Secrets of Market Wizards

FX is a zero-sum game and as a result the intermediaries are always the winners longer term. If you trade with a broker and you end up making money chances are you will be assigned to an expert desk with the objective of challenging your trades and recovering any losses from internalized trades. You got to be better than an expert to make it.

 

The risk-to-reward of 1 to 2 – a magic ratio

THE IDEAL POSITIVE EXPECTANCY

“It is especially in short-term trading, with a wealth of trading signals, that consistent trading in the overall trend direction pays off.” – Arne and Falk Elsner

One of the big factors in trading success is to think in terms of the risk-to-reward ratio (RRR). That’s your risk in terms of the potential reward. You know, for you to survive in the markets, you’ve to target at least two dollars for every dollar your risk.

Some target three, four, five, or more dollars for each dollar they risk; which is fine. This is the logic behind positive expectancy. In contrast to this, anyone who risks two, three, five… two hundred or five hundred dollars to target one dollar or a few dollars is using a negative expectancy approach. Anyone who doesn’t use stops and who’s determined to run the losses till they break even is using a negative (worse) expectancy approach. The fact is: anyone using a negative expectancy approach can’t last long in the markets.

The benefits of the RRR of 1:2
Now, let’s go back to the idea of 1:2. In all the years of my grappling with the markets, I’ve seen that the RRR of 1 to 2 is the most optimal one. These are some of the reasons.

1. The 1:2 expectancy is the least that should be sought by sensible traders. Risking one dollar to target less than two dollars is really not in the trader’s best interest.

2. With optimal stops and targets, the ratio 1:2 is easily achieved than 1:3, 1:4, 1:5… 1:10 etc. While a higher RRR like 1:5 requires a hit rate of 20% or less to attain profits, it’s very difficult to practice, requires a high level of discipline, and requires an unending patience to run the winners. How many traders can surmount the emotional hurdles?

3. With rational and logical fine-tuning of one’s strategy, one might be able to achieve a hit rate of 40% or more over time, thus the RRR of 1 to 2 is enough to make one a consistent winner.

4. The best trending pairs and crosses in Forex are often the ones most analysts tend to ignore. Remember that you need price movement before you can make money. No movement in the price, no profits/loss. If you trade highly trending Forex instruments, it’s more probable that you would achieve good results with the expectancy of 1:2 so that your stops/targets are triggered quickly as you look at short-term and medium-term biases. When more liquid and highly trending trading instruments are sought and played, the possibility of roll-downs is reduced while the rise in equity becomes noticeable. When the EURAUD is bullish, you need not give yourself any headache by going for complicated analysis. When the cross is bullish, you’d see the price going upwards.

5. If you use the RRR of 1 to 2, it’ll be possible for you to reach breakeven with a hit rate of 33.3%. This means that recent losses are easily recovered. The risk-to-reward of 1 to 2 is indeed a magic ratio!

Conclusion: It’s very crucial that we acknowledge we can’t be correct most of the time, or often more than half of all our orders. Our hit rate may be far lower than that, but we’ll become profitable if we know how to handle our negative and positive trades, things over which we’ve control (especially when it comes to their effect on our portfolio over time). Using high lot sizes relative to our portfolio size is like courting financial disaster. It’s thus far safer to stake a maximum of 1% per trade while targeting at least, 2 dollar for each dollar that is at stake.

This piece is ended with the quote below:

“It takes patience and a strong commitment to study the markets and identify good setups... But in the end, it's worth it. If you carefully select high probability setups, you'll trade more profitably and you'll be more satisfied with your performance.” – Joe Ross

 

The Blatant Realities of Trading – Part 1

“You’re battling your fear, your greed, your hope. All those human emotions are your challenge.”

Forex trading is as rewarding as it’s challenging. For those who’ve mastered the art of trading, it’s an unlimited ATM machine. However, certain conditions must be met before the ATM machine can be unlocked. According to one writer, you don’t need to build your muscle at a gym or go for a fancy university degree in order to face the challenge successfully.

What do you think successful people do in other areas of human endeavors? They give all it takes to achieve their goals, and they don’t give up in the face of failures, hopelessness, hurdles and disappointments. They believe in themselves and their dreams even when others jeer at them and think they’re bound to fail.

They also take responsibilities for any breakthrough or flops along the way – they don’t blame others for their flops. These kind of people just keep on working towards their goals, irrespective of the hindrances along the way. Can you see that these facts can be applied to trading?

