Trading is a life-long game of learning. No matter whether you are brand new or an experienced trader, you need to be constantly growing and improving.

Whenever you get complacent, remember there is always another trader working harder than you ready to take your money. This is a zero-sum game.

Today let’s look at some of the best traders from the past century. This will show you how timeless trading lessons are, and what principles lead the best traders to massive success:

Jesse Livermore

Jesse Livermore was an American trader famous for both massive gains AND losses in the market. His greatest claim to fame is his shorted of the 1929 market crash before the great recession. building his fortune to a reported $100 million. Author of one of the greatest trading books of all time, Reminisces of a Stock Operator, his lessons are timeless. He is one of the first pioneers of technical analysis, which what we base our style of trading on here at Bulls on Wall Street.

One of the biggest takeaways of his career: Trading has swings. There are weeks where you will be unstoppable. There will be weeks where you want to quit. He gives you a realistic take on what life as a trader is like. He makes this list for having one of the greatest short plays of all time. If you are unfamiliar with short-selling, it’s simply a way of profiting on the decline of an asset.

Some of his most famous rules:

• “Nothing new ever occurs in the business of speculating or investing in securities and commodities.
• Money cannot consistently be made trading every day or every week during the year.
• Don’t trust your own opinion and back your judgment until the action of the market itself confirms your opinion.
• Markets are never wrong – opinions often are.
• The real money made in speculating has been in commitments showing in profit right from the start.
• As long as a stock is acting right, and the market is right, do not be in a hurry to take profits.
• One should never permit speculative ventures to run into investments.
• The money lost by speculation alone is small compared with the gigantic sums lost by so-called investors who have let their investments ride.
• Never buy a stock because it has had a big decline from its previous high.
• Never sell a stock because it seems high-priced.”

Paul Tudor Jones

Paul Tudor Jones is the founder of the famous Tudor Investment Corporation, one of the world’s largest hedge funds. Many of you may recognize him as one of the famous market wizards, he gained notoriety after making a massive fortune from shorting stocks during the legendary 1987 market crash, also known as Black Monday. One of the biggest crashes in the stock market history.

Some of his key trading tips & characteristics:

• Counter-trend trader. Looks for extreme market conditions.
• Trades the smallest position sizes when his trading is at its worst, sizes up when he’s hot.
• Focuses on risk vs reward ratio. Looks for low-risk, high-reward opportunities. He pursues it from a very-low-risk standpoint until he has been proven wrong repeatedly, or until he changes his viewpoint.
• Primarily a swing trader. Catches loves to catch tops and bottoms.
• Gets out of losing positions quickly. Nothing’s better than a restart. Key is to play great defense, not great offense.
• Never average into losing trades.

John Paulson

John Paulson is another founder of a famous hedge-fund Paulson & Co. He rose to fame in the financial world after making billions of dollars in 2007 by using credit default swaps to short-sell the US subprime mortgage lending market. One of the greatest short-sells in history.

You’ll notice a lot of these traders made their fortunes from market pullbacks. Most got wiped out during these periods, but the best make life-changing money. Patience, preparation, resilience, and robotic decision-making allow Paulson and other traders to capitalize during these periods of crisis.

Richard Dennis

Richard Dennis is an incredibly successful Chicago-based commodities trader. He reportedly acquired a $200 million fortune over ten years from his trading. He had turned his initial stake of $5000 into over $10 million, which lead him to the creation of the mythical Turtle Trading experiment.

The Turtle Traders show the power of having a trading system with an edge. The experiment was set up by Dennis to finally settle this debate. Dennis would find a group of people to teach his rules to, and then have them trade with real money. Dennis believed so strongly in his ideas that he would actually give the traders his own money to trade. The training would last for two weeks and could be repeated over and over.

According to former turtle Russell Sands, as a group, “the two classes of turtles Dennis personally trained earned more than $175 million in only five years. Dennis had proved beyond a doubt that beginners can learn to trade successfully. Sands contends that the system still works well and said that if you started with $10,000 at the beginning of 2007 and followed the original turtle rules, you would have ended the year with $25,000.”

Trading is not a scam. It is a skill-set that can be learned. It is not easy or overnight, but it IS possible if you are dedicated and have the right mentorship.

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Despite what society tells you, you are not a failure if you don’t succeed at something right away! If this was easy and you could figure out this in a few months, everyone would be doing it.

The “95% failure stat” is mainly full of new traders who try this for a month, and then give up as soon as it gets challenging. I think the failure rate would be much lower if we sampled people who have been trading for 3 years in a study. Statistics like that never talk about WHY they are failing. If you don’t do what the 95% do, you give yourself a chance to become the 5% that succeed.

Figuring out what you’re weaknesses are is essential for expediting your journey to profitability. After working with aspiring traders for over a decade, there are 5 broad categories I can place struggling traders into. In today’s blog, I will talk about these categories, and what you can do how to solve these issues:

FOMO Traders

If your trading executions look this, you’re a FOMO trader. This is the most common category I see across the board. Some people just cannot deal with missing out on an opportunity. FOMO is a huge barrier to profitability because every day there are thousands of stocks moving. 

