Monte Carlo roullete with Prisoner and La Partage rule have edge 1.35 % for house 50.675 against 49.325 by Operator/Gambler Retail sector operator dissadvantage by stock,future ,forex is more as by casino Calculate spread ,broker fees ,tax ,connection /terminal speed and compare ( Europha law casino/lotto win is not taxed ,profit from trading taxed)
http://minervini.com/bio.php Mark Minervini is one of America's most successful stock traders; a veteran of Wall Street for nearly 30 years. To demonstrate the capabilities of his SEPA® methodology, in 1997, Minervini put up $250,000 of his own money and entered the U.S. Investing Championship. Trading against stock, futures and options traders, he traded a long only stock portfolio to win the real-money investment derby with a 155% annual return, a performance that was nearly double the next nearest competing money manager. Minervini is featured in Jack Schwager's Stock Market Wizards; Conversations with America's Top Stock Traders. Schwager wrote: "Minervini's performance has been nothing short of astounding. Most traders and money managers would be delighted to have Minervini's worst year â a 128 percent gain â as their best." Using his SEPA® trading strategy, in a five-and-a-half-year period Minervini generated a 220 percent average annual return with only one losing quarter. To put that in perspective, a $100,000 account would explode to over $30 million with those returns. http://minervini.com/ http://markminerviniblog.blogspot.de/
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Joe Ross: Trading Is a Calling LEARN FROM MARKET WIZARDS - PART 4 Joe Ross has been described as one of the most eclectic and one of the most experienced traders in the world. Heâs a BSc in Business Administration (University of California, Los Angeles) and an MSc in Computer Science (George Washington University, Virginia). As far as trading and investing is concerned, he got his feet wet when he was as young as 14 years old. He uses trading approaches that generate constant gains from the financial markets. In the year 1988, he established an institution named Trading Educators Inc, and has been the head of that business since then. Numerous traders have been trained by that institution. Joe says this about himself: âWhen I began trading 56 years ago, self-discipline and self-control were two of the largest mountains I had to move in order to become a successful trader. Doing so was not easy⦠In my 77 years of living, I've experienced many events and changes in the markets. I was born during the "Great Depression." Times were tough for most people. I can remember not having anything to eat. I remember being frightened by the news of the Japanese invasion of Pearl Harbor. I've witnessed numerous speculative booms and busts. Recessions, depressions, market crashes, bank failures, the S&L crisis, wars and rumors of war, and vicious inflation have all occurred during my lifetime.â Great Joe is known as a Super Trader and a Market Wizard - having been victorious in the past vicissitudes in the markets. Heâs mentioned in Whoâs Who in America. Heâs known for some proprietary terms like âRoss Hook, the Law of Charts, and Traders Trick Entry.â He has written 12 important books about trading and investing. These books have been translated into many languages other than English. Today, Joe Ross still trades, invests, coaches, instructs, and writes. Many people have benefited immensely from his trading lessons, including me. We really owe him a debt of gratitude. I think the best way to meet this Trading Master is to visit his website at Tradingeducators.com (you can be exposed to his trading world by subscribing to his newsletters.). Lesson There are helpful lessons we can learn from Joe. What can be learned from him are what most market wizards have in common. These are just a few lessons out of the numerous that Joe offers: It takes many years to become a permanently successful trader - not weeks or months. One who learns fish farming for 5 years would tend to be more successful than one who learns fish farming in just a few weeks. Once you reach the level of competence in trading, you can continue to enjoy your career for as long as you exist. It pays to ride the trend. There are winning strategies that can be used for consistent gains in the markets. Simple strategies can also be very lucrative. With those strategies, you can beat the markets every single year. You need rock-solid discipline to stick to what you know are right in the markets. Traders tend to become undisciplined when they become greedy. Theyâre often ruined by greed. You can avoid loss by sticking to your winning trading ideas or getting out of the markets when the loss is still small. Conclusion: Invariably, speculators who are still struggling hopelessly with the markets often pray that the secret of successful traders be revealed. In the articles in this series, I hope that your trading career would be