Four Multi-Millionaire Traders Share Their Thoughts On Trading

“The key is consistency and discipline,” says Richard Dennis who grew $400 into $200,000,000.

"The key is consistency and discipline.  I don't think anybody winds up making money in this business because they started out lucky."

For legendary trader Richard Dennis, the importance of being consistent isn't just theory.  In 1984, on a bet, Dennis trained 23 individuals off the street to religiously follow a set of trading rules.  His point was to provide that discipline was the key to trading success.  All but 3 of those beginner traders made over 100% return their very first year of trading and Dennis won his $1,000,000 bet.  Consistent discipline is also what is taught in the "Futures in Motion" advisory service.

“It's perseverance” declares Tom Baldwin who started with $25,000 and made untold millions trading upwards of $2 billion dollars a day in T-Bond futures.

"It's perseverance.  You don't need any education at all to do it … because it is like any job.  If you stand there long enough, you have to pick it up."

By most accounts, Tom Baldwin may be the single largest individual trader in the T-Bond pit and Tom attributes his success to perseverance.  This is a principle on which "Futures in Motion" is based.  According to Tom, you need no special education to become a super trader.  Ken agrees and believes that if you just follow him every day, eventually you have to pick it up.

"It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them. Those who want to win and lack skill can get someone with skill to help them."

“Always use stops” recommends Michael Marcus who turned $30,000 into $80,000,000.

"Always use stops.  I mean actually put them in, because that commits you to get out at a certain point … to be a competent trader and make money is a skill you can learn."

“Get someone with skill to help” advises Ed Seykota who turned $5,000 into $15,000,000 trading commodities.

Ed Seykota lives on Lake Tahoe and trades from his office overlooking a view of incredible beauty.  Ed's living his life exactly as he wants and the gentle philosopher within him wishes you to enjoy the same privilege.  To Ed, it's a simple matter; if you have a true burning desire, get someone with skill to help you.  Ken Seehusen and the "Futures in Motion" advisory service fits the ticket.

“Your Passport to Professional Advice”

"MarketClub" is your passport into the exciting and sometimes super profitable world of trading, where turning a small bankroll into a huge fortune is not an impossible dream.

Notice that none of these incredibly accomplished traders attribute their success to some secret formula.  The methodologies of Schwager's 17 super-traders varied greatly, but they all had one thing in common. Through experience they developed the method and the discipline to act decisively time after time.

This is great advice from some very successful traders.

Adam Hewison

President, INO.com

Co-founder, MarketClub

29 thoughts on “Four Multi-Millionaire Traders Share Their Thoughts On Trading

  1. Adam,

    I don't see anywhere to upload a photo for blog comments. It might give it a more personal feel if you added that functionality for those who want to include a pic.

    1. Brian,

      Here is what you need to do. To change your 'neutral image' next to your comments, just sign up for a Gravatar (or Global Avatar). This gives you a photo to put next to any blog and associates it with your email address:

      http://en.gravatar.com/site/signup/

      Once you upload an avatar, you can avoid the 'mystery man' look:

      Thanks,
      Adam

      1. Thanks for the link, Adam. As you can see, I added it on. I forgot that I already had an account there, just never uploaded a pic, and didn't get back to it until now. Maybe you could leave that link at the top of the "Comments" section on each post, as it doesn't seem to be too well known.

  2. Hello Adam - Is that you, or a 'virtual Adam'!! if you then i am very impressed.
    I do understand the grafic display reasons why you cannot list horizontally - (maybe a little coloured dot?) One day software may allow 3d!
    I posed my question as much to communicate what a new viewer sees and for you to understand my confusion (if there is any)
    1/ When i look at the qtr view, i see a buy on jan 1st for example - why can i not also see this date/price on the weekly/daily? (would expect to see in green BOLD or something.
    2/ If i am to take jan1st as the begining of a bull, i believe i am then to look at weekly for the entry buy in's (usually a breakout/ move above previous close/downtrend) - but when i look at the weekly and especially daily, it appears to me that most of the subsequent red sells are at a lower price than the green buy ins.
    3/ So if i am to follow the green buy/red sell on the qtr - then yes a high% win rate. - But the weekly and esp daily, looks like a high% of trade losses. (green less red)
    NB i have looked at most of the USD- eur/gbp/cad/jpy and they all seem to confirm the above/ my view.
    It sems that when you get the big ones right, you do get them right - is justy the smaller week/day -
    Please - if i am reading wrong - do explain.
    If i am reading wrong, then either i am stupid or the educational video needs some work to correct my intuitive interpretation.
    With respect
    David

    1. David,

      It's me, there is no virtual Adam.

