Top of the list is the smooth operator who knows all about internet marketing but very little about real trading. These guys usually broadcast themselves from a beach or New York penthouse with wads of cash spread out on the bed. They claim that trading is so easy, all you have to do is follow their signals and take their courses and you will become their next millionaire student. Some of the videos these guys make are so laughable that you think it must be a spoof. Without doubt, the smooth operator is the most dangerous character on YouTube.
Many run illegal practices like front running and demo trading. Top prize goes to the guy who pretends to have spoken at Harvard University when in fact the whole thing is a ruse set up by actors and other con artists. Next on the list is the clueless millennial. Ironically, being born in an era of online means most of these guys got their trading knowledge from, you guessed it, YouTube. Top prize in this category goes to the guys and gals buying leveraged ETFs and cryptocurrencies on every dip. Because everything goes up eventually, right?
This trader broadcasts his impressive trading abilities for everyone to see via YouTube live stream. He is therefore a shining beacon of transparency and skill. Apart from being incredibly boring to watch, these traders cause a lot of harm since many of these charlatans are actually operating demo accounts. New traders aka fish see the profits being made on these demo accounts and think that trading is easy and viable. They come to believe that good trading is about watching the market and acting on impulse.
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The chartist might be the most ubiquitous character on YouTube. Sure there is nothing inherently wrong with chart trading and some people can do it well. The trouble is that chart patterns are entirely subjective and what looks like a spinning wedge to me may look like a neck and armpit to you. There are literally thousands of videos on YouTube that show you how to trade particular indicators and chart formations. They never give you concrete rules or tell you how profitable a chart pattern is. Which begs the question, do any of these guys really know what they are talking about?
Top prize in this category goes to the guys who take down a video following a DMCA complaint only to upload another exact copy under a different username days later. Apart from reading disclaimers, the best thing you can do to avoid being conned is to seek out trading content that is science based, not based on squiggly lines or emotional appeal. Joe Marwood is an independent trader and the founder of Decoding Markets.
He worked as a professional futures trader and has a passion for investing and building mechanical trading strategies. If you are interested in more quantitative trading strategies, investing ideas and tutorials make sure to check out our program Marwood Research.
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This post expresses the opinions of the writer and is for information or entertainment purposes only. It is not a recommendation or personalised investment advice. These problems go all the way back to our childhood and can be difficult to change.
Top three most successful Forex traders ever
Trading in the Zone aims to help people trade in a way which is free of psychological constraints, where a loss is seen as a possible outcome rather than a failure. Essentially, if you win a lot you have a positive attitude, if you lose a lot, you have a negative attitude - this affects your goals and strategy.
Mark Minervini is perhaps one of the most successful day traders alive today and his list of achievements is astounding. What makes it even more impressive is that Minervini started with only a few thousand of his own money. He also has published a number of books, two of the most useful include:. Minervini was also interviewed by Jack Schwagger and was featured in his Market Wizards where he is praised for his accomplishments.
What can we learn from Mark Minervini?
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His book Trade Like a Stock Market Wizard has many key points that are highly useful for day traders. Minervini urges traders not to look for the lowest point to enter the market but to try to enter trends instead.
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He explains that firstly it is hard to identify when the lowest point will occur and secondly, the price may stay at this low point for a long time. Minervini also suggests that traders look for changes in price influenced by institutions too.
They often lead trails that traders can follow and a ride along with them. Another great point he makes is that traders need to let go of their egos to make money. Lastly, Minervini has a lot to say about risk management too. He suggests that when markets enter difficult conditions, you need tighter losses and look for lower profits. Along with that, the position size should be smaller too. Jack Schwager is one of the most well-known trading writers has released enough books to fill an entire library.
His most famous series is on Market Wizards. They are:. Many of the people on our list have been interviewed by him.
Other books written by Schwager cover topics including fundamental and technical analysis. On top of his written achievements, Schwager is one of the co-founders of FundSeeder.
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What can we learn from Jack Schwager? Quite simply, read his trading books as they cover strategy, discipline and psychology. He also talks about the polar opposites of traders ; those that focus on fundamentals and those that focus on technical analysis. Though they both think that the other is wrong, they both are extremely successful.
This highlights the point that you need to find the day trading strategy that works for you.
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Like many other traders , he also highlights that it is more important not to lose money than to make money. Something repeated many times throughout this article. Finally, the markets are always changing, yet they are always the same, paradox. Known as Trader Vic, he has 45 years of experience as a trader on Wall Street and trades mostly commodities. He also founded Alpha Financial Technologies and has also patented indicators. What can we learn from Victor Sperandeo? If intelligence were the key, there would be a lot more people making money trading.
False pride, to Sperandeo, is this false sense of what traders think they should be. Most of the time these goals are unattainable. Our goals should be realistic in order to be consistent. Sperandeo started out his career as a poker player and some have drawn a correlation to the fact that poker is similar to trading in how you deal with probability. More importantly, though, poker players learn to deal with being wrong.
Sperandeo says that when you are wrong, you need to learn from it quickly. Lastly, Sperandeo also writes a lot about trading psychology. Specifically, he writes about how being consistent can help boost traders self-esteem. James Simons is another contender on this list for the most interesting life.
Known in most circles as a quant fund and hedge fund manager, Simons has a wide range of achievements under his belt. Took his code-cracking skills with him into trading and founded Renaissance Technologies , a highly successful hedge fund that was known for having the highest fees at certain points. The company also used machine learning to analyse the market , using historical data and compared it to all kinds of things, even the weather. Along with his wife, Simons founded the Math for America non-profit organisation with the goal of improving mathematics in schools and recruit more qualified teachers in public schools.
What can we learn from James Simons? Simons is loaded with advice for day traders. When this happens we leave ourselves open to making mistakes and effectively bring ego into trading. Simons also believes in having high standards in trading and in life. As a trader , you should always aim to be the best you can possibly be.