Unknown Market Wizards: The best traders you've never heard of

It isn’t the charts that give me my edge; it’s risk management. I get an edge from discipline,…

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views the Friday close as particularly meaningful, a perspective that implies that a strong or weak close on Friday is more likely than not to see follow-through price action at the beginning of the following week. Insofar as this premise is true, even if the trade ultimately proves correct, there is a good chance there will be an opportunity to re

that now because you have money.” OK, that’s true, but there have been quite a few times when I was deadass broke. When I started managing money for Helmut, I had two kids, and we lived in a two-bedroom apartment—and my office was in one of the bedrooms! I couldn’t even afford a desk; I used one of those IKEA TV stands. My kids were little then.

Happiness is believing that the future will be better than the past.

Novice traders should caution against the securities-based bias of trading only from the long side. In futures trading, there is no distinction between going short and going long.24 Since prices can go down as well as up, the trader who takes only long positions will eliminate approximately half the potential trading opportunities. Also, it should

The basic assumption of technical analysis is that prices exhibit repetitive patterns and that the recognition of these patterns can be used to identify trading opportunities. Technical analysis can also include other data, such as volume, open interest, and sentiment measures.

So what is important? Happiness—spending your day doing what you want to do. If I’m good at what I do, I make money, and that’s great, but it’s not the driver. The driver is the satisfaction I get from being good at something. People say, “It’s easy for you to say

Someone else trying to copy my methodology wouldn’t have that conviction.

The fundamental