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The Most Famous Traders Around the GlobeThe Most Famous Traders Around the Globe You may have come across news articles and personal stories on social media about traders who have made huge profits and achieved early retirement. Such stories can motivate you to learn and practise to achieve your personal highs. In this FXOpen article, you will find out more about the most famous traders and their success stories. What Makes a Trader Successful? It’s important to realise that success is subjective, and there is no one formula for achieving it. For some people, success is earning as much as possible in a short period, while for others, it’s about gradually saving up and building capital for retirement. Still, people who come to succeed generally share certain character and behavioural traits. Let’s consider what can positively influence trading. Experienced and successful traders: - are well-educated in their fields - have a solid trading plan - are disciplined and patient - can control their emotions - are flexible and adaptable These qualities are essential for navigating the changing markets and finding profitable opportunities, and developing these characteristics could help you on your way. Edward Arthur Seykota: an Algorithm for Success Edward Arthur Seykota is known as a “Father of Trading Systems”. This man is a legend in the world of trading, and for good reason. Ever since beginning his career as a trader in the 1970s, he has been captivated by the concept of a mechanised system for conducting trades and performing technical analysis. Ed Seykota developed algorithms for trading and used computer programs to execute trades. The profit made by his robot used between 1972 and 1988 was over 250,000% — the assets of his client grew from $5,000 to $15 million. He has been consistently profitable in the markets for more than four decades, and his success has inspired countless traders around the world. Andy Krieger: How to Hack Forex Trading One of the best day traders is Andy Krieger, a currency trader who gained notoriety in the late 1980s for his aggressive trading strategies. He worked for Bankers Trust, and he’s best known for trades against the New Zealand dollar. His primary strategy was to bet against the NZD because he believed it would be susceptible to short-selling. Krieger enlarged his risk by combining foreign currency options with his significant trading limit, took a position, and benefited from the 1987 New York Stock Exchange crash. Andy made a profit of over $300 million for his employer in just one day. Ingeborga Mootz: A Great Female Trader Ingeborga Mootz is a woman from Germany who proved that there are no age or gender restrictions on trading. Having no relevant education or experience, she became a successful investor at the age of 75. Now she is almost 100 years old and a millionaire, and she keeps advising others on how to make money in the stock market. Ingeborga Mootz used to have a humble existence, and when she married, her husband forbade her from working. Her stock market activity began after her husband’s death when she found a thousand shares of VEBA while going through his papers. She sold the shares and made a 100% profit, and trading became her point of interest. The main area that Frau Mootz looks at is banking. Richard Dennis: How to Trade a Trend Richard Dennis inspires traders with his ingenious and innovative approach to commodities trading. Dennis was a trend trader who preferred identifying trends and making trades in their direction with increasingly high leverage, maximising profits in good scenarios. Richard was born into a poor Irish family in Chicago, and he made a name for himself trading on the Chicago Mercantile Exchange at the age of 17. Within ten years, he turned a borrowed $1,600 into an astounding $200 million through commodities trading. One of his most famous experiments involved training a group of people known as “Turtles” for just two weeks. The Turtles reportedly made an impressive cumulative profit of $175 million over five years. Bill Lipschutz: How to Learn From Mistakes and Manage Risk Bill Lipschutz began his trading career after graduating from Cornell University in the late 1970s. During this period, he managed to turn a modest investment of $12,000 into a staggering $250,000. However, there was a setback, and one bad trading decision caused him to lose his entire stake. This experience taught him a valuable lesson in risk management that he has carried through his career. In 1981, Lipschutz took a job as a currency trader at Salomon Brothers. At the time, forex trading was only growing in popularity. He quickly established