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Below is a question that was asked to me on Quora “Is there any honest successful trader to share their secrets strategies with us?
This is a great question because many traders think there is a secret sauce when in fact the secret is hard work. You can read my answer below
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Q: Is There Any Honest Successful Trader Willing To Share Their Secret Strategies With Us?
A: There really is no such thing as a “secret strategy” In the 200 years since the Stock Markets have been open, everything that you can think of has already been done. Everybody knows what everybody else is doing and pretty much how they are doing it. Now you may ask ” Well if everybody knows what everybody is doing why isnt everybody making money?” If only it were that easy.
The reason it is not that easy is because of emotions. Emotions are powerful things that often make people become delusional of the truth. Take for example a relationship. Sometimes you know the person you are with or the people around you are toxic to your well being but your love and emotions towards them causes you to “make excuses” for them. Whether you are too weak inside or afraid to remove them from your life the point is you are not thinking with logic you are thinking with emotions
This is the single greatest element of being a successful trader…period. In my 18 years of trading I have taught hundreds of traders my strategies, I have shared everything I know about trading from the time I started up to now. I’ve trained them all the same way under the same principals. Many of those traders have gone on to make a healthy living in the stock market but also some of them have failed. What is the difference? The difference is emotions. Those that could control them went on to do well, those who could not, failed. Its as simple as that
I would go as far to say its the same in any business. Think of somebody you know who is rich. Im sure you know what it is they do for a living and how they do it but emulating that formula with the same results is a completely different story, right?
Remember secrets are for suckers. Nobody has stumbled upon a groundbreaking secret from their one bedroom apartment, after getting fired, then filing for bankruptcy, with only 40 dollars to their name,Trading is one of those things that only though countless hours of practice, repetition, screen time, and study will you learn how to do it, and even then if you do not “know thyself” you may still bomb out at it.
Video on trader emotions
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