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Market Wizards: 5 Secrets To Trading Success

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Market Wizards: 5 Secrets To Trading Success

hey hey what’s up my friends so in today’s episode i want to share with you five market wizards secrets to trading success so here’s the deal right now market wizards is one of the first few books that i’ve read you know when i got started in trading you know i read the entire series right the original market wizards the new market visas the stock market visas the hedge fund market wizards and i’ve been read them a couple of times for certain books right a few times actually so what i’ve realized is that you know after studying so many different types of successful traders there are five common things right that actually is uh appearing over and over again no matter what type of trader they are so i wanna share with you what are these five things or what are these five secrets so secret number one you must find a trading strategy that suits you so here’s the thing right often you know trader they think there’s a best trading strategy out there there’s only no certain way to make money from the markets or certain markets that can be traded some markets cannot be traded yada yada but that’s not true if you look and study this group of market wizards all of them you realize that their trading strategy really vary from trader to trader for example you got paul tudor jones these are macroeconomic traders you look at the macro factors in the world and then make trading decisions of it okay then you have marty schwartz all right he is a day trader he trades very short term just relying on technical analysis and nothing else then you have ed zakota he’s a trend follower you write trends you know for weeks or even months right across the different futures market so there’s so many different type of trading styles and each of this trader they found success with it that tells you something right that you know there are many ways to make money from the markets and you got to find a way that suits you better so my recommendation is if you have not read market visas go and read it study these traders study their trading methodology and ask yourself you know which of this trading methodology should you then go down to maybe amazon or google find books on it read those books dive in deeper to these trading uh strategies and techniques and see if it’s something that will work for you okay that’s a that’s a good way to get started number two market wizards all of them manage their risks i have not come across any right who who takes a risk management you know as a joke right all of them treat it seriously in fact that’s the the consistent denominator across this group of market visas they have a plan for exit they always plan their downside of course they have different ways of doing so some use a stop loss some use a time stop some rebalance their portfolio and stuff like that but whatever the case is right they always plan their downside they always plan right how much they can potentially lose okay that’s number two right manage your downside manage your risk number three give yourself time right if you read market results you know that it takes time right for them to find success often you know traders are a retail trader let me join a weekend course right study a weekend course rainer and i can start making money next month you know maybe selling options okay recurring income passive income blah blah blah goodness really market visas the best of the best out there they most of them spend years right honing their craft they said spend years right trying to become a profitable trader for example marty schwartz he mentioned right something along these lines i could be wrong but he said i spent nine years nine long years as a fundamental analyst right and i didn’t make a single cent on my ten year i adopted technical analysis and i became a profitable trader ever since so this tells you that you know the learning curve it is long i’m not saying i’m trying to bash saying you know fundamental analysis is useless it’s wrong but clearly right for a market wizard like marty schwartz that didn’t work for him okay and he took him nine long years to grind the hustle right the hard work right before he found trading success so if you are looking at trading at it for the next you know one year two year three year then maybe this is not for you right you gotta look at it for the next five years 10 years 20 years because this is where the big money is made where you can start to compound your returns and i’ll talk about big money later on right but really give yourself ample time in trading if you want to be a doctor you would spend at least six years in medical school you know that after that few months being a resident before you can finally be a qualified doctor you know for trading what do you expect you can’t expect a miracle within a few weeks or a few months or a weekend course okay next one right number four be 100 committed so a number of this market visas they are they are the go all-in type right so i’ve read a few uh cases where they actually borrowed money from family and friends right to fund their trading account and they just went all in and i’m happy for that because they found success eventually but i don’t recommend you do this where you know you borrow money from people to go all in and trade because you might not end up as lucky or as blessed as them right so don’t do that right but the mindset that you have i want you to go all and give it everything you that you have right to study the markets to learn how to become a better trader to be a responsible trader take accountability you record your trades you generally trade you improve your age that’s what i want you to to go 100 all in not borrowing money from people but the mindset here to go all in that’s important no matter what you do whether it’s trading whether it’s you know going to business whether it’s you know trying to win uh the olympics whatever you have to have to go all in approach that’s how a professional trader would think about trading and finally the fifth thing number five the big money right i’ve studied all these market results and the big money is made not by trading your own account it’s made by managing other people’s money paul dude jones ray dalio george soros they all own their own hedge funds they’re all managers people money and they’re all billionaires so that’s the secret right if you want to really want to make the big big big money out there it’s not trading your retail account it’s not uh it’s not i don’t know selling courses right i know there are traders market visas who sell courses it’s not wrong but if you really want to make the big money it’s in managing other people’s money so that’s a rule that again it’s not for everyone some people don’t want to go down the road of managing people’s money there’s a lot of regulations a lot of you know rate tape a lot of hurdles to overcome some might be happy with just you know trading for themselves some might be happy with just you know having an online following or tribe where you know offer courses to help other traders there is no you know right or wrong way it’s all up to you and kind of bring back to point number one you’ve got to find a trading strategy that suits you and again you’re going to find a trading methodology or trading uh i would say the trading outcome right that you want do you want to be someone who manages billions of dollars or do you want to be someone who is happy just trading for himself or do you want to be someone who is no uh looking to inspire the next generation of traders et cetera okay so quick recap right number one right find a trading strategy that suits you number two always manage your downside number three give yourself time trading is not a get rich quick scheme number four be one hundred percent committed and number five you if you really wanna make the big big big money it’s in managing other people’s money okay so with that said i wish you good luck and good trading i’ll talk to you soon you

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