      We always start each quarter putting on a new postion. That way everyone starts with the same odds and do not miss a move.

      Here's what I suggest, call our support desk and they can explain our approach and record. Here's the number 1-800-538-7424 or 410-867-2100.

      All the best.

      Cheers,
      Adam

  3. Brian,

    You finished off with a very intriguing last paragraph. I think it may be a good idea to have a trader's forum.

    We have so many new things coming out for MarketClub in the next few weeks that we're going to have to put that idea on the board.

    Thanks for your very detailed comment.
    Adam

  4. Seems like alot of negative/semi-negative comments here. The 'multi-millionaire trader' comments were not intended to be a specific trading plan, just some general concepts. Obviously Adam was only presenting these general concepts in the limited space he has. Those of you who were looking for some kind of insider trading plan from these experts, this blog is not the vehicle for presenting a detailed trading plan you could begin implementing tomorrow.

    As for the Trade Triangles, I believe they are only designed to let you catch 60-80% of a move, not the very top or bottom. No system I know of can reliably pick a top or bottom. The negative comments are probably a result of the kind of market we're in now, with very few clear trends. Some patience may be in order for us all until we get some well-defined trends. Then those trade triangles will prove their worth. Compared to the huge trend moves of 2008, 2009 has been rather difficult to trade so far, with the exception of precious metals and gold stocks, maybe a few others.

    The Triangles are not listed on the horizontal, as some have pointed out, but there is a number listed that gives you the price point where the triangle was triggered. So stop the whining and just look a little closer, for gosh sakes. It's not that hard to pick out. But in all fairness, I can see where showing it on the horizontal could help.

    I do agree that it would be helpful to have a trader's forum or other format for people to share success stories and trading tips. What about it, Adam?

    1. Brian,

      If you can capture 60-80% of a big move your talking big dollars. Digging tops and bottoms is a losing game and not the one we recommend at MarketClub.

      Thank you for your detailed comment.

      Adam

  5. “Always use stops” recommends Michael Marcus who turned $30,000 into $80,000,000.

    Confused: If I am stopped out before my stock generates a red arrow, With the stock still under green, how would I calculate my re-entry point?? Or do I just move on to the next opportunity with the use of 'Smart Scan'??

    Definition--"discipline" Trade your plan and ELIMINATE the emotions of
    Fear and Greed

  6. I agree - that at first glance, seeing all the red sells/ green buys at the top/btm - i thought that market club was onto something. wow
    Silly me - now i see that yes, they pic the bigger trend, but on the weekly/daily, looks like if you sold on the green/ bought on the red (did 180' opposite) you would end up better off - as long as you protected somehow against the big moves where MC are right.
    If the buy/sells signals were somehow listed on the horizontal - this would be apparent. Maybe thats why its not done - unless i am missing something?
    Adam?

    1. David,

      It is very difficult to make the triangles on the chart horizontally simply because it covers other data and would look to messy. We do give you the exact price that the signal occurred so there's no sort of sleight-of-hand going on.

      Our new charts that are coming out. Oh, I think I let the cat out of the bag. Here goes, we have some new charts coming out that are going to be awesome. I think tey will address some of the questions that you have. However the arrows will appear above and below the actual line that the signal occurred on. When you think about it, it's the only elegant way to do it.

      All best,
      Adam

  7. Gee-wiz, thanks for these tips, you so called successful super- traders, you share about as much information as that one must water a plant when the leaves look dry.

    Consistency, discipline, perserverence, use stops - simply amazing stuff coming from very successful traders. Now I am confidant that I will be a millionaire. Obviously they really don't want to share.

    Honestly, Adam your the only trader out there that shares so much with the trading community, thanks!

    1. Do you really believe the MarketClub staff interviewed these traders and they all had one sentence answers? Obviously, it was a slow news day (being a U.S. Holiday and all), and these answers were copied out of a book.