Traders who want to achieve success must admit that they need to stop their negative orders from being open, especially at a predetermined exit; whether or not the market would ever reach their entry levels again. One who honors their stops may sometimes look like a fool, but one needs to admit that one doesn’t know the future and close negative orders when it’s clear that things aren’t going in one’s favor.

It doesn’t matter if the market reverses and starts going in your direction after you cut your loss. Those ‘wise’ speculators who often fail to honor their stops may look smart sometimes, but it’s guaranteed that their career would be short-lived.

Regardless the outcome of your last orders, whether positive or negative, you must admit that you need to place new orders when your entry criteria are met, without being 100% sure whether the outcome of the new orders would be positive or negative. An order you’re skeptical about may win or lose, while the one you’re confident about may win or lose. What matters most here is that you open new orders flawlessly according to your plan, regardless of the results. You must make new orders to make more money or attempt to recover some recent loss, no matter what the outcome would be. In the long run, positive expectancy will bring the odds to your favor.

Conclusion: What it takes to be a successful trader is easier said than done. But doing it is what would indicate what your eventual fate in the markets will be. This is the disparity between success and failure. The principles that bring lasting trading success are easy to preach but very difficult to follow, and that’s why a very small percentage attain lasting success in the markets. The lasting success is within your reach only if you could develop a mindset that accepts the realities of trading and bring your trading approaches in harmony with them. Your key to success lies in your ability to do what most other people find difficult to do. The 2nd part in this series would reveal the exact trading approaches that can improve your experience.

The quote at the beginning of this article is from Peter Brandt. Another quote from him ends this article.

“Consistent performance isn’t necessarily based on the dollars you make, but on the things you need to do to perform – repeating and repeating what you think are your best practices. The goal is to be a consistent performer and then let the money take care of itself.”

 

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Learn from the Generals of the Markets

“If I tell you how I would manage that [$100,000,000] now, I would no longer have a competitive edge.” – Perry Kaufman

No matter what your trading results have been in the past, trading remains one of the best ways to the ultimate attainment of financial freedom. During the recent global credit crunch, many people became fearful of the future, because economic crises sometimes compel good organizations to dismiss their responsible workers.

Many people did not realize this until it happened to them. They thought they only needed to work hard, and their job would be secure, and they would enjoy the ensuing financial security. But after the myth has been busted, many people became so anxious about a poor financial future and the effects it could have on their family.

Then many people started seeing trading as a great option: you can trade successfully anywhere, as long as you have access to a good internet connection and then enjoy financial security. The riches inherent in the markets are limitless, though it would be realistic to walk towards this gradually. Please renew your determination and partake in the journey to financial freedom.

‘Learn from the Generals of the Markets’ is a groundbreaking book.

For those who want to attain success by trial and error, it would take many years of harrowing experience to attain success. Nevertheless, for those who are guided by the principles adopted and revealed by the traders who are already victorious, the learning curve can be sped up and the journey made smoother. This means that it will take a far shorter period to attain success if you learn from the industry experts.

You can trade successfully!

This piece is ended with the quote below:

“[Aim] for less and/or less complex rules to build a stable and robust trading system… Churning out higher returns in the end is near to impossible without continuously risking less along the way.” – Dirk Vandycke

 

The Blatant Realities of Trading – Part 2

“I’m a breakout trader, and I’ll tell you, over time I have had to learn over and over again to resist the temptation: “This thing is going to go up, I need to get in before it breaks out of this pattern.” - Peter Brandt

Facing the realities of the markets successfully is a must for anyone who wants to enjoy permanent success in the market. When our nature and mindset blend with what it takes to be a successful trader, the “challenges” are seen as normality. The “normality” is then seen as a real blessing.

In the past, few people were fortunate to start enjoying success as soon as they began their trading career. Many people had to grapple with the markets before they started to enjoy success. During the time, they learned hard lessons.* You too can begin to trade like the pro when you adapt your trading approaches to suit that of the pro. If you ignore the facts, then I’m sorry for you.

Here are specific suggestions. These suggestions came as a result of decades of studies of the realities of the markets, and they’ll definitely help you.

1. You can’t guarantee what the markets might do next. You just need to trade what you currently see in the charts. Success isn’t about accurate prediction of price developments; it’s all about risk and money management. A gambler that trades with 95% accuracy can end up ruining her/his portfolio. A good risk manager can end up making money with only 40% a or far less.

2. If a market is trendless (in an equilibrium phase) and there is no clear direction on it, please don’t trade it unless you’re a scalper.

