If you have introduced yourself to the world of trading, you must be baffled from all the overwhelming activities around you. This might cause some confusion within yourself that can lead you to take the wrong decisions. You can end up asking yourself ‘What is it that I am doing wrong?’, ‘Why are others making money, while I am losing?’ Well, look no further because we have jotted down some word of advice from the trade specialists around the globe who has successfully aced the world of trading. So take a deep breath and follow through their pieces of advice!
- David Tapper – The founder of the organization Appaloosa Management has been awarded by Forbes to become one of the best hedge-funders of all time. When interviewed, Tapper talks about consistency and goal determination. There will many options in the market however you cannot overthink them and make the very wrong decisions.
He was a former employee at Goldman Sachs who brought millions in profit to the company but when he found out that there is a very little chance of growth, he had quit starting his firm which boomed into a successful fund growth firm.
He says that what makes his company stand out is the consistent knowledge from the market and their analytical skills. In simple terms, you must be knowledgeable about the trading business. You might be a new trader but it doesn’t matter as long as you keep on learning new things. Take advantage of the free resources that are available online and you should be able to develop your skills. Remember, trading requires strong knowledge about the investment industry. So, read more about this profession. Unless you keep on harnessing information from reliable sources, it will be a big challenge to survive in the Forex trading business.
- Ray Dalio- Another famous individual in the world of Forex trading and the founder of Bridgewater Associates has a very interesting background to share.
Although know he has a successful firm with over 124M in worth, he has a tragic incident that had happened to him in the world of trading. Due to making some very grave decisions he had lost all his money at the Forex trading market in eight years, lost all his worth and in his former company, he was forced to fire all his workers and shut down with almost no money to pay them. He struggled and worked hard just to bounce back to become more of a pro at his techniques of handling the market and he owns one the biggest hedging forms as of 2007.
He says that to be successful in this field you have to have faith and determination without one of both you will fail miserably.
- Paul Tudor Jones- In 1987, he made a big movement that caused him to be an impact maker in the world of trading. Tudor had made a prediction of the stock market crash and following that, he made changes to him investment outline which has resulted in huge levels of profit even when the market was not performing well. He said the secret to performing well is the localizing of trends in the markets, analyzing data, waiting for the right moment when you can implement your plans and make gains out of it accordingly.
Hopefully, now that you know where these leaders have started from their hardships, rewards, growth, and position in the market, you too can be inspired to make better moves and take your chance to be the next big change-maker in the market.