Most importantly, the market is beyond our control. Unfortunately, it does not hold true for traders who want to maximize their edge.Īs Martin Schwartz pointed out, we need to work smarter and not longer. This relationship between time spent and reward is so commonplace that we take it for granted in all things that we do. Spend X number of hours, and we pay you Y amount. In fact, sometimes it is the other way around. Working longer does not necessarily equate with working smarter. (Instead of introducing the traders as we discuss what they say, there is a list of links for you to find out more about the quoted traders at the end of this article.) Tip #1: Trading more or longer is not better.Īt times, doing nothing might be the best thing you can do.Ī lot of people get so enmeshed in the markets that they lose their perspective. Read on to learn about what top traders and investors shared from their extensive experience. While these tips may defy our initial intuition, they are grounded by the experience of seasoned top traders and bring us closer to the reality of trading. In this article, we have distilled the advice of top traders into seven essential tips. How about more concrete takeaways? This is what you will find here. These are general topics that are relevant for all traders. If you pay attention to what top traders say, you will find common themes like the importance of risk management, trading psychology, and emotional resilience. Here, you’ll find seven trading tips that explain these aspects and help to improve our odds in this worthy challenge. One big reason is that trading has several crucial aspects that run against our intuition. Many successful professionals from other fields struggle when they try to trade for a living. Tip #7: How often you win is less important than you think.Tip #6: The harder you try to make money, the harder it is for you to do so.Tip #5: A trader does not need to be a genius.Tip #4: Demanding for certainty is not productive.Tip #2: Trading is not about the market it’s about you.
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