The top 6 traders of the world and their lessons

?Market Fun and Fact: The top 6 traders of the world and their lessons.
1. Jesse Livermore
“Do not anticipate and move without market confirmation—being a little
late in your trade is your insurance that you are right or wrong.”

Livermore is the author of “How to Trade in Stocks.” In 1929, he was
worth more than $100 million, which is almost $1.5 billion to $13
billion, depending on the index you use. He is still famous in the
trading chat rooms for making some of the best stock market trading
decisions in the history of US Stock Market. His fortune swelled to a
whopping $100 million after he sold the stocks right before the market
crashed in 1929. His mantra was to play the market only when the
factors were favorable. He was a low-frequency player, who studied and
truly understood the pulse of the market and other traders.

2. Ed Seykota
“In order of importance to me are: (1) the long-term trend, (2) the
current chart pattern, and (3) picking a good spot to buy or sell. Those
are the three primary components of my trading.”

Seykota
converted a meager $5,000 investment into an unbelievable $15,000,000 in
his client account. In the early 70s, he designed and standardized a
commercial programmed trading system. He was the first one to emphasize
the price action patterns and chart patterns in the trade market.
Seykota’s success came from an intense focus on patterns.

3. Richard Dennis
“Trading has taught me not to take the conventional wisdom for granted.
What money I made in trading is testimony to the fact that the majority
is wrong a lot of the time. The vast majority is wrong even more of the
time. I’ve learned that markets, which are often just mad crowds, are
often irrational; when emotionally overwrought, they’re almost always
wrong.”

Dennis was the “Prince of the Pit,” who made $200 million
from $1600 in a decade. He founded the Turtle Traders, a 21 member
group that went on to redefine the idea of traders. Richard Dennis and
William Eckhart appointed 21 average people and taught them the tricks
of the trade. They proved to everyone that success is not something you
are born with; anyone can succeed with the right training and mentors.

4. Paul Tudor Jones
“Don’t be a hero. Don’t have an ego. Always question yourself and
your ability. Don’t ever feel that you are very good. The second you
do, you are dead.”

In 1986, Jones predicted the cataclysmic crash
of the US stock market. As a result, he made as much as $100 million
from the 1987 Black Monday crash. It is one of the largest US stock
market decline in a single day. While hundreds of people suffered from
the crash of their fortunes, Tudor Jones walked away with millions in
his pockets. He offers a very realistic piece of advice to all
traders—to walk away from an account that is bleeding money. Sometimes,
you’ve just got to cut your losses.

5. George Soros
“Markets are constantly in a state of uncertainty and flux and money is
made by discounting the obvious and betting on the unexpected.”

Soros is the Oracle of the stock market. He invested $10 billion on
single currency trade in 1992. His profit on the transaction reached an
incredible $2 billion. He is still the “man, who broke the Bank of
England.” George Soros is a great example of market iconoclasts, who
are not afraid to play against the odds, even when the whole world says
otherwise. You’ve just gotta go with your gut.

6. Jim Rogers
“Acknowledge the complexity of the world and resist the impression that
you easily understand it. People are too quick to accept conventional
wisdom, because it sounds basically true and it tends to be reinforced
by both their peers and opinion leaders, many of whom have never looked
at whether the facts support the received wisdom.”

Jim Rogers
co-founded Quantum Fund with George Soros. He has made his
billion-dollar empire patience and calm decision making. His trading
principles are old school. He does not believe it is crucial for
traders to pay attention to the bulk they are trading. It is alright to
trade less than your competitors and wait for the one opportunity of a
lifetime.