himself as a very successful trader and, by 1985, was making the company more than $300 million a year in profits. He eventually became Salomon’s chief currency trader and held this position until his departure in 1990. Final Thoughts All these experienced traders who have achieved success differ from each other in biography, trading style, and strategy. The amounts they have earned are also different. It is important to remember that these are the exceptions rather than the rules, and most traders face losses while trading. However, what you can learn from them is that they possess some specific qualities such as risk management skills, emotional control, loss acceptance, discipline, and flexibility. You can develop these skills as well, and to do this, open an FXOpen account and start your journey. To boost your performance, consider using the advanced trading tools offered on our TickTrader platform. We are sure that they will be helpful for trading, learning and skill development. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
5
Ultimate Trading Strategy: Reaction to Supply and Demand Levels!🔍 Identifying Potential Buy or Sell Zones: In this step, you need to identify the zones that are likely to react and wait for the price to potentially reach them. ⏳📊 🌟 With the reaction to the first area, a buy trade is activated. 🌟 📝 Confirmations: 📉 Reaction to the expected area – Watch for a price movement hitting our anticipated zone! 🛠️ Formation of a combined hammer pattern – Look out for this powerful reversal signal! 📈 Formation of a bullish engulfing pattern – A strong indicator of upward momentum! 🔍 Trading Tips: 💡 High-risk stop-loss location: 👉 Place it below the candlestick pattern. At least twice the spread to ensure you're covered! 📏🔒 💡 Lower-risk stop-loss location: 👉 Place it below the expected area. Again, at least twice the spread for extra safety! 📏🔒 💰 Take-profit strategy: 👉 Base it on risk management mathematics, such as risk-reward ratios of 2, 4, and 6. 👉 Alternatively, observe reactions to past market areas, especially near important market highs and lows. 📊📈 🎯 Entry point strategies: 👉 Enter at the close of the confirmation candle. 👉 Or, set a limit order around 50% of the confirmation candle for a bigger volume opportunity! 📉📈 🌟 Buying in Two Phases: A Smart and Exciting Strategy! 🌟 🔹 Phase One: When you reach a profit of twice the risk, exit the trade. Why? Because the Asian high has been hunted and the candlestick formed has a long upper shadow. 🌄💹 💡 Analysis: The price hasn’t reached other zones yet and has risen in reaction to the first expected zone. Therefore, we expect a pullback and continued upward movement. 💪📈 So, I’ll place a second buy trade. 🚀💵 🔍 Confirmations for the Second Buy Trade: A double bottom has formed, marked with an X. ❌❌ A small hammer candlestick has swept the double bottom. 🔨 A long positive shadow candlestick has swept the bottom and reacted to a small order block on the left. 🌟 💡 Tips for the Second Buy Trade: Enter at the close of the long-shadowed doji candlestick or place a stop limit order above the long-shadowed doji candlestick. 📉📈 The stop loss should be below this candlestick. 📏🔒 🔹 Phase Two: Next, the price has reached an expected reaction zone from where we expected a price drop. 🌐💡 🔍 Confirmations for the Sell Trade: Reaction to the expected zone. 🔍 An inverse hammer candlestick reacting to the zone. 🔨 💡 Tips for the Sell Trade: The entry point should be in a candlestick with a negative signal indicating a price drop. This hammer candlestick can indicate a decline. 📉🔻 The target can be a reward of 2 or the last price bottom. 🎯💰 The stop loss should preferably be behind the expected zone. 📏🔒 🔥 Important Points!!: Since the price hasn’t deeply penetrated the zones, there’s a chance it might go higher or even mitigate this zone twice, ultimately turning it into a pullback for a further price rise. 🚀📈 Continuing on, the price reached the upper zone area. We expected a price drop from this zone, but it reached at 03:15, which is outside our trading session. However, we could have traded on it. 🔍 Sell Confirmations: The price has reached the expected zone. An inverse hammer candlestick pattern. 💡 Interesting Fact: If you had placed a limit order around the midpoint of the previous two zones, you would have profited by now. So, for this zone, you can also place a limit order around 50% of it. Continuing further, other zones have formed below that could be useful for new trades. ✨ Successful Sell Trade Achieved, Reaching a Reward of 4 Times the Risk. 📉 During the session continuation, the trend line was broken, triggering an upward price pullback. 🔹 Now, at the beginning of the session, we have a new zone, likely a selling order placement area. We're taking the risk on this zone. This time, we can place the trade around 50% of it. 🚀💼 🔥 Alright, what's your take now? 🔥 🌟 Is the price reacting to this level or not? 🌟 🚀📈 or 📉💥 Where are the upper zones located? What do you think? 🤔💬
