The best traders in the world – what they have in common

Discussion in 'Forex Education' started by ituglobal, Dec 17, 2016.

  1. ituglobal

    ituglobal Active Trader

    427
    10
    39
    “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

    Copyright: Tallinex.com
     
    JohnyIve likes this.
  2. Andrew101

    Andrew101 Active Trader

    199
    9
    34
    I agree completely! Best world traders also have in common risk management plans. They've experienced losses and have learned to deal with it positively.
     
  3. Alexfx79

    Alexfx79 Active Trader

    376
    18
    39
    Can I ask you to tell who earned millions by using automated trading?
     
  4. omomevyt

    omomevyt Trader

    12
    1
    9
    The best traders in the world are involved in politics, and trade on long transactions in years
     
  5. eyeball

    eyeball Master Trader

    164
    7
    49
    Prove It
     
  6. Alexfx79

    Alexfx79 Active Trader

    376
    18
    39
    Yup, I wonder who are they either :) It would be interesting to know some examples
     
  7. Ary Barroso

    Ary Barroso Trader

    163
    2
    19
    Well, I think the natures of professional Forex traders are different! They are very salient! My comment on the pro traders were different before knowing few pro traders! I see, they are very private; and leading a very secure life! They are hardly following their daily routine again and again.
     
  8. danielelton

    danielelton Trader

    8
    1
    22
    In forex there is no holy grail system to make profit only. The best trading system is accepting small loses for higher profitability.
     
  9. JohnyIve

    JohnyIve Trader

    32
    7
    13
    Nice post. Completely agree with u
     

Share This Page