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Top 10 Trading Influences

  
  Education
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If New Trader University had a campus this would be the professors:

Dan Zanger is a world record holding trader that taught me to use in the money stock options on the biggest monster stocks to amplify my returns with no added risk at key points. He is the king of chart patterns.

Alexander Elder taught me how the trader’s Mind, Method, and Money Management have to all work together for a trader to be successful.

Michael Covel showed me how the best trend following traders in the world win over the long term by simply following the trend. Finding the big trends is now my focus above all else.

Jesse Livermore knew how to make a fortune in bull and bear markets, in commodities or stocks. His only weakness was the management of the risk of ruin. He made some of the biggest fortunes in the history of trading and also blew up his account more times than other legends.

Nicolas Darvas showed me how to ride monster stocks 100 points farther than anyone else seemed to believe they could go. His lessons also showed me how to miss bear market draw downs.

Van Tharp‘s marble game on how to manage the risk of ruin was a game changer for me. Managing risk is really what determines a trader’s long term survival not stock picking.

William O’Neil showed me how to pick the real winning stocks based on historical models not opinions. He has studied what has really made money in the stock market historically better than anyone else I know. I get my stock watch list from his publication Investor’s Business Daily’s IBD 50.

Ed Seykota is truly a master trader and he has the returns to prove it. Mr. Seykota believes that a trader’s psychology determines a trader’s success more than any other factor.  I believe him.

Jack Schwager wrote “Market Wizards” and really got into the specific nuts and bolts of what makes them win.

Paul Tudor Jones I have picked up a lot of trading wisdom form his documentary, quotes, and interview. He is truly one of the greatest  traders of our time.

If you decide to study these great traders keep what actually makes you money in the long term and discard what does not.

5 Trading Quotes

  
  Education
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Traders who are eternal optimists get absolutely killed because they have a habit of staying in long after the trade has turned into a loser. – Dan Zanger
Good trading is not about being right, it’s about trading right. If you want to be successful, you need to think of the long run and ignore the outcomes of individual trades. – Curtis Faith
Human beings are risk seekers when faced with negative outcomes and risk averse when faced with positive outcomes.
Great traders offer no excuses.
The less I cared about whether or not I was wrong, the clearer things became, making it much easier to move in and out of positions, cutting my losses short to make myself mentally available to take the next opportunity. – Mark Douglas

Trading Wisdom

  
  Education
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Traders who are eternal optimists get absolutely killed because they have a habit of staying in long after the trade has turned into a loser. – Dan Zanger
Good trading is not about being right, it’s about trading right. If you want to be successful, you need to think of the long run and ignore the outcomes of individual trades. – Curtis Faith
Human beings are risk seekers when faced with negative outcomes and risk averse when faced with positive outcomes.
If you can’t wait for good setups, you will be ready for them with less cash to trade. – Dan Zanger

An Interview with a Modern Day Nicolas Darvas

  
Education, Video
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Don’t Miss to Watch 3 VIDEO’s

Who is Dan Zanger?

Dan Zanger is the modern day version of Nicolas Darvas.

His mother Elaine loved the stock market and Dan would often watch the business channel with her. One day in 1978 Dan saw a stock explode across the ticker tape at the bottom of the screen hitting $1. He made his first purchase and sold the stock a few weeks later at over $3. From that sale on, he was hooked on the action of the market tape, usually carrying a quotetrek with him to stay up on stock prices on his  jobs  in Beverly Hills as an independent contractor building swimming pools. (more…)

8 Things To Learn From Japan’s Biggest Day Trader -Last Year Earned 6 Billion Yen ( More Then Rs 300 Crore )

  
  Education
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Bloomberg did a small profile on a Japanese day trader who made 6 billion yen last year and pretty much started from scratch to build a small fortune, it sounds a lot like the Dan Zanger story.  While many on the social media front were making fun of the article and down playing it they’re a few things worth noting.

“Self-control is so important. You have to conserve your assets. That’s what insulates you from the downturns and gives you the ammunition to make money.”  This is a classic rule for traders, you need to be able to survive the learning years in order to stay in this game for the long haul, you do that by taking small losses so you can live to fight another day.  You need to protect your capital and emotional capital in choppy downtrending markets in order to take advantage of the healthy markets.
“CIS discovered he had a talent for winning games. At 15, he says, he could earn 400,000 yen a month gambling. One secret was identifying the machines most likely to give bigger payouts. Another was being able to endure 13 hours at a time in smoke-filled and deafeningly loud pachinko parlors; he had to play thousands of consecutive games to take advantage of the odds”.  You need to find an edge and exploit that edge and do it over and over again.  If you are day trader or a swing trader then you know that you have to do a lot of trades to make a difference in your account for the year.
“That’s how he now plays the stock market. CIS says he bets wrong four out of 10 times. The trick is to sell the losers fast while letting the winners ride. For him, a well-played stop-loss is just about the most beautiful trade there is.”  It doesn’t matter how much research you do, how much time you spend in front of your computer, how much you scrutinize your entries, etc…you are going to be wrong half the times, one of the biggest hurdles for beginning traders is accepting that fact and that’s when they get in trouble.  Risk management is everything.
(more…)

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