3. Veterans of the markets agree that it pays to follow the trend. Don’t go against the line of the least resistance.

4. When the dominant bias is northward, you can increase you odds of success when you trade only ‘buy’ signals and ignore ‘sell’ signals. Reverse the logic for a scenario when the dominant bias is southward.

5. You’ll do yourself a great favor if you can learn from the generals of the markets and follow their trading principles and advice.

6. Your trading method must fit your personality. If you’re always busy with a good job outside the trading world, an intraday method can’t pay you. If you’re naturally impatient, a position trading method can’t pay you. Your performances improve only when you use a strategy that agrees with your psychology.

7. When you’re faithful to your positive expectancy trading method, you don’t make a mistake if you lose. Mistakes are made only when you betray your trading rules, even if the betrayal results in gains. The recent positive results shouldn’t make you overconfident; neither should you become too afraid to trade the next setup owing to the recent negative trade.

8. Effective risk control method and optimal position sizing techniques will ensure your everlasting victory as a speculator. This is your life insurance in the markets. Risk the same amount of money on each trade, and keep the risk very small so that you’ll remain indifferent to the outcome of an individual trade. An optimal stop, regardless of its demerits, would end up serving your best interest.

9. Open you orders according to the winning principles that give you an edge, not according to your irrational emotions.

You’d want to agree with me: We don’t know what the markets might do next but we can be victorious, irrespective of what the markets do. One wise author of a trading book responded to a question. He said he didn’t know which direction the next significant movement would follow, but he could survive any adverse movement or make nice profits from favorable movement. According to him, No-one knows when the next storm is coming, but we can take measures and build a ship that can withstand the storm. What more? The experience can even be satisfactory.

Always bear this truth in mind. The markets offer you financial freedom, and numerous traders have already attained it. Ultimately, you can become an affluent trader.

This piece is ended with the quote below:

“I’ve developed every type of system, fast and slow, done well with most, badly with a few, but in the end, I prefer trading the trend.” – Perry Kaufman

*There are many ways to start enjoying quick success in the markets, but that would be discussed in another article.

 

I Can’t Win Trading Competitions

“We’ve seen plenty of traders over the years make huge returns on their accounts, well over 1000 per cent in a relatively short period of time, but as soon as they hit a drawdown period they just as quickly give it all back. This is because they were trading well beyond risk limits in the first place.” – Charlie Burton

The currency markets have many benefits that are no longer secrets: the biggest daily turnover, inability of Smart Money to control the markets permanently to their favor, interesting fundamentals, high liquidity, 24-hour availability, low spreads, etc. As a result of the increasing popularity of the markets, many types of programs are coming up in the financial industry; and one of them is trading competitions.

I once participated in some of the competitions and never won a single one. In spite of my trading knowledge, I’ve never even ended in the top 50, not to mention the second or third position. Why?

On demo and live accounts, I don’t usually risk more than 0.5% or at most 1% per trade. I need to do this consistently so that it becomes my second nature. Trading is a game of survival, but in those kinds of competitions, even if I make 2000 pips in a month, my profits would only be 10% or 20%. Now, someone else could make less than 500 pips in a month and achieve 500% profits. The difference lies in the amount of risk per trade. Can you now see why I can’t win a trading contest?

In most competitions, a contestant who achieves the highest returns within the shortest time duration is usually declared the winner. A trading competition - usually a demo accounts competition – tends to last for one week or one month only. Every competitor thus strives to achieve hundreds or thousands of percentage of returns during the short period. I’ve seen a competition in which a participant made 3000% returns in less than one week! I’ve seen a trading competition in which a participant made 700% returns in a month. Does this means they’re the most proficient traders on the planet? The answer is NO.

When the market is favorable to your trading method, you’ll be making money with new orders, no matter what. A winning streak can last for days, weeks or months, before it’s alternated by a losing streak (before another winning streak comes again). It’s too common that most people who make money in winning streaks give back more than their profits during losing streaks, as a result of excessively high stakes and lack of risk control methods.

Most types of trading competitions encourage people to make the highest possible money as quickly as possible. This kind of indoctrination can’t favor traders that aspire for a lasting career. Just as speculators who get hundreds of percentage of profits because of excessively big position sizes, but soon they’re no longer in the markets; one who risks too much per trade is a gambler, but one who takes risk control method serious is a real trader. When a competing gambler is in a winning streak, she/he can make hundreds or thousands of percentage returns when 20%, 30%, 40%, 50% or 60% (or more) of the portfolio is risked per trade. Nevertheless, the higher the stake per trade, the higher the loss or the drawdown when something goes contrary to the trading method. That’s why some of the so-called expert traders or trading champions later crashed and burned in the markets. They’ll still tell you trading is great and they can trade very well, but they’re no longer in the markets because their suicide trading methods backfired at them.

