I have been trading successfully for thirteen years, I have studied trading intensely for seven years. I have read and reviewed hundreds of trading books on Amazon.com. and I have also used most trading styles along with option strategies. I even had three books published on trading. What have I learned on this quest? I have learned who to listen to and who not to listen to. In my experience 90% of all trading media is useless in showing the new trader how to make money. For me moving averages are my gurus and price action is my boss. But there is an elite few who I believe made it possible for me to trade successfully. I do not trade 100% like any of these traders, I used their methods to build a trading methodology that fits me.
If New Trader University had a campus this would be the professors:
Dan Zanger is a world record holding trader that taught me to use in the money stock options on the biggest monster stocks to amplify my returns with no added risk at key points. He is the king of chart patterns.
Alexander Elder taught me how the trader’s Mind, Method, and Money Management have to all work together for a trader to be successful.
Michael Covel showed me how the best trend following traders in the world win over the long term by simply following the trend. Finding the big trends is now my focus above all else.
Jesse Livermore knew how to make a fortune in bull and bear markets, in commodities or stocks. His only weakness was the management of the risk of ruin. He made some of the biggest fortunes in the history of trading and also blew up his account more times than other legends.
Nicolas Darvas showed me how to ride monster stocks 100 points farther than anyone else seemed to believe they could go. His lessons also showed me how to miss bear market draw downs.
Van Tharp‘s marble game on how to manage the risk of ruin was a game changer for me. Managing risk is really what determines a trader’s long term survival not stock picking.
William O’Neil showed me how to pick the real winning stocks based on historical models not opinions. He has studied what has really made money in the stock market historically better than anyone else I know. I get my stock watch list from his publication Investor’s Business Daily’s IBD 50.
Ed Seykota is truly a master trader and he has the returns to prove it. Mr. Seykota believes that a trader’s psychology determines a trader’s success more than any other factor. I believe him.
Jack Schwager wrote “Market Wizards” and really got into the specific nuts and bolts of what makes them win.
Paul Tudor Jones I have picked up a lot of trading wisdom form his documentary, quotes, and interview. He is truly one of the greatest traders of our time.
If you decide to study these great traders keep what actually makes you money in the long term and discard what does not.