What You Can Learn From Famous Investors
Finding a path is easier than making your own sometimes.
You can lose direction. You can run into unforeseen obstacles. You can lose interest. Or, you can just get tired.
Investors and traders are lucky because there have been trailblazers in the investment world for more than a hundred years. Some of them are less well known than others. Their success has also been well-documented.
Some of the stories are actually reverse-lessons. You should do the opposite of what these legends of stock market success did. Especially after they earned their money.
Here are a few famous investors listed at My SMP–and how they arrived at their fortunes.
Jesse Livermore
Jesse Livermore invested aggressively short-selling during the stock market crash of 1929. He made millions each day and amassed a huge fortune for his moves. Livermore’s success was largely attributed to his no-fear approach to risk. It did him well at certain stages of his life, but Livermore spent just a recklessly as he earned his money. He lost most of his fortune and committed suicide.
Book: How to Trade In Stocks
Nicholas Darvas
Darvas was a dancer. He spent years on the road as a professional dancer, but continued to research the stock market. He hit on a theory. Stock market price movements appeared in waves of boxes. When he sensed a company’s stock was in the right box, he bought. He also set a stop loss. Darvas was a pioneer in sensing that both gaining an edge and risk management are two primary steps of mastering trading. He continued to build his wealth throughout his life.
Book: How I Made $2,000,000 In The Stock Market
Richard Dennis
If you ever heard of Turtle Trading, you’ve heard of one of the experiment’s masterminds. Dennis sought out to determine whether trading could be learned–or whether it was genetic. Debates still rage about the success of the turtle trading experiment.
But Dennis was able to turn a few hundred bucks into a few hundred million. That is certain.
Book: Way of the Turtle: The Secret Methods that Turned Ordinary People into Legendary Traders
What can you learn from these traders?
Each has his own style. You no doubt will develop your own.
Each came from different backgrounds. Trading is unique in that you are not imprisoned by your own background.
Finally, trading is a means to the end. Making money didn’t necessarily lead to a life of joy and passion.
Never lose sight that life is a journey.
Related posts:
- Trading Strategies of the Rich and Famous: John W. Henry
- Five Lessons Investors Can Learn From Michael Jackson
- Trend Following Technology And Automated Trading
- Can NLP Help Traders and Investors?
- How To Know If Automated Trading Is For You
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I'm George Ulmer. Matt and I started this blog and launched the Online Investing AI business. Our goal is to develop the technology to allow anyone to retire after working for 10 years.
is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
