![]() ![]() ![]() He was unluckythen he was lucky then he told fairytales. Trading then Horse Racing then fairytales Most people think they are playing against the market, but the market doesn´t care. This article is ended with a quote from Martin: Majority of traders don’t want to agree that using difficult trading methods don’t increase profitability. We shouldn’t make things difficult for ourselves when trading. Isn’t it so frustrating when we keep on losing money in spite of the vast knowledge we’ve in the markets? We’ll be tempted from time to time to conclude that it’s impossible to make money trading Forex, yet we won’t give up because there is a kind of inner hope that would keep on pushing us to success. You need to pull the trigger before you can hope to make any profits.Ĭonclusion: There are traders who’ve spent many years in the markets without being profitable. Prepare for each trading day, for it matters much. One of the great tools of trading is the stop, the point at which you divorce yourself from your emotions and ego and admit that you´re wrong.ĥ. Martin Schwartz says that by preserving your capital through the use of stops, you make it possible to wait patiently for a high-probability trade with a low-risk entry-point. We make money by cutting our losses, and we lose money by letting them run. ![]() We need to master our ego and realize that making money is more important than being right. We want to make money, without being necessarily right. Hard work is part of your probability of attaining success as a trader.Ĥ. There’s nothing worth having which comes easily. You need to work hard before you can become a profitable trader. ![]() You need to approach the markets as a serious business those who comply with this fact get paid from those who don’t comply.ģ. The lesson is that, you shouldn’t say something can’t work for others just because it isn’t working for you.Ģ. However, there are also successful fundamental analysts. When he became a technical analyst he earned a fortune. When Martin was trading based on fundamentals, he was losing. He authored a book titled “Pit Bull: Lessons from Wall Street's Champion Day Trader.” He loves to go for short-term market fluctuations, and being successful at doing that, he began managing money for other people.įrom the year 2002 till now, Martin Schwartz has been winning in professional horse racing.ġ.Ĝontrary to some people’s opinion, it’s possible to become a successful trader using technical analysis. In 1984, Martin became famous when he won the U.S. But we need to know that prior to that time, he was a consistent loser in the markets. That year, he made a profit of $600, 000 USD and in the following year, he made a profit of $1.2 million USD. He saved about one $100,000 USD and went into full-time trading, buying a seat on the American Stock Exchange. He also worked as a financial analyst at E. Marine Corps Reserves from the year 1968 to the year 1973. He also earned an MBA from Columbia University in 1970. In 1967, Martin attended Amherst College. Hobbies: Professional trading and professional horse racing But those with grit will constantly reflect upon their actions and seek to better themselves, which separates the winners from the losers.” – Rayner Teo “Most traders will quit and stay away from trading after blowing up a few trading accounts. INSIGHTS INTO THE MINDSET OF SUPER TRADERS – Part 14 ![]()
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