Turn to pages of history and you will always get wiser. In fact, this is how many of today’s top traders have become successful. Be it in their trading strategy or overall approach, they have executed what the most successful names in this industry have left behind in their legacy books.
This is the easiest way to get better—the easiest way to be a better trader. Learn from people who have already walked on the path that you dream to walk on.
Of course, it is—interesting and highly rewarding.
Here are 4 lessons from 4 dead trading experts:
1. “To be a super-trader, you’ll need an edge to overcome the laws of probability and the uncertainty of the marketplace. That edge comes from information flow, the ability to correct your habits in terms of the market’s characteristics, and being able to take risks, cut losses, expand your information network, ferret out ideas, and take recommendations.” Ari Kiev
The lesson is pretty evident in the quote itself. You always need to stay ahead in the market with the right trading approach and effective risk management.
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2. “Money is made by sitting, not trading.”—Jesse Livermore
If you’re already bored of listening to the ‘patience lecture’, get ready to be bored even more. You must be patient enough to watch the market carefully, identify new trends and make right move at the right opportunity. This is what that will distinguish you from new market entrants
3. “There is no 100% in trading.” – Richard Wyckoff
Hire yourself the best experts and consultants, even then nothing will be 100 percent assured. Trading isn’t a gamble. But it is uncertain after a point. So don’t take your analysis or any prediction as guaranteed. Stay away from trading agencies that guarantee you high profits.
4. “Knowing more makes you feel less confident.” – Charles Dow
This piece of advice falls in line with the analysis paralysis theory. Some people take a lot of time in understanding and analyzing the market that they forget to take necessary actions. They fall victim to paralysis by analysis. They try to know more. And the more they know, the more they lose confidence in their own beliefs. So once you have gained the basic knowledge, make a move. The more experience you get, the better trader you will become.
Of course, there are many great names who have left just as great piece of advices. So if you really want to improve yourself as a trader, listen to them.