Topic: The best traders in the world – what they have in common - page 3. (Read 2224 times)

That is logical and wise when you are putting all your money for trading you have to have some steady income. To be able to live normal life and make some extra money with trading.

Sounds like you think trading as gambling. Well my view is what i can see from my teacher trader habbit, he's only trade when he know the trend movement, he's do a trading as a profession, which means he's can't afford any cents to lose, as much as possible avoiding lose history if the trend move to unexpected direction it's need to stop and do analyze again, for better profit.

I totally agree with you that theres no 100% accuracy on trading since price are on random basis and this is just a retracement using fibonacci and as you said this stuff is not bad either since skilled traders or professional traders do usually do this kind of stuff.

One thing I noticed to these successful traders is that they have a steady stream of income.  Meaning, they are only trading what they can afford to lose making them ventures more risky environment while removing the risk along the way.  Win or lose, they are able to continue with their life because of the finances coming outside the trading platform.  This situation, without worries of getting bankrupt when they lose the trade,  make them think brilliantly and see aspects in different point of view. Thus a result of being best trader in the world.

there is no 100% accuracy in speculation my friend unless you have a time machine.

and looking at his articles it is similar to anything else, i don't see anything special about his speculation in particular he said "price will move to the higher price range of $850 or drop down with a major Retractment" i wouldn't call this 100% accuracy i call it a cautious speculation in order to say "i was right" in the future.

but to be fair his stuff is not that bad either. it is better than most things i see.

I see something else interesting. The 2nd American has a Ukrainian name (Bogdan) , making 2 of the 3 Eastern European by ethnicity. Maybe we can glean more from the identity of the third.

What currencies were they trading and where did they learn their trade? Apart from competitions what were their personal portfolio performances?

Thanks for sharing.

Well, I've catalogued a few point that I think are common amongst successful traders and I find that a part of me because I've also been trading for the past 28 months and have been quite successful:

1. discipline: the ability to recognise when a trade is wrong and therefore minimise losses.
2. Risk control: having a strong understanding of a trade's risk/reward.
3. Courage: the willingness to be different from the rest of the crowd, most of the time.
4. Right judgements: judging how perceptions are shaping market trends.

op thank you for this post. This is an added knowledge to my trading knowledge based. One thing I will like to add is "having a right mind set for success in trading" this play a very vital rule because we as human cannot grow more than our mind and because of this many has lost a future not only in trading but other aspect of life.

I don't think having Professional trading skills is a requirement that makes someone a professional trader  You'll not be successful If you keep thinking you will never succeed.  I believe even the most successful traders are not the most skillful . You can start now even without a trading experience & In the long run, I'm certain you'll pick up experiences as you go up the  ladder

Thanks for this information and this is quiet an inspiring words specially to those people who wants to learn trading.I could really say that it would really require to learn trading for longer years and its not an easy thing because you will need to build up experience and strategies to be profitable.Its very true that some people are not interested into the word "trading" when they do have jobs.Just like on my situation i dont have a job but still i would really love to learn trading not just for last resort on making money but i do have really the dream of being a professional trader.

“It’s Monday morning. You are warm and toasty in your bed, hearing the world around you wake up. You allow yourself a little sleep in, and then pull open the curtains. Your swimming pool is shimmering in the sun light, and your outdoor lounge beckons. After a satisfying breakfast, the markets open, and you casually look to see how your trades are doing. Then you settle back on the lounge and plan out your day. On your terms. Answering to no-one but yourself. Safe and confident in the knowledge that your trades are working for you... This could be your future.” – Louise Bedford (Source: Tradinggame.com.au)

In April 2016, I wrote about 3 best traders I’ve even seen. These brilliant trades aren’t stars in the world of trading, but they beat the so-called stars. Their outperformance is huge!

I promised to give you an update on the result and identities of these mad geniuses. They’re really exceptional in that they even participated in another private contests, which consisted of 100 profitable traders, and they came out on top again. This happened in spite of the fact that the market conditions during the first contest was completely different than the market conditions during the second contest.  So they have strategies that can survive all market conditions. I’m very happy for them.