Would you prefer to get rich quickly and have a temporary career or would you want to make small and constant gains? What matters most to you: the safety of your account or big profits as soon as possible?

There are also certain trading competitions in which organizers rule that winners must accurately predict the exact price of a particular trading instrument within a specific period. Isn’t that hard? Market wizards all agree that future prices can’t be predicted, yet we can harness gains from them. How can I predict the exact future prices when I’m not clairvoyant or psychic? If psychics could even do that, I guess they’d have become billionaire traders. Should you predict an exact future price within a specific period and win, it is by pure chance.

The Types of Trading Competitions I Can Win
There are types of trading competitions I can win, but sadly, they’re not that common in the Forex world.

I can win a trading competition that rules that winners would be those whose accounts are still intact and positive after making 1000 trades (or at least 500 trades) within some years. How many gamblers can win that type of competition? I can win a competition that gives awards to those who achieve the least amount of drawdowns after several months or years. I can win a trading competition that recognizes contestants who makes most pips, not most profits within several months.

Yes, if that kind of trading competition allows contestants to compete for 10 months or even years, I can win it. One week or one month is definitely too short to test the reliability of a trading system.

A good trader is someone who deals with losing streaks successfully and recovers from them, not someone who makes great profits in winning streaks and crashes in losing streaks.

The most important thing a good trader can do is to keep an account permanently safe in the face of the vagaries of the markets. Making profits is a secondary aim, for there must be an intact capital before profits can be made. If the capital is gone, there’s no means of carrying out additional transactions that could be successful. One best way of keeping our accounts safe is to learn how permanently victorious traders have managed to keep their portfolios safe for decades.

Conclusion: Most speculators who’ve made billions of dollars from the markets have become extremely rich because their portfolios are huge and they make relatively small, consistent gains. They haven’t become billionaires because they achieved 100% gains over and over and over again within very short time periods. They achieve their aims by looking for low risk investment opportunities, and capitalizing on them by giving their winners enough leeway. This is easier said than done, for most traders find it difficult to run their winners – it’s really difficult. But it’s essential for long-term survival.

This article is ended by the quote below:

“Pace yourself, take small gains and small losses, trading is not a sprint towards riches, it’s a marathon towards financial independency.” – Alesh Patel

 

Support System: Traders’ Lifeline

“I knew that it was a golden opportunity and that I had screwed it up. I swore to learn everything I could to achieve complete mastery in this field [trading].”

There are crucial factors that contribute to the trader’s permanent success in the markets. You probably know some of them; but the one which is mentioned in this article may come as a surprise to you. Without it, you can’t last long in the markets.

A support system is defined as the sources of encouragement, inspiration, and knowledge that enable you to continue your career as a trader in spite of the challenges you come across along the way. Support system also comes in forms of social trading, signals strategies, funds management, trading rooms, courses/education, forums, books, role models/mentors, etc.

Personally, I need to confess that some of the examples mentioned in the paragraph above were responsible for moving me ahead when I reached a roadblock in my journey as a trader. I was contemplating giving up when I came across some people who’re now my direct and indirect mentors. I came across some books and articles. I came across some generals of the markets and I saw their long-term performances. I came across the secrets of success and the reasons why a large percentage of people find trading difficult. I thought to myself, “Man, if these guys can make it, why can’t I?” I was determined never to give up, and I’ve not regretted that decision.

People who’ve given up trading mayn’t realize the benefits and opportunities they’ve thrown away in ignorance. We can’t get inspired by fatalists.

Indeed, some who’ve given up mightn’t have done so if they’d access to support system or made use of it. While there are some whose mission is to discourage people from trading (since they themselves don’t know, or are unwilling, to know what it takes to be a profitable trader), there are some people whose mission is to encourage people and help them become the best traders they can.

Support system is copious: all around you. Why can’t you make use of it? When you start facing the reality of the markets, there are those who’re ready to make you employ trading principles that ensure your victory. You won’t miss you way.

