Tuesday, 18 October 2011

Multi-Millionaire Traders Share Their Thoughts On Trading

“The key is consistency and discipline,” says Richard Dennis who grew $400 into $200,000,000.
“The key is consistency and discipline.  I don’t think anybody winds up making money in this business because they started out lucky.”
For legendary trader Richard Dennis, the importance of being consistent isn’t just theory.  In 1984, on a bet, Dennis trained 23 individuals off the street to religiously follow a set of trading rules.  His point was to provide that discipline was the key to trading success.  All but 3 of those beginner traders made over 100% return their very first year of trading and Dennis won his $1,000,000 bet.  Consistent discipline is also what is taught in the “Futures in Motion” advisory service.

“Always use stops” recommends Michael Marcus who turned $30,000 into $80,000,000.
“Always use stops.  I mean actually put them in, because that commits you to get out at a certain point … to be a competent trader and make money is a skill you can learn.”

“Your Passport to Professional Advice”
“MarketClub” is your passport into the exciting and sometimes super profitable world of trading, where turning a small bankroll into a huge fortune is not an impossible dream.
Notice that none of these incredibly accomplished traders attribute their success to some secret formula.  The methodologies of Schwager’s 17 super-traders varied greatly, but they all had one thing in common. Through experience they developed the method and the discipline to act decisively time after time.

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