For a reminder, these are the details of their recent performances: 

The contestant who came first turned 2,500 USD into 1,433,480 USD (57,239.20%).
The contestant who came second turned 2,500 USD into 741,365 USD (29,554.60%).
The contestant who came third turned 2,500 USD into 713,076 USD (28,423.04%).

The top three traders are Andris D, a Latvian; Bogdan D, an American; and LD N, also an American. This is no surprise, Americans are among the most effective traders on this planet.

WHAT THE BEST TRADERS HAVE IN COMMON
These traders were interviewed, as well as other profitable traders. I read the interviews myself and would like to give you tips on what they’ve in common.

They were gainfully employed before they became traders
They even kept their day jobs after becoming traders. One is a soccer player. One is an electrical engineer, while one is a former submariner and currently a wealth manager in a trading firm. Being gainfully employed before one becomes a trader will help one’s psychology, contrary to the impatient and risky tendency of a jobless trader.

It’s good to become a trader while you’re earning a steady source of income, not when you’re jobless and destitute. Those who’ve sources of income find it easier to speculate with monies they can afford to lose. They can also make rational trading decisions because their existence isn’t dependent on a single trading capital. This goes in a sharp contrast to someone who must make profits in the markets or go hungry.

When you talk about trading in the hearing of those who’ve good jobs, they’ll reply that they aren’t interested. However, when they lose their jobs, they come to trading as the last resort. This is the worst time to become traders. It’s far better to become traders when you’re comfortable, and when you become consistently profitable, you can then go solo as a trader, if you think that’s viable.

They’ve years of trading experience before reaching profitability
One has 6 years of experience. One has 5 years of experience; while another has 10 years of experience. This means they’d been playing the markets for long, before they got to the stage in which they can pull out profits consistently.

Let me tell you a fact. It’ll take you years to master the markets personally. Anyone who tells you otherwise is fooling you. Even if you buy a good trading system, you’ll need some experience to use it successfully. The way an experienced trader applies a trading system is different from the way a rookie uses a trading system. 

Don’t think you’ll come to trading and start making consistent profits right away. It’ll take you some years to do that.

They go into trading to make money
This is why we become traders: We want to make money. The major reason these geniuses become traders is to make money, and they craved profits badly enough. They wanted better living standards. They wanted financial freedom. They were aware that trading brings wonderful opportunities.

But you don’t make money because you want money. You make money because you’re persistent, perseverant, diligent, and patient. You need to crave success badly enough.

They use manual and automated strategies
Manual strategies are good. Automated strategies are good. There is a genius who made huge money based on manual trading only. There is a genius who made huge gains based on automated strategies only. As long as you control your risk, stick to your rules and approach trading rationally, you would be victorious.

They’ve vowed never to quit trading
Whether the going is good or bad, these exceptional traders look forward to trading forever (until they drop dead). Unlike undisciplined traders who threaten to quit when they face drawdowns and promise to continue when they see positivity, these profitable traders have decided to continue trading, come rain or shine.

Would you keep on being a trader, moving forward in your journey to success? Or would you stop being a trader because of the current roadblocks? Would you give what it takes to ensure that you reach consistent profitability?

May you be given the wisdom to make decisions that would make it possible for you to be a testimony to others in future?

Conclusion: Maximiliano Lepez’s college professor once told him he was foolish for thinking he could beat the markets. That statement was enough to discourage many people from trading, or who would not take a word of a college professor seriously? But Maximiliano didn’t allow himself to be discouraged. He went to the battlefield of the financial markets and became a proficient trader, using algorithmic strategies. He’s the last laugh. 

This article is ended by the quote below:

“It’s a matter of finding an approach that works for the individual.  A person has to know whether they are comfortable with fundamental or technical, long term or short term, certain types of markets, wider risk or less risk… You can go through a whole checklist of things and find it’s different for each individual.” - Jack Schwager