If you wish to become a financial trader, here is advice from top traders. After you get funding, their advice will help you to succeed.
He mostly trades stocks in his firm, Steinhardt Partners.
Develop perceptions, which are at variance with the general view of the market.
He believes trading needs to have a balance between being humble and being confident. However, he insists that this can only be gained via mistakes and experience.
He also insists traders must separate the long-term fundamental analysis from the short-term movements in the market.
He never uses charts or stop losses
If you wish to become a financial trader, he insists on flexibility- the willingness to go short and long
He utilizes a contrarian approach but only at the right time
He emphasizes the willingness to take on large positions when he sees a good opportunity
He is an independent trader that does not have any employees. He trades alone at home. He began poor and spent almost a decade losing money before he finally figured things out. Today, he is amongst the most successful traders in the US. He is an author and wrote Pit Bull: Lessons from Wall Street’s Champion Day Trader.
He insists on hard work when you get funding
Taking losses is important; do not be attached to any positions
He loves profits; it is music to his ears when he makes money
Before putting on any position, he always asks if he really wants to have such a position.
A good trader must always know how much they are willing to lose.
Before taking a position, a good trader must check the charts and moving averages.
Bottom fishing is an expensive form of gambling
Traders must take time off after successful trading
He created the Quantum Fun with Soros in 1973. He then ‘retired’ in 1980 and he now specializes in commodities. He moved to Singapore so that his kids could learn Chinese.
Trades only on long-term fundamentals
Looks for market dislocations and he makes big moves
He loves flexibility
He is a contrarian who never follows conventional wisdom
If you want to get a funded account for traders,follow their advice. All these great traders had a desire to be successful and they loved their work. Each trader found a method that worked for him and he stuck to it. Some use fundamental while others use a mix of fundamentals and analysis. Whichever method they pick, they have discipline and stick to it.
They are very serious about trading. Besides that, they have rigid risk control, which is something they all share. Several have stressed the importance of patience. They do not just pick a position because they want to do something. The trading size is more important to them than the entry point. If the size is too huge, you will probably exit with a small negative move. Losing is part of the game; you must not attempt to be right all the time. When you are losing, it is always a good idea to get out. On the other hand, if things are going too well, it is the best time to be watchful for any catastrophe once you get funded account for traders.