Education
by mohamadrezaKhorsand
WHY MONEY MANAGEMENT IS THE MOST IMPORTANT RULE OF TRADING!Hey Traders here us a quick video that explains why money mangement is essential to trading success. Regardless of what level of trading education and experience you are this can benefit your trading. Without proper risk management it is very difficult if not impossible to protect your investment capital. Trading is a game of probabilities and in order to come out ahead I think it's important to know when to risk more or when to risk less. Especially when you are on a role in a winning streak vs waiting for the tides to turn during a losing streak. Enjoy! Trade Well Clifford
Education
by TradeTheIndex
6
3 Rules To Follow When Trading While Working Full-Time👋 Hello, and welcome my name is Dean Muller from WealthTIP where our tip for wealth is to trade invest and prosper, today’s post is focused on the 3 rules that I believe you need to follow if you want to actively and successfully trade the markets while still working a full-time job, business, or side hustle. So, if you enjoy this type of content then go ahead to leave a thumbs up and that way we know that we’re on the right track to meeting your content needs. Now that we covered that, let’s jump over to the first rule you need to implement as a trader, working full-time. 1. 📝 Create a Watchlist I remember when I started trading I only traded one pair, and that was the GBPUSD, as I began honing in on my skills as a technical trader, I started looking at a few more pairs, and the more pairs I looked at the more opportunities I saw, the problem was however, that I wasn’t able to keep up with the movements of each pair and this coursed me to lose focus on the pairs I had positions on and ultimately mismanage a lot of the trades. I then reached out to a good friend of mine and he suggested I create a watchlist now at the time I had absolutely no clue what a watchlist was, and if you don’t know what it is, it’s simply a list of pairs that according to your strategy has potential trade setups coming together with a probabilistic profitable outcome. Now if you would like me to do a video showing you how to put a watchlist together, then simply write a comment in the comment section below and if we get 100 likes on this video then I will be happy to put one together, but for now This is a cardinal rule for anyone trading, while still working full-time. 2. ⏰ Set Trade Alerts When you are working, vary rarely are you able to access the charts freely, this means that you could miss out on the very opportunities you identified when you put your watchlist together. The best way to combat this is to use platforms like tradingview that allows you to set trade alerts that will notify you when the market is on an area you deem significant. Setting these alerts ensures that you aren’t distracted by the charts while you working and you won’t have to check your phone every 5 min, instead, you only jump on the charts once you are notified, making it easier to focus on your job, while still having a hand in the markets. 3.🎯 Use Pending Orders Pending orders are a powerful tool that trading platforms provide all traders with, and no one benefits more from pending orders than someone working a full-time job. Personally after putting my watchlist together I have a good idea with regards to where I intend to enter the markets, and because I do my watchlist over the weekend when the markets are closed, I set all my pending orders as soon as the markets opens Sunday midnight. What this allows me, is the freedom to focus on other things while still having a hand in the markets. Now if you would like to know more about how you can use pending orders to make your trading easier give this video a thumbs up and I will be sure to put that into our project list. And always remember, if you frustrated, annoyed, angry or anxious when trading, then you doing it wrong, and should check out our Foundation Series, where we explain the process to successful technical analysis in a plain, and simple way. Furthermore, I really do hope that you were able to extract some value from today’s post, and if you did be sure to hit like and share so that we can continue creating content that not only serves you, but equips you to successfully and joyfully navigate your way through the financial markets. So until next time, you should keep well and bye for now.
