THE SECRET TO TRADING SUCCESS. IT’S NOT WHAT YOU THINK.

Here is the article.

“I haven’t met a rich technician”   Jim Rodgers 

“I always laugh at people who say, I have never met a rich technician. I used fundamentals for 9 years and then got rich as a technician” Marty Schwartz 

“Diversify your investments” John Templeton 

“Diversification is a hedge for ignorance” William O’Neil 

“Concentrate your investments. If you have a harem of 40 women you will never get to know any of them well” Warren Buffett 

“You have to understand the business of a company you have invested in or you will not know whether to buy more if it goes down”. Peter Lynch 

“Averaging down is an amateur strategy that can produce serious losses” William O’Neil 

“Don’t bottom fish” Peter Lynch

Book review “Market Wizards”

Book “Market Wizards” by Jack Schwager around the end of the eighties. He interviewed many of the top traders in the US, including those that I quote from above. His conclusions were similar to my own in that each of the big winners had a radically different trading plan which suited their own personalities and beliefs about markets. Market Wizards is a must read for those who are determined to become winners in the trading/investing business.

“My basic advice is not to lose money” Jim Rogers 

“I am more concerned about controlling the downside. Learn to take the losses. The most important thing in making money is not to let your losses get out of hand” Marty Schwartz 

“I am always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” Paul Tudor Jones 

“Rule 1. Never lose money. Rule 2. Never forget Rule 1” Warren Buffett 

“Learn how to take losses quickly and cleanly” Bernard Baruch 

“The majority of unskilled investors stubbornly hold on to their losses” William O’Neil 

“I believe the very best money is made at the market turns” Paul Tudor Jones

When you go through the three books I have suggested above, then also consider “How Champions Think” by Dr Bob Rotella. Dr Rotella is the leading golfing coach in the world presently and has worked with all the big name golfers over the past 25 years. Every word in the book applies totally to becoming a consistently winning trader. I could not put it down.

Book “Market Wizards” by Jack Schwager