transformed by reading proven advice from victorious market wizards. Terrific trading methodologies give us but a glimpse of what lies ahead in a market, they assures us that some informed decisions can be made. The future of our trading career will be glorious, satisfactory and rewarding. You can count on that, confident that trading and investing can be a career of a lifetime, and that it brings financial freedom. This article is concluded with some quotes from Joe Ross: 1. âAlthough a positive mindset can do wonders, it's essential that you be flexible. It's necessary to be realistic when setting goals. Research studies have shown time and time again, that when we set goals that are too high, we fail and give up. That's why people can't lose weight or keep New Year's resolutions. They set goals that are impossible to achieve. So set realistic goals. You don't have to take home huge profits every day, you don't have to trade every day, and you don't have to stay with just one market and one time frame. Accept what you can get.â 2. âIt is often difficult to stay upbeat. There are times when nothing seems to click. Your trading strategies don't work, or you may have trouble getting an accurate read on the markets. It's a common ailment. Depending on your past experience, there are times when the market doesn't seem to behave in the way you anticipate, especially if you trade your opinion instead of what you see.â 3. âSelf-control is often the key to trading success. Masters of the markets are disciplined. They don't sporadically act on a whim. They develop specific trading plans and follow them. Trading is largely a matter of capitalizing on odds⦠Even though self-control is vital for trading success, many traders have problems with maintaining self-control. It's a common ailment not restricted to trading. You are not alone. Whether it is in losing weight or in breaking bad habits, people have great difficulty in maintaining self-control.â
Deron Wagner: Stop Losing in the Markets LEARN FROM MARKET WIZARDS - PART 5 âIllusions are something very pleasant; but the only disadvantage is that they tend to burst like a bubble.â - Wolfgang Kurz Deron Wagner didnât know anything about stock markets before 1997. He read about an article that mentioned the performance of Excite.com stock - something that kindled his interest in trading. He wasnât aware of how long itâd take him to become a successful trader. When he went into trading, he began to lose (because of some traits that are common in novices). He lost continually for some years; until he came across trading principles that work for him. Heâs stopped losing since then. This means that he makes more money than he loses. Deron established Morpheus Trading Group (MTG) in 2002. Heâs a trading expert and author (having written some best-selling trading books). He, with his colleagues, has been managing money for others with their time-tested trading methods. Heâs a proven track record. Heâs been a constant participant at many trading/investing events across the globe. Heâs been featured on many famous financial media. He was also interviewed in TRADERS (August 2012). Heâs down-to-earth in his market analyses and trading discourses. More than 4000 interested people have been benefiting from his newsletters, sent totally free of charge. His official website is Morpheustrading.com. Lesson There are numerous valuable lessons one can learn from Deron Wagner. Some of them are explained below: A). No matter how good you think youâre in the knowledge of the financial markets, your perception would change when your hard-earned money is at stake. No matter how much youâve read about trading, youâll realize that theory is different from practice when the market shows you its true color. B). If you lose in the markets, donât despair. It means youâre only paying tuition fees to the markets. Eventually, youâll stop losing more than you gain and become a great trader and harvest profits from the markets on annual basis. It may take some time and perseverance to achieve this. Just make sure you learn from your mistakes and never repeat them. C). The best strategies are trend-following strategies. One of the best trading methods is to buy pullbacks in an uptrend or sell rallies in a downtrend. Some indicators can be used to attain this aim (like moving averages). It pays to go with the overall trend. When a trend changes, it must be confirmed before one starts going with it. D). It is very dangerous to trade without stop loss or to refuse to go out of the market thatâs going against you. There are no other ways protect your account as a private trader. This is a way to deal with the permanent uncertainty in the markets. You maynât make profits sometimes, but you can make your losses to be as small as possible. By taking risk management serious, youâll never lose a huge percentage of your portfolio. When you specialize on not losing, youâll eventually make money and go ahead in the