Education
by DeanMuller
How to place stop loss like a Pro TraderStop loss placement is perhaps not the most glamorous of trading topics to discuss, but it is a critically important one. If you do not know how to properly place your stop loss, you will be in for a very, very rough ride as you trade the markets. Essentially, for a trader, everything hinges on proper stop loss placement and risk management. If you understand these two aspects of trading and how to approach them properly, making consistent money in the market will become much, much easier for you. Note : This lesson is based on higher time frame charts and the concepts are not applicable to very low time frames which is a different world of trading and not something I do or recommend so I can’t comment on it. The theory behind placing stop losses like a pro trader The first thing to understand and drill into your head about stop loss placement is that you should NEVER place a stop loss based on some random amount of pips. I know a lot of traders do this because I get emails from traders telling me they use “20 pip stops” or “50 pip stops”, etc. etc. This is NOT proper stop loss placement and it is definitely NOT how professional traders place their stop losses… A stop loss should typically be based on a level in the market. Price should have to breach a level to ‘prove’ your trade wrong. You want to see price invalidate your view by giving you fact-based evidence you are wrong, that evidence comes in the form of the most logical nearby level of support or resistance being breached. You need to take into account the context of the market you are trading and determine what level price would have to break through before your original view doesn’t make technical sense anymore. Let’s take a look at two examples to make this clearer… The first example below shows a random pip amount stop loss placement, the second example shows a stop loss placed within the context of the market and nearby levels. Make note of the end results of both trades… Notice in the chart below the trader placed his stop loss at an arbitrary 50 pip distance from entry. Traders typically do this because they don’t understand how to place stops properly and also because they want to trade a bigger position size. This is wrong. You need a logic / chart-based reason to place a stop loss, not just a random pip distance or a pip distance that will allow you to trade the size you want. Notice this trader would have been stopped out for a loss just before the market shot higher, without them on board… In the next chart, we can see how this trade worked out for the trader who knew how to place stops properly / like a pro and who wasn’t placing his stop arbitrarily or based on greed (to trade a bigger size). Notice the stop loss was placed beyond the key support level and beyond the pin bar low, giving the trade good space to work out but also being placed at a point that would logically invalidate the trade if price moved beyond it…. Let’s briefly go over typical stop loss placement on two price action setups I teach; the pin bar signal and the inside bar signal . You will notice, I used a risk reward ratio of 2 to 1 on each trade, this is my ‘default’ risk reward. In other words, I always start any trade by seeing if a 2 to 1 (or more) risk reward is realistically possible given the market structure and context the pattern formed within. For expanded examples, you can reach out to me for my lesson on how to place stops and targets like a pro . Note: Be aware of the average volatility over the last 7 to 10 days of the market you’re trading. You want your stop at least half of ATR (average true range) if not more or you will get stopped out due to noise. The Average True Range is a tool we can use to see average market volatility over XYZ days. It is a good tool to utilize for stop loss placement when no nearby key levels are present. To learn how to apply and use the ATR tool more in-depth, you can reach out to me for my article on the average true range. The example below shows how to use the ATR for stop loss placement and how it can keep you in a trade despite initial choppy conditions after the pattern… IMPORTANT STOP LOSS PLACEMENT TIPS It’s important to consider reward or target potential before taking any trade. You base the potential target of a trade on the stop loss distance. If the stop has to be too wide in order for the trade to have enough space to potentially work out, and the risk reward potential doesn’t stack up, then it’s usually not the best idea to take the trade. Risk reward and position sizing are intimately related to stop loss placement obviously, and crucial topics in their own right. But, we are focusing here in this lesson just on stops, be aware that stops are paramount and take precedence over targets, in a way, stops are a qualifier for the target and overall risk reward and will effectively help you filter trades you should take and should not. It is important to note that stops should always remain constant and can’t be widened, however targets can be widened, stops should only ever be tightened and moved into break even and trailed, make sure that’s concrete in your trading plan. Stops are crucial to managing risk because once we find the stop loss placement we can then determine our position size on the trade and then we know ahead of time the cost and risks of the trade. As part of our trading business plan, stops are a cost of doing business as a trader, they are also there to force us to get out if we are wrong on a trade, despite our emotional bias towards staying in a trade, which in the end can cost us dearly if we were to hang onto a loser until we blew out our account balance. CONCLUSION A properly placed stop loss is truly the starting point of a successful trade. It allows us to proceed with calculating reward targets on trades and position size, effectively allowing us to execute our predetermined trading edge with a clear mental state and discipline. Traders who do not focus on stop loss placement first or put a lot of importance on doing it right, are doomed to fail and blow out their accounts. I hope today’s lesson has given you a little ‘snapshot’ into how I approach stop loss placement. My trading course and members’ area will further educate you on how I place stop losses and how I incorporate stop loss placement into my overall trading strategy. To learn more, you can reach out to me privately.
Education
by Skuchies_CryptoKing