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

It is like a job, yes and the risk they take is greater. But it is a "job" they love to do. All the research, the hard work and the buying and selling they are doing must really not feel like a real job for them. Because one thing I have noticed is with them, they enjoy it a lot and maybe it feels like they are incomplete without it.

every one has their own view and can give your own idea, but to me i think the most important thing that is common in all the successful trader is the patient and strategy, a good trader must always have a good trading strategy.

The many famous trades have always trade with a large amount of money, and the only way for the best trading a profitable earning you have to earn using a large amount, I don’t say that you can’t make money with a small amount but it is hard to make a quick and easy money from just 10$ or less.

More precisely we can say when we gain experience and developing skills we need to keep on increasing the capital amount so that we can trade significant lot sizes to make decent profits.

But this should be done under proper study along with calculated risk. These characteristics are very common among successful traders imho.

I think the Large funds us needed to get a high profit. But the most earner of all the time is the one who will do the hardwork. I think it is just a matter of hardworl and luck to be a successful trader and in addition is the large money or big funds because you can control a Coin if you have the biggest share or supply in it. But in the end of the day the one that is thinking first who will have a big profit.

No it is not right to say. I do not think that most of the best trader have a big money.

I think most  of the best traders have started their careers from investing a very low money in trading, and now they are earning such a big money, but the fact is that they give really more time to trading to learn it.

We come to know about some traders only because of their achievement not due to their initial big capital.

anyone who wants to learn about trading should not just start it by jumping in. he should first learn what trading is and how things work. preferably spend a moderate amount of time reading some trading related resources to educate himself and then start getting his feet wet.

Anyone who want to become a good trader he should start trading from a very little amount and then he should give good time to trading and to get a good experience, all the successful traders have the same secret that they get experience in trading by spending more time in learning the tactics of trading.

Thats true.I too started my trading when i was working as a sales executive and i was  able to take trade decisions boldly because i had a steady monthly income to bare the losses. Now i have left my job and still i continue my trading with the ample of experiences i got earlier. Being a trader, you should be patient and shouldnot get panic when the price falls.You should determine whether you are doing trading on long term basis or short term.

yes that can be a fact, most of good trader are making good strategy for trading which make the successful in trading, i think the common in best trader will be to make good strategy for successful trading.

Learning on trading does really require time and effort and you will definitely lose up money before you could able to learn and with those mistakes it will really help you out to mold yourself on the long run.Trading is really like a job it cant be perfect for the first time but eventually in the long run you can get it as long you are serious and dedicated enough.

Yeah and some started from scratch and make their way up to  the top because of trading. Trading is not that easy you really need to learn more about it on how it works. Learning also from mistakes will also help you out to lose some money on it. And I think these are the their common denominator in terms of trading.

He got short on the sp500 and bought hillary!!!! lololoololzzzz

rekt

i think the most common activity among them is to have a good strategy for their trading, the most successful traders always follows their strategy for getting good result from their trading, therefore to me i think their similarities may be the fact that they have good trading strategies.

Yeah,the best traders in the world learn from their mistakes and continue to trade.

They have one thing in common-lots of money....

Trading is actually like having a job.

Yeah and usually from what I have seen in my personal life is that the traders or say investors make wise decisions and do not take risks.

What I mean to say is that trader does not mean a person who risks his money, professional trader is the one who buys something because he calculates with his experience and analysis that what he is buying would give him profit in future, like recently in India people bought paytm shares because they knew people gonna get cashless.

i accepted with your opnion, the world is now belong to rich man. We can't control it.

guts,discipline, and intelligent is not enough to make a country bankrupt. the main thing you will need is power,money,and any other resources then you can control whatever you want. this world is nowadays turned and belongs to the rich. whatever they want they can get as long as they have the money to take control over anything in this world,even massacre

Are you ever heard Warren buffet was saying to the banker for buy a much of gold? The bank has done that and in this time they have kept a lot of domination in the gold stock exchange.

Both were same. suggesting a decision for with the great result.  I hope that won't be happening on bitcoin.

Nice read op. Inspiring story.


I believe soros and buffet are on different field. Soros is on forex trading and buffet is more on business and investing. But if you'll compare them, I believe soros is better because it takes guts, discipline and intelligent to bankrupt a country.

Cool write up! Sometimes I feel like I hit a brick wall and it could all come crumbling down. Other times I feel like nothing can stop me and I can't loose. Personally my favorite piece/self learned advice is...patiance... Don't pre maturely buy or sell your positions. Can't say I'm close to these 3 traders

I like the info, and a lot of it is quite interesting to read.

A lot of it is common sense, like having experience in trading before you do actually start making profit. However, being gainfully employed seemed like news to me. But it is quite easy to understand why it is so.