You are guaranteed to miss opportunities! In order to get over FOMO you need to have a defined niche that you know has an edge in the markets. When you have no niche or strategy, every stock that moves seems like an opportunity.

When you have a trading niche, like trading earnings breakouts on large-cap stocks for example, you know what you are sitting around waiting for. A small-cap going 100% won’t bother you because you know it’s not your niche, and you don’t have an edge trading those stocks. Accept that you will miss opportunities, and focus on the future, not the past.

Stubborn Traders

Stubbornness is a deadly trait when it comes to trading. Being able to contain your losses is essential in order to find consistency in your trading results. And stubbornness is the biggest obstacle to keeping losses small.

Your ego is your biggest enemy in trading. Most people are raised by their parents and society to perceive being wrong as a negative event, and something you should fear. In trading, being wrong is inevitable. No trading strategy wins 100% of the time. Being wrong in trading, and in life, doesn’t mean you’re a bad person.  

Even with a great strategy that has a 70% win rate, you still have to prepare for the 30% of the time the trade will be a loser. If 1 loser wipes out 10 winners, even with a 70% win rate you will not be profitable. 

Get this in your head: You will never become a consistently profitable trader if you cannot keep losing trades small. Fuck your ego. Use hard stop losses if you have trouble cutting losses, and stick to them! 

Greedy Traders

There is a difference between being greedy and letting a winner ride. Many people have this dream of getting rich overnight from an investment. They go up nicely and a position, and don’t take any profits because they want to hit a home run. Then it comes all the way back and all their profit evaporates. 

Most profitable traders don’t make a living from trading by hitting home runs every week. They rack up consistent base hits instead. Usually, this concept of homerun trades stems from a desire to “get rich quick”.

This conception and desire must be squashed from your mindset. Take partial profits to lock in when you are up on a position, and let a smaller portion of your position ride for a bigger picture move. Consistent, small gains add up quick. 

Underprepared Traders

Many trading services create the impression you can make 6-7 figures working 30 minutes a day. This is possible, but what they don’t tell you is about all the work and study they put in outside of the market hours to capitalize during the market open. 

Most new traders are sold (and believe) the pipe dream they can just follow someone’s alerts and make a living from the stock market. This is not even remotely realistic. Following someone’s trades will NEVER make you money in the long run. 

Trading is no different than any other profession. It requires education, discipline, and a ton of preparation in order to find success. Lawyers study for at least 8 years before they get in the courtroom and start representing clients. Mastering trading usually won’t take that long, but it requires a similar process and dedication. 

The Anxious Traders

In. Out. In. Out. In. Out. Scared money doesn’t make money in the stock market. Many traders fail because of they overly fearful. Scared to lose money. Afraid of a profit turning into a loss. Scared of failure and losing. Afraid of missing a big move.

When you trade in a state of fear, you won’t be able to make the correct trading decisions. In order to become a successful trader, you have to be robotic and unemotional in your decision making. 

One of the most common reasons traders are fearful is because they are trading with money they are emotionally attached to. Decrease your position size to a point where losing the money you are risking on a trade is no more than 1% of your whole trading account. This will allow you to objectively view market information, and not operate in a state of fear!

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Get an education. In some ways, trading is no different than any other profession. It takes 8 years to become a surgeon. They go through rigorous education and training before they ever even touch a scalpel. In trading, you will lose all of your money if you start buying and selling stocks before learning about the market and developing a system.  

 What most trading services fail to address (and traditional educational systems in general) is that people learn in different ways. Some people learn best through video courses. Some learn best through written material. And some people need a more interactive method of learning and need their questions answered by a real person. 

Our free trading kit does all of this. Our BOWS trading kit will teach you all the fundamentals of trading for all styles of learners.  It will offer more value than most trading services paid courses. Here is what our trading kit includes:

New and Improved Trader Handbook

Get a complete introduction to day trading and swing trading, trading terminology, basic strategies. Here is a peak of the contents of the trader handbook:

• The 6 Steps to Become a Profitable Trader
• Basic Trading Terminology
• Overview of Different Investing Styles
• Intro to Technical Analysis
• Intro to Charting
• Risk Management Guide
• Trading Psychology Guide
• How to Grow A Small Trading Account
• How to Use A Trade Journal
• Links to Our Best Blogs and Youtube videos

Intro to Trading Course

Our Intro to Trading course (taught by me!) will give you a complete breakdown of the stock market, and the basics of trading stocks. Here’s what the course will cover:

• Stock Market Essentials and the Basics
• Technical Analysis and Charting Walkthrough
• How to Read Stock Trades
• Flag Breakout Strategy Walkthrough

Free Trading Consultation

Some people just need to get their questions answered by a real person. We got you covered! You can book a free trading consultation with one of our educational specialists, and get every single one of your trading questions answered. We will help you figure out what style of trading is best suited for you, and layout a path for you to become a consistently profitable trader. 

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