{"id":9555,"date":"2011-10-07T09:30:54","date_gmt":"2011-10-07T13:30:54","guid":{"rendered":"http:\/\/club.ino.com\/trading\/?p=9555"},"modified":"2011-10-07T09:30:54","modified_gmt":"2011-10-07T13:30:54","slug":"the-greatest-traders","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2011\/10\/the-greatest-traders\/","title":{"rendered":"The Greatest Traders"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft\" src=\"\/img\/sites\/ino\/email\/2466.jpg\" alt=\"\" width=\"200\" height=\"150\" \/>Today we would like to introduce you to a good friend of INO.com Aamar Shehzad. Aamar is the Chief Technical Analyst and Managing Director of\u00a0 <em><a href=\"http:\/\/www.pivotfarm.com\/\">Pivotfarm.com<\/a><\/em>. Prior to creating Pivotfarm.com Aamar worked as an independent trader and analyst, he's a regular speaker at trading seminars and expos.\u00a0 Today he going to talk about what separates the great traders from the pack.<!--more--><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>What separates the 10% that make money from the       90% that       don\u2019t?<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p><strong> 1. 10,000         hours.<\/strong><\/p>\n<p>In his recent book \u2018Outliers\u2019 Malcolm Gladwell       describes the       10,000-Hour Rule, claiming that the key to success in any       cognitively complex       field is, to a large extent, a matter of practicing a specific       task for a total       of around 10,000 hours. 10,000 hours equates to around 4hrs a day       for 10 years.       For some reason most people that \u2018try their hand\u2019 at trading view       it as a get       rich quick scheme. That in a very short space of time, they will       be able to       turn $500 into $1 million! It is precisely this mindset that has       resulted in the       current economic mess, a bunch of 20-somethings being handed the       red phone for       financial weapons of mass destruction. The greatest traders       understand that trading       much like being a doctor, engineer or any other focused and       technical endeavor requires       time to develop and hone the skill set. Now you wouldn\u2019t see a       doctor       performing open heart surgery after 3 months on a surgery       simulator. Why would       trading as a technical undertaking require less time?<\/p>\n<p>Trading success, comes from screen time and       experience, you       have to put the hours in!<\/p>\n<p><strong>2. Education,         education,         education.<\/strong><\/p>\n<p>The old clich\u00e9 touted by politicians when they       can\u2019t think       of anything clever to say to their audience. The importance of       education to       success in trading cannot be placed on a high enough pedestal. You       have to       learn to earn, the best traders work obsessively to refine their       edge further       to stay ahead of the curve.<\/p>\n<p><strong>3. Think         for yourself.<\/strong><\/p>\n<p><em>\"NO! NO! NO!\"... \"Bear             Stearns             is not in trouble\"...\"Don't move your money from Bear!             That's just             silly! Don't be silly!\"<\/em><\/p>\n<p><em> <\/em><\/p>\n<p>A quote from well known stock guru Jim Cramer       aired on CNBC       days before Bear Stearns lost 90% of its value. Many followed this       call and       felt the obvious pain as a result. As the old saying goes, \u201ctoo       many cooks       spoil the broth\u201d it is very much the same in trading. Successful       traders       blinker themselves from the opinions of others; they focus on       their own       analysis of fundamental and technical information.<\/p>\n<p><strong>4. Adapt or         Die.<\/strong><\/p>\n<p>Market conditions change and technology       advances, thus the       conditions for trading are always evolving, the rise in mechanical       trading is       testament to that. The very best traders through a process of       education and       adaptation are constantly staying ahead of the curve and creating       ever new and       ingenious methods to profit from the markets evolution.<\/p>\n<p><strong>5.Fail to         plan, you         plan to fail.<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p>The best traders have a well documented plan;       they know       exactly what they are looking for and follow that plan to the       letter. Their       preparation for a trade starts long before the market open, it is       this       meticulous planning and importantly adherence to that plan that       helps them       avoid the biggest demons for any trader, over trading and revenge       trading.<\/p>\n<p><strong>6.\u201cBe like         Machine\u201d<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p>As human beings emotions pay a key role in our       existence,       for a trader emotions can be a source of great pain. Trading       psychology and the       management of your emotions in a trade play a key role in overall       success. Fear       and greed can cut your winners short and let your losers run.       Dealing with       emotions follows on from your plan; the more robust your plan the       less likely       you are to fall into the emotional mine field.<\/p>\n<p><strong>7.Know         your tools<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p>Every trader has a set of tools they use, DOM,       Charts, News       feeds etc. These tools are a traders bread and butter; they are       the most vital       part of a traders arsenal, without which it would be impossible to       trade. The       best traders have mastered their order entry methodology, they       know all about       the features they need from their charts. This mastery of their       tools, allows       the trader to get the very best out of the resources they have       available to       them and ensures perfect execution of their trading ideas.<\/p>\n<p><strong>8.Know         Thyself<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p>Behind all the egos and excess, the best       traders know their       limitations; they focus on what can go wrong in a trade, and       expend a lot of       energy in limiting and controlling their risk before thinking       about profits.       They have a heightened sense of self-awareness and focus on       incremental self       improvement.<\/p>\n<p><strong>9.Profit         &amp; Loss <\/strong><\/p>\n<p>The best traders focus on the trade itself       rather than the       P&amp;L; they view each trade as a technical exercise and focus on       getting the       most out of the market in accordance with their plan. They do not       think in       terms of the grocery payment, the electric bill and the desire to       make X amount       to cover a mortgage payment. Focusing on the money behind a trade       can cloud       technical objectivity.<\/p>\n<p><strong> <\/strong><\/p>\n<p><strong>In         Conclusion<\/strong><\/p>\n<p><strong> <\/strong><\/p>\n<p>The greatest traders work hard to get ahead and       even harder       to stay ahead. Through increased and niche knowledge they       constantly adapt with       the market and remain profitable in every environment. Drive,       tenacity and the       will to succeed is the greatest edge of every successful trader.<\/p>\n<p>Every Success,<\/p>\n<p>Aamar Shehzad<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Today we would like to introduce you to a good friend of INO.com Aamar Shehzad. Aamar is the Chief Technical Analyst and Managing Director of\u00a0 Pivotfarm.com. Prior to creating Pivotfarm.com Aamar worked as an independent trader and analyst, he's a regular speaker at trading seminars and expos.\u00a0 Today he going to talk about what separates [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[89,2975,3680,2976,42,327],"class_list":["post-9555","post","type-post","status-publish","format-standard","hentry","category-general","tag-guest-post","tag-marketclub-techniques","tag-pivot-farm","tag-tips-talk","tag-trading-strategies","tag-trading-tips-techniques"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Greatest Traders - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2011\/10\/the-greatest-traders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Greatest Traders - INO.com Trader&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"Today we would like to introduce you to a good friend of INO.com Aamar Shehzad. 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