Aditya's posts with tag: best traders
Victor Sperandeo Famously known as Wall Street's "Trader Vic" The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.Bruce Kovner Who Has earned as much as $300 million in one year from tradingYou have to be willing to make mistakes regularly; there is nothing wrong with it. Michael [Marcus] taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money. Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. I never think about other people who may be using the same stop, because the market shouldn't go there if I am right. Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. If you personalize losses, you can't trade.Michael Marcus who turned $30,000 into $80 million in 20 yearsTaking advantage of potential major winning trades is not only important to the mental health of the trader but is also critical to winning. Letting winners ride is every bit as important as cutting losses short. If you don't stay with your winners, you are not going to be able to pay for the losers. In addition to not overtrading, it is important to commit to an exit point on every trade. Protective stops are very important because they force this commitment on the trader.More info on this master can be found at http://en.wikipedia.org/wiki/Michael_MarcusJack Schwager a very well known writer and money manager, his books "market wizards" & "New market wizards" are on every living traders top 5 must read books. I've personally read them both and benefited immenselyTrading provides one of the last great frontiers of opportunity in our economy. It is one of the very few ways in which an individual can start with a relatively small bankroll and actually become a multimillionaire. Of course, only a handful of individuals succeed in turning this feat, but at least the opportunity exists. A rigid stop-loss rule is an essential ingredient to the trading approach of many successful traders. Winning streaks lead to complacency, and complacency leads to sloppy trading.
More information on how he saw his Dad struggle with losses all his life and how this only made him more determined to succeed as a trader himself can be found here http://www.thestreet.com/pf/funds/supermodels/1353512.htmlRichard Dennis , who was at one point of time the worlds most successful commodities speculator and the creator of the turtle trading system, although not much of a public figure in the trading industry it is regrettable that the only book he ever authored was called "Toward moral drug policy" nevertheless his partner the mathematician William Eckhardt has spoken of Richards methods at length in several interviews. A superficial discussion of his methods can be found in Michael Covel's book titled "Trend Following"Turned $400 into $200 million trading futures.When things go bad, traders shouldn't stick their head in the sand and just hope it gets better. You should always have a worst-case point. The only choice should be to get out quicker. The worst mistake a trader can make is to miss a major profit opportunity. 95 percent of profits come from only 5 percent of the trades.
I don't think trading strategies are as vulnerable to not working if people know about them, as most traders believe. If what you are doing is right, it will work even if people have a general idea about it. I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.brief biography: http://en.wikipedia.org/wiki/Richard_Dennis#Published_works picture with excerpts from an interviewhttp://www.flatrock.org.nz/topics/money_politics_law/bad_news_on_a_cushion_of_words.htm
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