Psychology is important in trading, and so is support system. They sometimes go hand in hand. Certain traders have been lucky enough to have triumphant pros as their masters who take their hands and lead them to safety on the battlefield. When you’ve someone who’s successful and who’s ready to show you the way, your learning curve would be sped up, providing that you’re willing to be obedient.

For you to succeed in trading you need support and encouragement – not discouragement – from your folks, mate and buddies. Whether you learned the art of trading by trial and error or you were shown the way from the beginning, this thing matters more than you think. With support system, attainment of success may be less difficult than we imagine.

Actually, our goal is to make average gains that are bigger than average losses over the time; not only to appear like a smart professional or impress people with our knowledge. To achieve this, we make use of rational methodologies that make us survive the vagaries of the markets, since we don’t gamble.

The quote at the beginning of this article is from Bruce Bower. Another quote from him ends the article:

“If you don’t have a consistent methodology, then you will end frustrated with trading. As glib as it sounds, the solution is to trade better. Focus on defining a methodology that works for you and to keep your risk limited… In the process, you will learn to trust your system and your emotions will naturally calm down.”

 

The Most Important Goal in Trading

“Being profitable in the long run with trading, and all investing for that matter, is about cutting losses and letting profits run. Although it’s a hearsay thing of ages, statistical expectancy actually proofs the saying mathematical. It’s not about being right or wrong but handling both profits and losses well.” – Dirk Vandycke

Whether you’re a beginner trader or an experienced trader, you need to know that the most important goal in trading is the permanent safety of your capital. When the fund in your account is gone, what can you use to make additional transactions? You’ll need to replenish the account or open another one. But when the fund in your account is intact – no matter the vagaries of the markets – there’ll come some periods when you’ll make profits. Profits come on existing accounts, not defunct accounts.

Sadly, too many people are obsessed with making money that they forget or neglect the principles that can keep their account safe. One great piece of advice is attributed to the Oracle of Omaha. He said that there are two trading rules: 1.) Don’t lose your money! 2). Never forget rule one! Honestly, there’s nothing more important in trading than the rules above. All other rules are secondary.

You mayn’t want to agree with me over this. Many people may be making noises in forums and other social community places for traders, saying that there are other things that are more important than the fact above. But bear it in mind that anybody can say anything about the market, and you don’t need to be a guru, or have a fancy university degree, or show your muscle or be a rational person before you can voice your opinions about the markets. All you need is to have a big mouth, and you’ll get more and more followers. In reality, most of the ‘big mouths’ are being forced shut when the market shows them its true color.

The vagaries of the markets aren’t a curse, but they’re rather a blessing that enables us to make gains in the markets. The only thing the market can do is to move sideways, up or down. This truth will ever remain timeless, and therefore, those who know how to anticipate the moves would be victorious.

No matter what your aims and ambitions are as a trader, the most important thing you can bear in mind is the safety of your portfolio. This goal is not difficult to achieve, provided you know how to go about it. Some of our future articles will explain how the goal can be realized.

 

A STEP BETWEEN PENURY AND SOLVENCY

“Once you take the desire to make money out of your trading and put in the desire to do what good traders do, your mindset shifts and allows you to make more good decisions.” – Craig Cobb

Alan* has reached the end of his tether. His handiwork is not enough to feed him with staple foods, not to mention paying his rent. He’s getting old and he needs to get married so that he can start a family, but he can’t even afford the lowest-key wedding ceremony. He wants to gather some money for his wedding. He applies to a chemical factory and he’s hired immediately. It happens that anyone who applies there will be hired immediately because no educational background is required. Besides, the strongest man in the world can’t work in the factory for one year.

Alan discovers that the working conditions are so ignominiously abject. Apart from the fact that you must work for a minimum of 12 hours per day (84 hours per week), with very hard labor, factory safety is zero rating and the pungent chemical itself carries a major health hazard. If you get injured, you’ll be fired with no first aid. The monthly salary is less than 100 USD. You’ll be penalized for coming late to work and 3 USD would be deducted from your salary per day if you’re absent, even if your absence is due to heath issues.

Alan likes to work hard and he’s hardy, yet he quits the job in less than 3 weeks. The stinking chemical is taking tolls on his health.

Samson’s wife is dead, leaving 3 children for him. Samson believes the only way to honor the memory of his dearly beloved wife is to take good care of her children. Although his income is not that much, he manages the money well so that the children can attend school and have access to basic balanced diet.

Suddenly, Samson’s boss announces that the firm is no longer making profits and all the employees would be laid off in a month’s time. The firm folds up. Since then, Samson has been looking for a job – any job – without success. He lives in a country where over 40% of able-bodied citizens aren’t employed. The kids are now suffering: they’re out of school and malnourished.

