Trading Master: Teach you how to improve the success rate of foreign exchange trading?

Trading guru Mark Weinstein has long been a myth in the international financial community.

Mark Weinstein's trading style is cautious. Of the thousands of trading days he has speculated in foreign exchange, only 17 have been lost, nine of which were caused by system failures.

The reason why he was able to hit a 99% success rate,Due to his cautious and low-risk trading approach.

Most traders have a 50% chance of success, which is good. A 75% success rate would be amazing, while Mark Weinstein's success rate is almost 99%, which is unbelievable, but true.

Since 1980, Mark Weinstein has made money every month without losing money. Out of thousands of trading days, Mark Weinstein has lost money on only 17 trading days, nine of which were due to the failure of the quoting equipment.

Trading is boring, but it is enough to show that he is a master trader, which is why Mark Weinstein has been ranked among the top ten fund managers in the world.

In an interview with reporters, Mark Weinstein summarized the basic principles he follows in trading:

1. Always do a good job of pre-transaction analysis.

2. Don't be arrogant. Every time you are proud, you give up risk control, and the best traders are often the most modest.

3. Know your weaknesses. Everyone has them - even the best traders.

4. Insist on independent thinking and don't follow the trend.

5. Avoid trading before an opportunity arises. Knowing when to stay away from the market is just as important as knowing when to enter.

6. Develop a strategy that is flexible enough to adapt to changes in the environment. The mistake most people make is to keep the same strategy all the time. They will say: "Hell, how come the market always changes differently from what I think!"

7. Once you've made a profit, don't be too complacent. The hardest thing in the world is to keep a profit. This is because once you reach the first goal, you will make a second goal to make more money, and the result will be lost for most people.

Caution is Mark Weinstein's approach to trading, which is why he has achieved a 99% success rate.

Most people are not good at biding their time

Because I do have some fear of the market, I have found that the most successful traders are the ones who are the most cautious about the market. My caution about the market forces me to take the market seriously, sharpen my knife and cut wood without mistake, and time the market very precisely. Whenever I make a trade, I always hold the railing like a beginner swimmer.

If I sense that something is wrong with the market, I don't trade. My timing is based on my experience and intuition, as changes in the market confirm the usefulness of my knowledge and previous experience. I don't lose much money on many trades because I'm good at waiting for really good times. Most people are bad at waiting. They rush into the forest when it's still dark. I wait until dawn.

Although the cheetah is the fastest animal in the world, capable of catching any animal in the grassland, it will wait until it is absolutely certain that it will catch its prey, it can hide in the bushes for a week, waiting for the right moment, and it is not any baby antelope that is waiting to be caught, but a sick or lame baby antelope that will only be caught when it is foolproof. To me, this is the epitome of true professional trading.

You can't really hit them.

When I was at home, I used to watch the sparrows in the garden. Whenever I fed them bread, they took a little bit at a time and flew away quickly. So they kept flying around to take the bread, and only a little bit at a time. They make a hundred efforts to get the bread that the pigeons can get once, but it's hard to shoot them. Because they fly too fast. This is how I do short-term trading that ends the day.

For example, one day I discovered several times that the S & P would rise, but I neither tried to copy the bottom nor left the market until it reached the top.

I only do the strongest part of the market in the middle. To me, trading is like a sparrow eating bread.

Learn how to lose money

Mark Weinstein illustrates his approach in a vivid metaphor. The cheetah is his metaphor for mid- to long-term trading at the right price, and the sparrow is his metaphor for short-term trading. What both have in common is waiting for the moment to win.

Finally, let's listen to his advice for newcomers to foreign exchange trading:

First, you must learn how to lose money, which is more important than learning how to win.

If you think you are always a winner, then when you lose money, you will blame the market and become hostile to it, without thinking about why you lost.

Second, you should control your losses as soon as possible. Most traders hold a losing position for too long because they want to reduce their losses; and for a profitable position, they will quickly squaring in because they are worried that the profits will disappear.

On the contrary, for an outstanding trader, one should fear the spread of losses and hope for more profits.