Day Trading Greats

The best to have ever done it. From Portnoy to Sykes. What can we learn from these titans of industry?

If you think about trading, you automatically begin to feel nervous, anxious, fearful, excitement, and maybe even a tinge of greed. These feelings you think of or feel are all associated with the psychology of trading. It has everything to do with the emotional aspect of trading.

The psychology of trading means that you are mentally prepared for trades and will not act on any emotions. You need to understand the mindset you need to be in, and there are many successful day traders we can learn from, as they have successfully learned how to keep their emotions in check. Our trading strategies can improve, and we can even avoid losses just by learning from them.

Let us look at a few day trading greats and learn from them and their psychology of trading.

Ross Cameron

Ross Cameron is the founder of Warrior Trading, an interactive meeting area for traders and wannabe traders. He has educational courses and guides designed to teach you everything you need to know about day trading.

Morning Trading is Easy Money. Cameron believes that you should stick to making trades in the morning and making your daily goal within the first 30 minutes of trading. Anything after 11 am, and you might lose your profits for the day.

Cameron challenged himself to turn $583.15 into $1 million. In 44 days, he had turned the money into over $100 000, and in 2 years, he was able to accomplish his goal.

Dave Portnoy famously lost around $4 million in a matter of days this year (2020). He refused to sell as he believes that stocks always go up. This is an excellent example of not letting panic, fear, or any negative emotion influence your trading strategy.

Before quarantine, Portnoy only owned one stock.

Dave Portnoy is a believer in diversifying one’s portfolio, as there is safety in numbers.

Martin Schwartz

Martin Schwartz is one of the wealthiest day traders around, having made $600 000 in his first year.

He believes in staying focused and keeping his day trades short.

Schwartz has a relaxed outlook on life as his health is essential to him. He insists on taking breaks and celebrating all his victories.

Andy Krieger famously made $300 million on a single trade by shorting the New Zealand Dollar. This happened while other traders were panicking after Black Wednesday in 1987.

Many traders panicked and lost everything on this day, but Krieger and a few other traders saw it as an opportunity.

Krieger is the perfect example of keeping level-headed and seeking opportunity in a negative situation.

Timothy Sykes took his Bar Mitzvah gift money (over $12 000) and traded penny stocks, turning it into over $5 million, all while still at college!

Sykes has confidence that has helped him earn millions. He has the “Millionaire Trader” challenge, where he is looking to teach beginners wanting to learn to trade and possibly become millionaires.

Sykes has many philanthropic endeavors and has donated a lot of his money to help others in need.

Sykes has a very flashy luxury lifestyle and very active on social media, and you can see what he does in his spare time (and learn from him) on his Instagram and YouTube accounts.

Interestingly, Rayner Teo is not a millionaire but trades for a living, earning himself a decent salary to live comfortably on.

Teo has an educational website with a whole section on the psychology of trading. He is also a firm believer in making his content free.

Teo has had many significant losses with trading but teaches how to overcome these losses by learning from your mistakes.

Andrew Aziz is a firm proponent for making sure your trading psychology is taken care of in the best way possible. He has a community of licensed psychologists and performance coaches available to all his members online.

His daily morning routine comprises waking up early, working out, and mentally preparing himself for that day’s trade. He never wakes up and starts trading immediately. He believes that you need to have the correct mindset to attack the market

Jack Schwager is a very well-known trader and author and has a series of books he has written to interview top traders.

Schwager believes that a top trader has qualities , including discipline, risk management, self-education, and an edge. You do not need a degree to be successful at trading, but you need to educate yourself on the subject.

Schwager believes you should read as much as you can about trading, start reflecting more on what you have read, try different things, and practice until you are comfortable trading with actual money.

Victor Sperandeo

Victor Sperandeo has one of the best quotes regarding your trading psychology – “The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.”

Sperandeo has a deep understanding of the financial markets and predicted the Black Monday crash in 1987.

Sperandeo believes you should not make trading your entire life, and you need to take time off and spend time with your family. You need to have a balance in your life.

He has said that to be a successful trader; you need to admit to your mistakes.

One thing we can take away from these trading greats is that with wins come many losses. It would be best if you found the balance between the two and trade smart. Your mindset is essential and make no decisions based on your emotions. Stick to your trading strategy, keep it simple, and continue to educate yourself. Do not be afraid to make mistakes, as you will walk away as a winner when you can admit to them and learn from them. Your psychology of trading is vital to the success of your trading future.

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