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According to Jack Schwager, the truth is that in order to become a successful trader in the long run, it takes a dedicated effort to improve your trading skills.
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Schwager amateur traders believe that being a successful trader is all about finding the right formula or one right technique, which is simply not true.
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Jack Schwager, a well-known financial writer and futures and hedge fund expert, defines a stock trader as someone who has long-term potential and is willing to switch positions more often than a so-called long-term investor.
“If someone makes a quick decision about when to enter, exit, or change positions, that’s a trader, as opposed to a long-term investor who says, ‘I want 50 percent of my money in stocks.’ I want to buy an index. “I’ll be around 40 years,” I. Schwager said in an interview.
Schwager is a renowned industry expert and author of several critical financial books, including the Market Wizards series. He is one of the founders of Fond Cider. Previously, he was a partner at The Wealth Group (2001-2010), a hedge fund advisory firm in London. He has also been a regular director of research for some of the major firms on Wall Street.
According to him, the truth is that in order to be a successful trader in the long run, it takes a lot of effort to improve your trading skills.
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Find a Marketing Method That Works for You Schwager says there are many different ways to be successful in business because there is no one way that works all the time. Even if there is one, it stops working because everyone follows it.
“The first thing a person needs to understand is the right marketing method that works for them, because there is no one method that can guarantee success for everyone,” he said.
“It’s important to know whether it’s fundamental or technical, long-term or short-term, a certain type of market, high risk or low risk. It’s a process of discovery for each individual, it’s a process of evolution.”
For example, Jim Rogers said that you can’t make money with technical analysis. Martin Schwartz, on the other hand, failed to use fundamental analysis. Still, both have done well in their own way.
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“There are people like Jim Rogers who have a complete disdain for technical analysis. The only people making money in technical analysis are selling technical analysis services, and that’s his opinion. On the other hand, there are people like Martin Schwartz. Exceptionally good at technical analysis and a “fundamental analyst”. You have people who say, “It took me ten years, but I’m rich as a technician.”
Any method should have strengths that distinguish it from others, Schwager said.
A marketing approach may be appropriate, but without its merits, it may not be successful. “It could mean all the world,” he added. It may seem logical on paper, but the market doesn’t value seemingly logical approaches. “Whatever they pay for, what happens is always the opposite.”
According to Schwager, one must believe that the chosen method will work in the long run. This confidence comes when a person starts making more money than they lose, he said.
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“By work, I don’t mean it’s a money machine,” he said. I mean over time it makes more money than it loses.
After developing a strategy that matches your risk management priorities and the nature of your business, the next step is to plan for risk management.
Schwager says proper risk management is important because traders can lose a lot of money. An edge approach is useless if risk management is not taken seriously.
“A good plan can be ruined by a few mistakes,” he added. “You never want that, you never want to be at the mercy of a few mistakes that take you out of the game.”
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Exercise strict discipline Schwager says marketers must exercise strict discipline to execute their marketing strategy correctly. People who use a systematic marketing approach can achieve long-term success.
“You have to take your strategy with edge and risk management and be committed to it. There’s a trade that looks terrible and you really don’t want to take it, but if it’s part of your strategy, you’ll accept it. There are times when your strategy or risk management will tell you, “This is where you come in.” “You might hate going out, but it’s your strategy, it’s your risk management, you have to go out. Be tough in the discipline department,” he says.
Flexibility Another important quality that distinguishes great traders from average ones is the ability to adapt and make decisions based on the current situation.
“Flexibility to change your mind and not expect your position to be right is key,” he says.
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Schwager says the key to successful marketing is the space between businesses. Sometimes it’s not just about doing the right business, it’s about doing nothing when things aren’t going well. He said that there are times when the market is not good for trading, and these are the times when successful traders show a lot of patience and wait for things to improve.
He said: “Don’t invest too easily or too easily when the going gets tough. “Get water instead of losing money.”
Good and bad traders make the mistake of distinguishing between good and bad financial trades.
A trader says that any strategy he implements is a matter of winning or losing, but if he has an effective strategy, he will make more money than he will lose.
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“If you take a trade that works for your business and the trade loses money, that’s not a bad business. If you deviate from your process and lose money, it’s just a bad business. I’ll go ahead and say if you deviate. Your process and making money is still a bad business. “People who have a winning strategy have to distinguish between the trades they’re good at. That’s the difference between a good trade and a bad one.”
Admit Mistakes Schwarzer says successful traders are quick to admit their mistakes. Also, no matter who they are, they are very flexible and adaptable. Conversely, ordinary traders do not show much volatility.
Bouncing back from failure Many successful traders experience many failures in their early days of trading, but bounce back from these failures because of faith.
While many average traders give up after a few negative experiences, successful traders have absolute faith in their ability to eventually turn things around.
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Every good marketing strategy goes through setbacks, Schwager says, and how they successfully handle the bad times sets them apart from the rest.
Schwager believes that accepting losses as part of the trading game is a critical mindset for traders to have. When a person establishes this belief in his mind, he deals with small losses aggressively and takes necessary measures to prevent them.
No Loyalty to any Stock Successful traders show no loyalty to any stock and see it as just a tool to make money.
If a trader becomes too committed to a stock, it can be dangerous, says Schwager. He advises not to hesitate to dump stocks if you don’t have the money.
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The ability to make bold decisions is something that successful traders often face when faced with difficult business decisions that ordinary traders hesitate to make.
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