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

The essence of Brandt’s strategy is to risk very little on any given trade and to restrict trades to those he believes offer a reasonable potential for an objective that is three to four times the magnitude of his risk.

that now because you have money.” OK, that’s true, but there have been quite a few times when I was deadass broke. When I started managing money for Helmut, I had two kids, and we lived in a two-bedroom apartment—and my office was in one of the bedrooms! I couldn’t even afford a desk; I used one of those IKEA TV stands. My kids were little then.

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.

What is the weekend rule I’ve seen you refer to? The weekend rule goes back to Richard Donchian in the 1970s and basically says that if the market closes in new high or low ground on a Friday, then it is likely to extend that move on Monday and early Tuesday. The significance for me is that if a market breaks out on a Friday, then I have a complete

markets no longer obey all of the patterns.

It’s only when I override my instincts through the process of disciplined order entry that I put myself in the position where what I do with charts can work for me.

It isn’t the charts that give me my edge; it’s risk management. I get an edge from discipline,…

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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.

Trading had become drudgery.