Alisa is a full-time housewife and a responsible mom. She’s resigned from her work in order to attend to her kids, for she’s worried that her kids may suffer some disadvantages if she and her hubby have to stay away from home for economic reasons.

Alisa, however, perceives that her husband’s income would be barely enough to sustain the family. Therefore, she needs to look for some passive income to supplement the family’s income and possibly safeguard their future.

Life is full of risk. Someone loses an election after a huge amount of money has been spent. That doesn’t make it improper to spend money on elections. Someone starts a transportation business and ends up running at loss. That doesn’t mean that transportation business is bad. Someone loses his child after spending a fortune to bring them up and educate them. That doesn’t mean it’s wasteful to take care of one’s children. Someone purchases some valuables that are eventually stolen, but that doesn’t mean it’s wrong to buy valuables. A movie or an album is produced, but it does not sell well (a floundering title or a crashing failure). Do we then need to tell people to abstain from movie or album production? A dear Christian brother is ill and hospitalized. We pray fervently for his recovery; yet he dies. Does that mean prayers are useless? Someone’s house is destroyed in a natural disaster, but it doesn’t mean we should be preaching against owning a home. Someone’s marriage crashes after spending huge sums on the union. Does that mean it’s wrong to get married? Someone has an accident with his car. Does that mean one shouldn’t buy a car? The list could go on. Doctors jailed. Ferries capsize. Mines explode, etc. The list of professional hazards out of trading is inexhaustible.

The fact that some people lose in trading doesn’t make it a bad career. This is in a huge contrast to what members of the public believe. If they see one negative trade, they start preaching to people to avoid trading like a plague. These are the people that suffer losses in other areas of life but they don’t see bad things in them. If you don’t know successful traders, there are many of them.

Many people see trading as being risky. Yet, they lose heavily in other aspects of life. Majority of people start small scale businesses; but statistics shows that over 90% of small scale businesses fail within their first 3 years. Think of an easy job, millions of people are also thinking of doing that job. The economy is already glutted. Generally, the jobs and trades that every Tom, Dick and Harry finds easy to do or start scarcely bring financial freedom. The kinds of jobs that bring real financial freedom – like trading the markets – are what most people abhor and find extremely challenging.

Some educated people are suffering because they believe in ‘I beg to apply’ mentality. After all, that’s the reason why most people go to college. One of the most difficult things one can do now is to seek and get a good job. The number of school leavers would continue to outpace the number of jobs created and the situation has high chances of getting worse.

I know somebody who wanted to get employed in a popular oil company. He was told to get a master’s degree, for he’d only a bachelor’s degree then. He enrolled in a master’s degree program. After he completed the program, he went back to the oil company, only to be told that there was no vacancy for him. While his degrees aren’t a disadvantage to him, must he work for an oil company? Can you ask Deron Wagner or Anton Kreil to go for master’s degrees before you employ them?

Without financial freedom, the future looks bleak indeed. Most private companies don’t have retirement plans for their employees, even in developed lands. Most companies and organizations now prefer contract staff. Do you want to put your financial destiny in the hands of your boss?

You may be working right now (or even self-employed), but do you think people will still need your services at old age? If you’re a plumber or a driver, would people still give you jobs to do at old age, when there are numerous young men who’re also competent? Have you even saved enough money for your old age, or do you expect your children to support you then?

Growing older is no offence: it’s a privilege. Nevertheless, some employers wouldn’t consider you if you’re above a certain young age. They’ll tell you: “Applicants who’re above the age of 25 need not apply.” Can they ever say that to David Tepper or David Harding?

Nothing ventured, nothing gained; and to do nothing is to become nothing. If you can become a successful trader, you’ll attain financial freedom. You aren’t going to be retired, for you’ll continue to trade at your old age. You’ll trade leisurely and effortlessly and get rewarded. People like Van K. Tharp and Joe Ross are elderly traders and they’re successful.

The older you become and the more the years of experience you gain, the more valuable and the more sought-after you’ll become.

Trading is as serious business. We want you to become a successful trader. While people complain of economic hardships, you’ll only be smiling to you bank.

This article is ended by the quote below:

“…Trading is the art of paying the price for something you want. It is the art of regarding fear as the greatest sin, and giving up as the greatest mistake. It is the art of accepting failure as a step toward victory.” - Roy Longstreet

*Names in this article have been changed