Warren Buffett, 'The Oracle of Omaha" and CEO of Berkshire Hathaway, Inc. (BRK.A) , might be one of the most legendary investors. But, others come to mind, too. like Cathie Wood, chief executive of Ark Investment Management (ARK) the late John (Jack) Bogle, Founder of Vanguard Group, and Bill Ackman, Hedge Fund Manager at Pershing Square Capital Management.
Then, there are trading legends like Peter Schiff, the so-called prophet of doom who predicted the 2007 market crash and the recent bitcoin slump, billionaire George Soros, Paul Tudor Jones, a Hedge fund manager known for his macro trades, and Muriel Siebert, the first female trader at the NYSE.
They all make stock picking look so easy.
What do these and other notable investors and traders have in common? Well, for starters, they all have a long and successful stock-picking record. But, there are other winning traits, too.
To better understand what traits are needed and help investors and traders navigate one of the most significant bear markets Wall Street has seen in nearly 40 years, TheStreet sought advice from professional trader Gareth Soloway, Chief Market Strategist of InTheMoneyStocks.com.
Bio| More About Our Trading Pro
Soloway is a seasoned macroeconomics and technical charts analyst and an active trader with more than 20 years of experience.
In a recent interview with David Lin, of Kitco News, Soloway discussed his determination to share the secrets of his success with others, his trading strategies, and even his not-so-successful early days of trading.
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"It took me years to get my feet under me," says Soloway, "to where I was not a losing trader of immense proportion. I would lose less, less, less and then get my feet under me to where I was not a losing trader of immense proportion. I started to teach people how to do this type of thing with stock trading and commodity."
During the extensive conversation, Lin and Soloway offer viewers a look at what you need to unlock your journey to becoming a master trader, including; personal discipline, understanding psychology, and chart reading with trading setups.
5 Rules to Becoming a Master Trader
Through years of experience, Soloway developed a framework for success. During the interview, he revealed his 5 principles for becoming a master trader.
- Rule #1: Get Disciplined
- Rule #2: Learn From Your Mistakes & Stay Positive
- Rule #3: Don't Get Emotional When Investing
- Rule #4: Educate, Educate, Educate
- Rule #5: Investing Is a Marathon
Master Trader Rule No. 1: Get Disciplined
Known for his macro-economic analysis, technical chart analysis, and trade signal alerts, Soloway says discipline is an understated part of trading, and the most important.
"You can't just walk into a trading room and think that you're going to be a disciplined trader today. You have to be disciplined in life. It starts at home, it starts with other things you do."
Master Trader Rule No. 2: Learn From Your Mistakes & Stay Positive
Soloway, a swing trader and a day trader who trades everything from stocks to commodities to crypto, says "I think positive thinking is important...You have to learn from the errors. You can't let them get you down."
Master Trader Rule No. 3: Remove Emotion From Your Investing
Warren Buffett, once said, “The stock market is a device to transfer money from the impatient to the patient." That's easier said than done.
With so much uncertainty and wild swings in the market, it's understandable that investors and traders get emotional when the markets soar to all-time highs or lows. The key to the most successful traders, according to Soloway, is that they have the discipline and ability to remove emotion from the investing equation.
Master Trader Rule No. 4: Educate, Educate, Educate
Education is key. "Let's be clear, study time and education is by far the most important thing. If I could go back and had the education to follow when I was a new investor or a trader right I would have so many more millions,"
Soloway is determined to share what he has learned with others. He says that's the motivation behind The Winning Trader Series, a new 3-course that offers a complete A-Z roadmap to stock and crypto trading. He believes that anyone can learn how to become a winning trader in stocks, crypto, commodities, and forex.
Register for The Winning Trader Series
Master Trader Rule No. 5: Investing Is a Marathon
The best investors and traders have years of experience. Cathie Wood, for instance, has been running Ark Investment Management since 2014 and reportedly has more than 40 years of investing experience. Wood has zeroed her focus on some of the most innovative and disruptive companies (everything from Tesla, Inc (TSLA) to cryptocurrency).
"For those baseball fans out there, you have people that are flashy, hit home runs in baseball all the time they swing for the fences. And then you have the people that are singles and doubles hitters the best traders are the singles and doubles hitters they get to the hall of fame", Soloway explains.
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Soloway joins David Lin, from Kitco News, to offer viewers a look at what you need to unlock your journey to becoming a master trader, including; Personal Discipline, Understanding Psychology, and Chart Reading with Trading Setups.
Register now for The Winning Trader Series
Editor's Note: Kitco Media, a precious metals, commodities, and mining global authority, generating and distributing cutting-edge news, market insights, and data to a global audience is a long-term partner with TheStreet.