      1. Dan,

        The answers are known quotes from these traders. I do not believe we said or claimed that we interviewed them. The point that we were making is that the same traits that these successful well known traders are employing are the same traits that we espouse at MarketClub.

        It is not rocket science, it is pretty simple. In order to be successful you need to employ the known rules of successful trading.

        Thank you for you comment.

        Adam

  8. An intereesting article! Several comments:
    1. I see "Futures In Motion" mentioned a few times above. I'm not at all familiar with this outfit, but it sure seems like I need to check into it.

    2. A commenter above mentioned a desire to see stories from us MarketClub members on successes etc. I fully agree. Even a forum might be helpful; where us MarketClubbers can "shop talk". Gosh knows I've "worn out" (chuckle) Mr. Hewison's fine staff on questions of stop placement in Forex using MarketClub triangles. But, due to various rules/regs, the good staff is limited on what they can discuss re: stop placement. I still think it would be fun and beneficial for us MarketClubbers to be able to "shop talk" and exchange ideas, tactics, etc.
    Keep up the good work!
    Barry

  9. I certainly appreciate Adams views and trading ideas. The triangles sound great, its just a pity they are only on US markets. I live in Australia and would prefer to trade Aussie stocks, for 2 reasons mainly.

    One, I hate waking up at 1.00 am to sit in a dark room and trade and
    Two, I'm more comfortable trading "household names" I know.

    1. Peter,

      Thank you for your comment. We have a great many users in Australia and were certainly looking to expand into your part of the world.

      But first, look at what's coming up some great new tools for MarketClub members. We will keep you informed.

      Cheers,
      Adam

  10. This kind of stuff is all over the internet. I got a call from a sales man for some well knowned trader who wanted $7500.00 to teach me how to trade. Everybody got some vehical, futures, options, forex or stocks where they got #rich". I must have 10 books on trading and all they do is confuse me. Selling cources and books is how these guys got rich.
    I dont trade stocks anymore just ETFS. I use simple moving cross over averages for buy and sell singals. I am not making a lot of money but at leat not loosing money anymore. Had trial subscription to arrows and after looking at the 4 ETFS I trade did not see how I was going to make money. Have decided to move my account over to trade station so I can back test some trading systems to see how the results are.
    If you are buying stocks maybe the arrow system is a good filter. I dont know.

    1. Ray,

      Thank you for your comments. When you use the trade triangles and you filter them you eliminate some but not all of bad trades.

      We always recommend to new members to follow the trading rules and see how they come out. I know in the past this is given many members a tremendous amount of confidence in their trading abilities.

      Hope this helps.

      All the best,
      Adam

  11. When I first saw a video of the INO arrows I looked closely and didn't like how they were plotted at the top and bottom of the bars. That makes the trades look overly optimistic. I thought it was deceptive so I had no further interest in the product. I think it would be better if they would plot the arrows sideways along the bars at the price where they say the entry or exit is signaled, if it is not already an option. Other people might think like me.

    1. Well,I think you are confused. There are two basic concepts: A trend is determined from a range of prices that you have to observe .Therefore, they have nescessarily to come from past observations. Consequently, you need to have historical prices to work out a trend. Once you have them, there are several theories, that had been developed to plott a trend. The word ,"sideways", in technical analysis, refers to a situation in which there is no clear sign, whether the market will go up or down.

      I Hope this will contribute to clarify your concepts.

      Fernando Guzman

    2. James,

      I appreciate your honest comment. Unfortunately if you put the signals exactly where they should go it would make the charts look incredibly messy and in some cases unreadable. We do give you the exact price and date that the signal occurred.

      I can honesty say that it was done not to to be deceptive that's not how our company operates.

      All the best,
      Adam

  12. Market Club,
    Altho I like a good story, I would much rather have successful members of our club give their story of good and not so good trades.
    I used the club service some time ago and was ok with the trade triangles and now I'm back for more.
    I haven't made millions but I'm managing to squeze out a buck here and there.
    Nothing could motivate me more than to have the members show how they are making profits and remember copying a winner is the purest kind of flattery, also good for ego.
    Jimmy

    1. Jimmy,

      Thanks for coming back. We are hoping to incorporate more success stories and there are plenty in some form and format in the future.

      We will keep you informed.

      All the best,
      Adam

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