передали grandmother. Хотя в то время WITHью было только пять, она успела повидать целый парад мужчин, появлявшихся в жизни ее матери, стрельбу, поножовщину и множество стычек с полицией.

Бабушка WITHью, Нана, была женщиной религиозной, сильно привязанной к церкви. The church congregation formed a powerful social network in which people supported each other, helping to overcome poverty, illness and a suffocating lack of prospects. Но, пожалуй, самым важным было то, что эта община делала упор на образование, и Нана много работала, чтобы позволить WITHью учиться.

WITHью, от природы застенчивая и хрупкого телосложения, не смогла проявить себя в спорте, поэтому сконцентрировалась на учебе, где рано добилась успехов и признания. All these years, she remained involved in her mother's life and in a sense became her guardian. Most of all, she was worried about her abusive relationships, which often led to her mother's clashes with the law. A certain Davis was especially zealous, several times sending his mother to the hospital with fractures and multiple bruises. WITHью не могла понять, почему мать не хочет выдвигать против него обвинения, почему не желает разорвать с ним отношения.

INозможно, из-за таких мужчин, как Дэвис, WITHью не проявляла интереса к свиданиям. In addition, her grandmother warned her many times about the dangers of out-of-wedlock pregnancy and about the tricks that young people can use to deceive her. The only path to self-improvement, Nana emphasized, was through God and study.

- IN школе у меня были хорошие друзья, - объяснила WITHью. We helped each other out when things weren't going well. Tasha's father often drank away family money, so Nana invited her to dinner to feed her. This was Nana. If she saw that someone needed something, and she liked the person, she was ready to give everything to him.

- Do you keep in touch with your friends like Tasha? I asked.

WITHью покачала головой.

Tasha got pregnant and dropped out of school. She hooked up with the exact same guy as her dad. Daryl was tied up while he was pushing drugs, and now he is in prison. Rhonda... You'd better not know about her. She's worse than mom. Only Nana was mine.

Other студенты-медики считали WITHью нелюдимой, с заскоками. One professor invited a student to meet with me, pointing out that her constant the readiness to fight back prevents her from learning properly. На самом деле WITHью была очень теплой и приветливой - если вам удавалось с ней сойтись. She, however, let a few people near her. Life has taught her not to trust anyone, especially men. When they tried to communicate with her, the girl instinctively rejected them.

“I can't love anyone,” she said bluntly, “because I can't trust anyone.

Aloofness was her defense mechanism that worked for many years.

"Then why are you telling me all this?" - спросил я WITHью при нашей второй meeting. “I'm a man, and white, and I've never lived in a neighborhood like yours. Why do you trust me?

“You didn't ask me about the MCAT results when we first met,” she laughed.

It was a common joke among black university students. Some professors questioned the academic fitness of minorities, though they were too careful to speak directly about it. Therefore, whenever such a student approached them with a problem, the teacher somehow tried to find out where he studied before university and how many points he scored on the MCAT test. White students were generally, if not never, asked such questions. WITHмысл был ясен: у вас проблемы потому, что вас вообще не следовало принимать в университет.

- Мне нужно научиться общаться, - объяснила WITHью, - а с теми, с кем учусь, не поговоришь… Нам нужно было разбиться на пары для работы в анатомичке - так вы бы видели, как все бросились в стороны, лишь бы не работать со мной. One guy told me that I would slow him down during the dissection. And I suggested that he stand quietly to show him how quickly I can open the body.

WITHью, как я понял, умела за себя постоять. She was the kind of person who could overcome adversity. But now, sitting in my office and thinking about leaving, I was ready to give up everything. WITHью могла пережить перестрелки в ее квартале, пренебрежение студентов-расистов и бесконечное зрелище страданий ее матери от рук мужчин.

But she could not come to terms with the loss of her grandmother.

How do people deal with loss?
- I училась ради бабушки, - рыдала WITHью. I wanted her to see how I get my degree. She was so proud that I was able to go to medical school. So loved to talk in church about about her little girl becoming a doctor. And now she's not there. It's so unfair. After her death, I didn't even go to class. What's the point?!

People for the most part can handle losses well, whether in the markets or in life. Losing trades, missed business opportunities, losing friends are all painful, but usually not catastrophic. It is much harder to lose hope. When a trader loses a significant portion of his capital on a bad trade, it is not so much the loss of some dollars and cents that depresses him, but the loss of hope that they will ever be able to return them. I remember a trader telling me that in just three months his portfolio shrank by 50%.

"Even if I can double my money, I still won't be profitable," he explained wistfully. Loss determined his horizon of success. How и WITHью, он не мог найти веской причины для того, чтобы продолжать.

Хотя WITHью ценила свою учебу в медицинском университете, она вкладывала в образование нечто большее, чем время и усилия. Успехи в учебе стали для WITHью воздаянием бабушке за ее жертвы внучке. WITHью поверила мне свои мечты о том, как она хотела стать когда-нибудь материально обеспеченной.

“After paying off my loans,” she said, “I was going to buy Grandma a new house. I didn't want her to spend the rest of her life in a small apartment.

Эти мечты поддерживали надежды и мотивацию WITHью, несмотря на то что ей приходилось терпеть неприятности дома и оскорбления в университете.

What is the meaning of the enterprises that a person undertakes in his life, whether it be education, career, brokerage account or pension fund? It cannot be reduced to any amount in dollars and cents. In their efforts, people put hopes for a successful career as a trader, dreams of a secure old age and the perception of themselves as individuals capable of building their future. What happens when these ideals are threatened, when people's hopes and plans are dashed? One of my graduate professors, Jack Brehm, described depression as a suppression of motivation. After highly valued results are recognized as unattainable, it makes no sense to spend energy and enthusiasm to achieve them. Depression is a natural way of conserving energy, which suppresses the dissipation of resources on goals that are considered unattainable.

Most of these immersed in Depression traders consider losses to be the source of their depression. They forget that many system traders lose money in half or even most of their trades, and from time to time experience a string of consecutive losses. The difference is that the oppressed trader loses not only money, but also hope. The