The wizard forex review
This is by far one of the most inspirational and insightful articles I’ve written since I started writing back in 2008. I have immensely enjoyed producing it and I must humbly thank my good friend Larry for his assistance with research as well as Jack Schwager and the numerous traders he interviewed, who are of course the true inspiration behind this article. Today’s article was inspired by the Market Wizards Book Series by Jack D. In the Market Wizards books, Schwager interviews various pro traders and picks their brains about how they became successful. There really is a lot to learn from these two books and much of what they discuss is relevant to the style of trading we practice here at Learn To Trade The Market, i.
There are also a lot of relevant and helpful points on money management and trader psychology, these parts of the books are what I found the most fascinating. To write today’s lesson, I had to get reacquainted with much of what’s in both of these books because it’s been a while since I first read them. Below, I have provided some of my favorite quotes from the pro traders that Schwager interviewed followed by a synopsis of what I feel are the most important points to take away. In conducting the interviews for this book and its predecessor, Market Wizards, I became absolutely convinced that winning in the markets is a matter of skill and discipline, not luck.
The magnitude and consistency of the winning track records compiled by many of those I interviewed simply defy chance. This quote, and the ones that follow, should provide you with a lot of motivation and insight into how professional traders think. If trading is your life, it is a torturous kind of excitement. But if you are keeping your life in balance, then it is fun. All the successful traders I’ve seen that lasted in the business sooner or later got to that point. You can’t sustain it if you don’t have some other focus.
The above quote by Michael Marcus from Market Wizards, fits perfectly with our style of trading here at LTTTM. Essentially, what Michael is saying here is that if you let trading overtake your life, you will end up over-trading and getting too attached to positions. He never kept the money he made simply because he traded too big of a position size for his account all the time. This leads to fear, greed and all kinds of emotional trading mistakes.