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The Way to Trade: Discover Your Successful Trading Personality by John Piper

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EPILOGUE

During August and September 1998 markets worldwide fell back sharply. During this period what struck me were the various attempts to play pin the tail on the donkey, or more precisely to pin the reason on the news – the news in question being that markets had been falling back fast. There were plenty of examples to which the newspapers could point: the Clinton scandal, the Russian de facto default, Asia, and any number of other real and imagined problems. But the real reason was, of course, where no one was looking. The real reason was the preceding rallies. These are what led to these falls, everything else is incidental. It is true that some of the other factors may have served as catalysts, but that is all. If markets had not gone ...

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