markets. Review Trading success has to do with the time you earmark for speculative activities, not the time you earmark for systems optimization and analytical investigation. Every soul on earth has 1440 minutes per day allocated to her/him. However, only heavens know how much of your time you spend on trading on daily basis. There are many activities in which you engage yourself on daily basis; plus the time you spend with your loved ones. It seems thereâs no enough time for these activities. Trading remains a serious area of human endeavor and you need to take it as such if you want to be victorious and youâd have to see how you can balance your trading career with other things that matter in your life. How do other adverse experiences in life affect your trading career? If you canât make money as a part-time market speculator, youâd find it difficult to do so even if you go full-time. Trading full-time doesnât remove the challenges you face when trading part-time. Spending more time on your screen doesnât make you a better trader. This article is concluded with some quotes from Deron Wagner: 1. âUnfortunately, I think many traders cannot learn to separate their egos from their trading decisions until they have experienced enough pain to realize that intelligence has little to do with profitability in this business.â 2. âI once read, and now truly believe, that the most successful traders are out of the markets more than they are in the markets. 80 per cent of a professional traderâs profits are made from 20 per cent of their winning trades. The â80/20 ruleâ is known as Paretoâs Principle, and it definitely is true for our historical performance. Therefore, if odds are good that it will be challenging to find a few winning trades that will constitute that 20 per cent of winning trades, it is best to stay on the sidelines and wait for better opportunities to develop.â 3. âPoker is luck in the short term, but skill in the long term. It is also a battle of psychological wits, much like the stock market. Proper risk management techniques and discipline is also crucial in poker, just like trading.â
Lex van Dam: BBC Million Dollar Traders Secrets LEARN FROM MARKET WIZARDS - PART 6 Lex van Dam is a highly successful Dutch trader. He was a student while in Holland. He was attracted to trading because he thought it was a level playing field. He mightâve gone to university but he was still competing against lots of people who didnât have a degree, yet were really very clever. In 1992, he started working as a trader for Goldman Sachs in London. In early 2009, Lex started a BBC TV show, titled: Million Dollar Traders. According to one website, the series was based on the premise that he could teach a group of people who had never traded before how to trade in a very short time period. He put his money where his mouth was and gave them $1 million to trade for a period of eight weeks. The result was amazing: the group as a whole did better than the professionals over that period. Later in the same year, he launched a book titled: How to Make Money Trading, so as to explain further the trading strategies used in the TV series. In November 2010, he founded the famous Lex van Dam Trading Academy. Lex himself says this about the Trading Academy: â⦠The message of my Trading Academy is that you have to be smart about what you do with your money because money is a scarce commodity. Protect what you have, be clever about it and be responsible⦠Many courses are taught by people who don't trade for a living but teach for a living. They promise to make you rich, normally by focusing on technical analysis of stocks or a few simple rules. I wish I could offer you the same, but unfortunately all I can offer you is a methodology that will work if you have a talent for trading. Luckily a wide variety of people have this talent: the winner of Million Dollar Traders was a full-time mother.â An interviewed with him was published on Trade2win.com on November 26, 2010 (Trade2win.com), and some quotes in this article were taken from that interview. You can learn more about Lex and his products and services at Lexvandam.com. Weâre grateful to Lex for all his contributions to the world of trading. Lesson There are many simple but powerful secrets that can be learned from Lex. Some of them are mentioned here: A). Your university degree canât help you become a successful trader. There are many traders who donât have degrees, yet theyâre far smarter than you when it comes to the game of speculation. Fortunately, the kind of skills you need can be learned: it also comes naturally after years of experience in the markets. B). If you want to learn about trading youâll need to master 5 areas of trading. Theyâre trading and idea generation, company analysis, chart analysis, trading psychology and risk management. Each of these topics is a distinct issue in trading; and once you master them, youâre on your way to financial freedom. C). Trading