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Seeking Success in Trading World: Stories of 3 Accomplished Traders

Success in the trading world can be achieved by anyone, whether it's forex traders, commodities traders, or options traders. The success stories of cross-market traders we are about to discuss provide inspiration for many. In financial trading, we have a multitude of instruments to choose from, tailored to individual needs and abilities. Some traders may be more interested in currency trading (forex), while others prefer stocks, options, or commodities. However, fundamentally, to succeed in trading, high analytical skills and discipline are required to avoid regrets later on. For beginners, seeking references from successful traders can be a good first step before embarking on the journey into financial markets. There are many trader names, both local and international, that serve as sources of inspiration, as well as the best success keys and trading strategies they use.

In this article, we will discuss 3 success keys of cross-market traders that can inspire you before starting trading.

  1. Collin Seow: Stock Trader and Charismatic Trainer

Collin Seow may not be well-known among Indonesian traders, but he is the founder of the site Collinseow.com or TradersGP and a stock trader as well as a Chartered Portfolio Manager (CPM) with the designation of Certified Financial Technician (CFTe). Additionally, he is a charismatic trainer. Collin's ability to understand market conditions has become exemplary for many of his students, and many of them have succeeded in becoming successful traders and investors. As a trader who has been involved in the stock market for more than two decades, Collin acknowledges that he has learned a lot and gained experience from the stock market where he trades. Although initially hesitant to engage in long-short stock trading, Collin eventually used fundamental analysis as his main weapon. He believes that fundamental analysis is crucial for stock traders to understand the financial condition and value of a stock; whether it has exceeded its fair value (overvalued) or is still below its actual value (undervalued). When asked about common mistakes made by novice traders, Collin said that beginners often lack confidence in the trading strategies they create themselves. This happens because they do not yet understand the strategy well, so they often feel unsure during trading. On the contrary, beginners tend to be tempted to follow other traders' strategies, even though their success has not been proven. Collin's second mistake is neglecting Money Management. "Many novice traders focus too much on profit achievement, without paying attention to how to manage losses properly. Yet, by mastering the basics of risk management, you can turn trading results from losses into breakeven, or even slightly profitable," he says. So, what is the success key of this stock trader? In one of his training materials, Collin shares the key to successful stock trading abbreviated as ETET: Entry, Target, Exit, and Time Frame. He explains that these four aspects are important to consider in every position taking, of course with the support of Money Management and consistent discipline.

  1. Rayner Teo: Forex Trader and Trend Following Strategy Follower

The story of the second successful trader comes from Rayner Teo, a forex trader and founder of the TradingwithRayner site. Rayner is known as one of the most influential forex traders in Singapore. Although his career is quite illustrious, he prefers to be known as a forex trader who enjoys sharing inspiration. Rayner said that he has also experienced failure. Before finding his version of the Holy Grail based on the Trend Following strategy, Rayner lost $10,000 in 2 weeks when trying to invest in stocks. He also experienced a drawdown of up to 50% when first attempting to switch to forex trading. So, what is the success key of the trader that he applies to succeed? Rayner always evaluates and avoids the same mistakes. These two points are considered key to rising from previous failures. By using a journal as a trading evaluation tool, a trader can identify any mistakes made during market participation, so that these mistakes are not repeated in the next strategy. Through this evaluation, Rayner realized that his use of Price Action, harmonic patterns, and technical indicators had weaknesses. Therefore, he overhauled his strategy and switched to being a Trend Follower. After that, Rayner successfully turned accumulated losses over 4 years into consistent profits. Now, he is one of the successful traders with many followers on social media.

  1. Alex Yeo: Option Trader and Founder of BigFatPurse Singapore

The success story of the last cross-market trader comes from Alex Yeo, an option trader and one of the founders of BigFatPurse Singapore, a leading financial education and technology company. Alex's success in trading options earned him the designation of Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA). Although he has only been involved in the options market for 3 years, Alex has found his successful trading key in this instrument. He prefers to be a seller rather than a buyer of options. His selling method is quite simple; he chooses levels that are unlikely to be reached by the market, then sells option contracts at those levels to earn premiums. Although some people are reluctant to trade options, many are also challenged to trade in this instrument. The high leverage and permission for hedging are the main reasons Alex chose options. For beginners, Alex suggests not only focusing on trading psychology. Mature trading strategies and plans should be prioritized before considering psychological aspects. Even if a trader has mastered trading psychology well, it will be futile if the trading strategy created turns out to be insufficient.

The above three successful traders, Collin Seow, Rayner Teo, and Alex Yeo, are not instant successes. They have also experienced failures and difficulties in their trading journeys. However, with hard work, perseverance, and discipline, they have achieved success. Their success can be summarized from several key points:

  1. Determine the right trading strategy: Every trader has different trading styles and strategies. It is important to find a strategy that suits each individual's personality and trading goals.
  2. Avoid blindly copying others' strategies: While it can be useful to learn from other successful traders, each trader should develop a strategy that is suitable for themselves.
  3. Evaluate trading strategies: Regular evaluation of the trading strategies used can help traders identify weaknesses and mistakes, so that they can be corrected to improve trading results in the future.

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