Almost every nonfiction writer faces the dilemma-which pronoun to use. He? She? He or she?

Male traders outnumber women by about twenty to one, although this ratio is rapidly becoming more balanced as more and more women come into the markets. In our Traders' Camps, which attract the more sophisticated segment of traders, we have already moved from a great preponderance of men to a near parity with women.

I find that the percentage of successful traders is higher among women. They tend to be less arrogant, and arrogance is a deadly sin in trading. The male ego-that wonderful trait that has been bringing us wars, riots, and bloodshed since time immemorial-tends to get heavily caught up in trading. A guy studies his charts, decides to buy, and now his self-esteem is involved-he has to be right! If the market goes his way, he waits to be proven even more right-bigger is better. If the market goes against him, he is tough enough to stand the pain and waits for the market to reverse and prove him right-while it grinds down his account.

Women traders, on the other hand, are much more likely to ask a sim-ple question-where's the money? They like to take profits and focus on avoiding losses instead of trying to prove themselves right. Women are more likely to bend with the wind and go with the flow, catch trends and hop off a little earlier, booking profits. When I tell traders that keeping records is a hugely important aspect of success, women are more likely to keep them than men. If you are looking to hire a trader, all other factors being equal, I'd recommend looking for a woman.

Still, there are many more male than female traders. The English language being what it is, "he" flows better than "he or she" or even jumping between the two pronouns. To make reading easier, I'll use the masculine pronoun throughout this book. I trust you understand that no disrespect is intended toward women traders. I want to make this book easier to read for everybody, of any gender, anywhere in the world.

Are traders born or made? There is no simple answer. Both aptitude and learning are important, but in different proportions for different people. At one extreme are born geniuses who require very little learning. At the other are gamblers and dunces, whom no classes are likely to help. The rest of us are in the middle of the curve, with some aptitude but in need of education.