for a living is a possible endeavor (though hard). There are many people like Lex who trade for a living. Itâs therefore better to take lessons from those who practise what they preach; not from those who preach but have no track record to prove their own expertise. D). Itâs very important that you start building your own track record. Thatâs the only way to prove to people that youâre good at trading. Itâs your gains in the markets thatâll prove that youâre an expert, not your books, articles or knowledge. According to Lex, if you want to trade other people's money, it's really important that you start generating your own track record, which means making 1% steadily per month, over long periods. If you can do that every month, then you'll be rich. It is not about making 10 to 20% in a month, the risk you need to take to be able to achieve that is way too high. E). Money management (position sizing) plays a crucial role in trading success. Aiming for high returns will ultimately lead to high losses when the markets turn unfavorable to you. If you trade your own portfolio, youâre responsible to yourself. But if you trade other peopleâs money, youâre responsible to them. Your investors wonât appreciate huge drawdowns. They know that trading is risky, but theyâd be glad to suffer small losses, not huge ones. Small losses are easy to recover, whereas huge losses are never easy to recover. Conservative risk control measures and rock-solid discipline are key in permanent survival in the markets (even if your annual profit is small). Conclusion: Being able to manage your own portfolios successfully is great. Private ownership has long brought about many revolutionary innovations to the world of trading, and this has made indelible footprints on the financial markets. The emergence of cutting-edge technologies in trading has led to many intriguing developments - even as ever. Iâd like to end this article with more quotes from Lex: 1. âI trade for a living and I've done so for almost 20 years. I'm a risk averse guy. I just want to make sure that what I have I'm not going to lose. Of course I am unlikely to ever double my money in a single year but I have to be careful and smart about what I do as if I donât, my career will finish prematurely. I think for people who trade more as a hobby, it's probably not that different. You have to take it really seriously.â 2. ââ¦It always goes back to that because everybody goes through great periods and if you have a great year you'll make a lot of money anyway. It's just making sure that when you have that bad period that you just stay in the game. Rule one is stay in the game. Always be able to get back to your trading screen the next day, no matter how bad the previous few months have been; you should still be around so when the market starts going your way you can profit from it.â 3. âIf you do want to get into [trading] at all you have to be prepared and work hard and work smart. Also if you do any courses you have to be very careful about which ones you choose and which people you listen to. There are some very high quality honest educators out there who want you to be successful but there are many other people out there who think they can make a quick buck by pretending to be successful themselves and promising to teach you their âsecretâ insights. I think the investment and trading education market should be properly regulated.â
Nice thread! It is interesting to me that most (if not all) of the above Market Wizards all seem to put alot of focus on stop losses. That is cutting your losses very short. I won't try to argue this, as it really does seem elementary- the theory being that if you cut your losses short and let your your profits run long, then by mathematics alone, your account should continually go up over time. I would however like to point out that another very successful trader/money manager/teacher, Jim Cramer, from CNBC's Mad Money, hates the idea of using stop losses. He doesn't think you should abandon your position just because the stock drops a few percent from your initial entry- as long as you buy larger quantities as it goes down, in 3-5% increments. He points out that nobody can ever know exactly when a stock has bottomed, so be mentally prepared for it to drop a bit further(maybe even up to 20%). He would rather you just capitalize on more opportunity when a company's stock goes down, so long as the fundamentals haven't changed, and there isn't any news that an asteroid is about to strike the company. Of course this theory would probably be more suited for stock traders rather than paper traders. And it is probably more suited for someone who has deep pockets, and can stomach the pain of throwing more and more money into a losing position. If you think about it though, it is a great way to get heavily invested in a product that you believe will eventually go higher. Let the Cramer haters squawk- he's helped me a bunch. Thanks for the articles!