subject: The Best Currency Trader - Jimmy Rogers, Learning From The Best [print this page] Most traders buy get rich quick robots or sure fire systems from gurus but the only way to really learn currency trading is to understand, there is no way to beat the markets but with a sound strategy which trades the odds, you can win big. Is Jimmy Rogers one of the best traders of all time? He certainly is, let's take a look at his investment strategy in more detail.
Jimmy Rogers started trading the markets in 1968 with $600.00 but he was soon trading far bigger amounts - In 1973, he met George Soros with whom he started the Quantum Fund which became one of the best track records of all time. In a period where the S&P made just 50%, the Quantum fund made 4,000%. His philosophy may surprise many people, who think charts tell the future or you can predict the market, lets look at it in more detail.
Patience
Jimmy Rogers believes that one of the keys to success in investing is waiting for the best trades to occur - you won't catch him day trading or trading for the sake of it he's after the big high odds trades and looking to hit them hard.
Use Fundamentals First Charts as Backup
Charts and doesn't believe that they give clues to the future, Jimmy only looks at charts to see what has happened in the past and to see value. Most of the world's top traders check the long term fundamentals and then use charts for timing so they mix the two together.
Invest for the Long Term
Many investors focus on too short a time period and are in a hurry for their investments to perform quickly. Jimmy is focused on the long term performance and that means over months and years and he has made a lot of money. So learn short term draw down doesn't matter, so long as you win long term.
Final Words
Jimmy is a larger than life character and next we will look at two of my favorite quotes of his "I haven't met a rich technician" and on money management "My basic advise is don't lose money" Of course we can only give you a brief insight into Jimmy's philosophy of investment here but if you read more on him and his trading strategy, you will see he is a true trading great.
by: K Price
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