first, and determines the volume of transactions taking into account the circumstances. One such trader is Roland Campbell:

For me, this is definitely the key to success. Concluding any trade, I enter the position in stages and exit it in the same way. I noticed that if I buy a currency, it drops by 10 points. This used to make me sad, but now I'm glad that I can buy it at a better price and don't mind if it drops another 10 points. I know what price I need, and by entering the position in stages, I will get that price.

Opening the position piecemeal, Roland makes four tries before giving up. “If the currency continues to fall, after buying it four times in the fall, I ask myself if this trade is worth messing with. However, nine times out of ten this strategy works.” Roland knows when to admit defeat, and unlike novice traders who find it difficult to give up on a bad idea, he always stops himself if the trade does not go well. However, most of the time he successfully applies his strategy, making a profit, and this once again confirms that any rule can be broken if there are good reasons for it.

7. Highs and Lows only become apparent in hindsight
An old stock exchange proverb says, "No one rings the bell at the top." Although the highs and lows seem obvious in retrospect, they are much more difficult to deal with in the heat of a fight. That is why the thought of Tyrone Ball is so valuable. He said, “I began to realize that when you make a trade, you cannot determine the top and bottom. You need to be ready to take money while the price moves in your favor, and try to keep losses to a minimum. It seems that it is very simple, but most people cannot do it. Market profit is ephemeral, like ice cubes in the palm of your hand. Therefore, when making a profit, try to fix it at least partially - this is the key to the success of most traders.

8. Reversals are infrequent and the trend is stable
Ashkan Bolur's deceptively simple remark makes any trader who relentlessly trying to catch the lows and highs. “Usually I aim for succession. I see no point in looking for a reversal if the trend is moving in a certain direction, says Ashkan. “The trend will tell you when it reverses. Look at any chart where there is a reversal pattern and you will see that the reversal takes a whole day. In this case, the reversal occurs once, and the trend is stable until a reversal occurs. Ashkan argues convincingly that more promising trades are made in the direction of the trend, because, as in physics, the price remains in motion until a more powerful force begins to counteract it. He believes that until a tipping point comes, it is much more productive to trade in the direction of the main trend.

9. The last 25 percent of a position can make the most profit.
Everyone wants their profits to grow, but in real life the path to wealth is rarely straight and smooth. Often the price wins back a significant part of the growth, or even the entire growth, and the mass of inexperienced traders is left empty-handed. However, Paul Willett came up with a way that allows you to fix part of the profit immediately, not missing the opportunity to take advantage of further growth. This approach is interesting because, as Paul discovered, leaving open even a small part of the position, you can make a significant profit.

How does such a strategy work? Let's say we are trading the Paul Method with a 20 contract position. The stop order is placed at the level of 1.00 points from the entry into the transaction on ER (mini-futures on the Russell 2000 index). With a 1.00 pip increase, Paul sells five contracts, moving his stop loss to break even. When the price rises 2.00 pips, he sells the next five contracts, and at +3.00 pips, he sells five more. At +5.00 he sells two more contracts and at +7.00 he sells the remaining three. In general, the position earns him +61 points, of which 31 points - more than 50 percent - are in the last five contracts, which make up only 25 percent of the total volume of the transaction.

Paul teaches us that a small part of a position can make a lot of money.

10. Let your money work for you
In the pursuit of capital gains, many traders often overlook the enormous opportunity that interest rates offer. However, Marcelino Livian is not like that. Like the big banks and the best hedge funds, Marcelino always makes sure that he earns interest on his open positions. That is why, when trading on FOREX, he always makes deals on currency pairs with a large difference in interest rates - this makes the average market entry price more profitable even before the position starts to make a profit. Although this method is not as impressive as the dashing pressure of scalpers, it gives no less profit, which means it deserves to be taken seriously.

eleven. Defeat the computer with its own weapons - use test orders
Today, almost 70 percent of transactions on the NASDAQ are done using automated systems. Many traders believed that the advent of e-commerce marked the end of the face-to-face market, but Steve Ykou not only adapted to the new order of things, but also learned to use the logic of software implementation of algorithms to his advantage. Steve says:

A significant portion of NASDAQ transactions are now done through black boxes. So often I have to check the price to see where the market is. If, when I go long, I put in offers to buy, raising the price, and I see that other sellers are pulling up behind me, I know that I was not mistaken. If I make an offer to sell and see that I am left alone, then there are no aggressive sellers. So, by submitting bids and asks, I get information about the market.

Whether you are human or machine, in the financial market you are either a buyer or a seller. By constantly testing the logic of the machines, Steve uncovers their true intentions and uses that information to make profitable deals.

CHAPTER 2
THE ONE WHO BUYS FOR A LOT
Dana "Dan" Allen
Еще маленьким мальчиком Dana "Dan" Allen был очарован игрой на бирже. At the age of 9, he began reading The Wall Street Journal, and at 21 he opened a trading account in the commodity market. Dana has always had an uncanny ability to buy for a few cents what is worth a dollar. Dealing with commodities, stocks and options, he was consistently able to reveal the true value of a financial instrument, often increasing the investment tenfold. Buying quality assets for next to nothing, Dana Allen successfully makes a profit by placing bets when most market participants are in a hurry to close positions. Although this tactic is not for the faint of heart and While it may seem chaotic at first glance, Dana handles risks safely and earns returns that most retailers can only dream of. We had the opportunity to talk to Dana while he was at his home in Nevada.

***
Q: Can we say that the game on the stock exchange has always attracted you? You read The Wall Street Journal in high school, didn't you?

A: Oh, it started much earlier, I was already reading it when I was eight or nine years old. I was scrolling through the section on the commodity exchange, looking at the charts and thinking how great it is, so I can make money from it. Of course, I was too small. But when I was twenty-one years old, it seems to me, right on my birthday, I started trading in goods. I must have been the youngest salesman in the United States at the time.

Q: When you say you started trading, do you mean retail?

A: Yes, it is her. Commissions at that time were extortionate. I went to college and traded mostly copper because I studied geology.

Q: What was the commission rate?

A: Oh, it was a real mess [laughs]: 50-100 dollars per position or something like that. It was terrible.

Q: And how much did one point give?

A: $250 per cent.

Q: So if the price of copper went up a point, did that offset your costs?

A: Yes, it was a serious growth. At the time, my broker was paying $600 a month for a 5-minute late quote that anyone can get today for free. Now everything has become much easier. Information is free and comes faster. The commission is 1 percent of the previous one. When I trade options, the commission is 1.5 dollars for buying and selling combined, and before each transaction cost 50 bucks. In many ways, trading is better than ever.

Q: Did anyone in your family trade stocks?

A: Yes, my father was an investor. But he was a businessman, not a trader. When I got into it myself, like everyone else, I started with the minimum amount, opening an account with $3,000 [laughs]. And with such a tiny amount at your disposal, you will almost certainly go broke.

Q: How quickly did you go bankrupt?

A: It seems like in six months. It's not so bad if you start trading goods with 3000 bucks [laughs].

Q: Yes, it's a good result. Can say impressive. You have lasted quite a long time. We knowingly asked if your family traded stocks. We