Unknown Market Wizards: The best traders you've never heard of

Someone else trying to copy my methodology wouldn’t have that conviction.

All my profits come from 10%–15% of my trades; all the other…

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And the losers? They risk way too much. They don’t have a methodology. They chase markets. They have a fear of missing out. They can’t keep their emotions in check; they have wild swings between excitement and depression.

If I have any message to the world—and it is the reason I agreed to do this interview—it is to convey the importance of participation. Everyone understands that the market is a discounting mechanism. What they don’t realize is that the discounting mechanism is not price; it’s participation. It’s not that the price has gone from 50 to 100, and there

Once he has a net profit on a trade equal to 1% of his total equity, Brandt will take partial profits. Once a trade gets within 30% of his profit target, Brandt will employ much closer stop protection.

trade that shows an open loss as of the Friday close.

But you said he was a mentor. So what did you learn from him? Risk management. While he was buying into weakness, he wouldn’t just put on a full position and hold it. He would probe the market for a low. He would get out of any trade that had a loss at the end of the week and then try again the next time he thought the timing was right. He kept pro

So what is the appropriate action in those times when everything a trader does seems wrong? Brandt’s response would be:

interesting that all of Dan’s advice deals with risk management, and none of it has anything to do with trade entry, which is what most people want to focus on.