The truth is that it takes time for any small investment to become a big one. Time, and time alone, creates growth, regardless of whether it’s a giant redwood, this year’s soybean crop, our children, our business—or our trading positions. Seldom do huge profits come overnight (which is why massive, quick, explosive windfall moves should be exited quickly). Short-term traders never give the crop time to grow, and thus doom themselves to an unproductive crop.

What a great word and concept! The idea is that if you preframe your belief system as to what the future will be like, you will be able to respond rationally—correctly—when the time calls for it. This is one of the most valid psychological concepts I have ever used.