I would like to ask how many people participated in total with this competition? If there is a large enough sample size even executing random trades can get at least 1 or 2 of the contestants similar results.

Spot on and usually traders invest all the money they have in their banks and all the cash they have. Because they are taking this as a business and hence they have firm believe that they won't give much loss.

Moreover trading does not means taking chances, it is taking initiatives and investing in some particular things. Like they buy a certain entity and just keep on buying its shares so the prices hike and once the price gets to a maximum value, they dump it.

My friend, I don't think these guys are a valid reference to define the concept of "best trader of the world". It is well known that trading is not about seeing who can make a lot of money in a few days, it is more and endurance race where patience and persistence are essential, and I am convinced that the best traders are always defined in terms of long run and stable profitability.

The most common activity that I think most of the professional traders have in common is that they have patience and awareness. Patience does not mean to back a useless coin when even its being dumped. Awareness means to sell the coin oo asset you bought once you think its gonna get lower and lower only.

Patience and dedication would really be crucial when we are learning trading because these behavior and traits will really help or mold you to become a professional trader.Taking losses as a part of learning process symbolizes a good trait of a potential trader and regarding to those inspirational words in op,i could say to myself that someday I could able to do the same thing.

the best traders are those who have started from zero and learned everything slowly with patience. and through this process learned that patience is the key to every successful trade they make. and in this patience you have to be fast too. it means waiting for the best moment and then act on it as fast as possible. I keep seeing novice traders who are patient and then when the moment arrives the decide to be more patient and it means losing the opportunity.

This is worth every seconds of my time in reading that. Thanks OP, I learned a lot from your post and i conclude that most of the best traders in the world got the experience that help them to be more successful because if you don't have that and you just focus on gaining knowledge without testing it then you might fall to losses. Other said that experience is the best teacher it gives you lesson every time you failed and it always teach you new strategies because of the past decisions that can be a basis on future better decisions. If you want to be the best of yourself then you should take the risk and learn from your failures and don't be afraid to get a lot of experience because it will make you a better version of you.

This thread is really motivational for me. I also learned to trade when I was an employee and I did not have excessive expectations about a potential success in trading. And when I started to realize that making money in this business was something really possible, I always keep a cold mind, a strong discipline and a solid money management, because as this text says, you need to make money not as a way to satisfy an excessive greed, but as a way to satisfy your professional expectation.

Taking a loss
Do not be greedy
Patience
Control your emotions
A good strategy

You are right.
They take the calculated risk and follow trading principles.
I see it from inside on my U2 system where it is possible to trade for free without deposit.

I respect Soros but according to me, Warren Buffett is the most intelligent person in the world.

He has immense control and knowledge about shares market and if he backs a particular share then usually the price just hikes and hikes, so what I mean to say is that the best investors do not risk their money rather they know and hence invest in that asset. Its like you know a city is gonna develop a lot and hence you buy a property there.

Yeah basically you want to say that they do not depend on a single source of income and that is because if one stream of income encounters issues then they won't be in loss yet because they have other sources of income.

But the dark side of this is that it requires immense time consumption and you need to understand each business you invest very carefully.

Great traders are experienced, they have cool head and don't make decisions with the heart. They are not afraid to take the risk and even lose something to win even more next time. I beleive they also have some sixt sense for the market and then they make predictions. But they also need some luck too.

the best trader in the world is george soros
he is can control price
if you want succes you can learn history in trader soros, in early trade use low capital money

Thanks for this information. Trading requires really
skills and knowledge. In order for you to success
we must know how to use our strategies in trading
an altcoin. This is contnious learning in doing so.

Yeah agree because if you do not know about the coin you can be easy drain your wallet in trading you should always research because many coins are scam that is why there is shitcoin and scamcoin so better to always research. Also the other thing like ICO i never tried to invest there honestly beause i am always fail in the end..

Luck are for those who does not know what they are doing , that is in my opinion. So I agree that in order for a person to be successful in trading ventures, he must possess skills, patience, smart strategy and right information in order for him to predict the trade trend successfully.  He must work hard and research thoroughly picking every bits of information to take advantage of it.

I think you still need the skill in order to gain a good profit in trading not only luck.. if you are trading without knowledge and relaying in luck it is different in gambling.. you can just lose your time and money..
Trading is not easy but if you are doing research or staying in legit coins you can gain a good amount in trading.

to me i think the most important factor of successful trading is the luck, if you are lucky then you can be a good trader, if you have some experience and skill it can also increase the chance of your success.

The risk management and money management must be the common characteristics among best traders of different platforms. Because, managing them must be an essential part of successful trading regardless of whether we are trading in forex or in cryptocurrencies.

Interestingly these two characteristics are not possible just learning from book. Only possible with gaining experience so the best traders are experienced traders and it is easily achievable in any trading by showing professionalism.

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