invaluable trading advice from 5 world renowned traders
Improve your trading with these 5 quick quotes from acclaimed traders.
TradersCircle Pty Ltd, ABN 65 120 660 497 is a corporate authorised representative of OzFinancial Pty Ltd, AFSL number 241041.
“What sets successful traders apart?
Most people think that winning in the markets has something to do with finding the secret formula.
The truth is that any common denominator among the traders I interviewed had more to do with attitude than approach.
- Jack Schwager.
Our advice: Psychology counts.
Make sure you have a firm grasp on the psychological aspects of trading. This is vital to gaining confidence and trading consistently.
“Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I am getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis.”
- Bruce Kovner
$Our advice: Manage your risk.
Managing your risk and managing your money are key aspects of your trading plan.
We teach our students the rules used by a professional trader, including knowing when to take a loss for every trade before entering.
“Pride is a great banana peel - as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.
Our advice: Don’t trade emotionally. Managing your trades includes managing your mental focus.
If a trade goes against you, it’s important to keep your wits, stick to your plan and avoid letting your emotions take over.
“Lawyers, doctors, engineers and professional men who make a success spend anywhere from two to five years’ time studying and preparing to practice their profession before they begin making any money.
Men enter into speculation in Wall Street without any preparation. They have made no study of it whatsoever. They try to deal in something they know nothing about. Is it any wonder then that they lose?
- William D. Gann
Our advice: Invest in your education.
Education is essential before you enter the market.
Learn the principles, practise, and paper trade first. This way you can fully understand what you are doing before you enter the market.
“Another lesson I learned early is that there is nothing new in Wall Street.
There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. - Jesse Livermore
Our advice: Look at historical patterns. Learning technical and patterns, trends and historical price movements can help you pick the direction of share prices.
When we teach our students to trade, we equip them with many of the skills and experiences it takes years to learn alone.
In a nutshell, we teach our students:
How to think and develop your focus like a professional trader.
How a professional manages his money and his risk.
The skills a professional uses to trade any market direction.
If you’re interested in learning to trade, make sure you learn from a professional.
Register now to learn more about our courses, and see how we can help you get closer to your goals.
Warnings and important information.Any advice contained in this communication is general only and does not consider your objectives, financial situation or needs, and you should consider whether it’s appropriate for you. If you are thinking about acquiring a financial product, you should consider our Financial Services Guide (FSG) at www.traderscircle.com.au and the relevant Product Disclosure Statement (if there is one available) first.
Trading options is not suitable for everyone. There is a risk that you can lose more than the value of a trade or its underlying assets. You should only act on our recommendations if you are confident that you fully understand what you are doing.
Past returns do not reflect future returns, and it is also possible to make significant losses. We employ expert traders and use strategies that maximise returns and minimise risk. However, there is always a risk of loss when trading and investing. This is general information, and is not prepared for your specific investment objectives, financial situation or needs. Consult a licensed investment adviser before making investment decisions. TradersCircle Pty Ltd, ABN 65 120 660 497 is a corporate authorised representative of OzFinancial Pty Ltd, AFSL number 241041.