Thursday, July 14, 2011

Learn to Trade from a 45-Year Day-Trading Legend


Make Your Mentor a Successful 45-Year Day-Trading Legend

"Dick Diamond's systematic approach, methodology and priceless wisdom will give you the 'edge' for trading in the financial markets." – Harrison T., Iceland

"I have followed different courses in Europe. Dick Diamond's course finally takes the theory and turns it into a complete trading methodology. It was worth crossing the ocean (8000 km) 1000 times." – Patric D., Belgium

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People don't call veteran day trader Dick Diamond "The Man in Black" for nothing.

When you go 45 years in the market – and make a respectable living – someone will give you a cool nickname, too.

It's true Dick Diamond's career since 1960 is the stuff of legend, though it bears no resemblance to what you might expect. Dick is no Gordon Gekko wannabe. You won't see him in a million-dollar car or pressed Italian suit – he'll leave that to the Johnny-come-lately trading gurus you see on late-night television and all over the Internet.

Dick's story is quite different. It's about a career of success built on discipline and consistency – two things he had to learn the hard way.

Humble and quiet – yet fiercely confident and independent – Dick began trading his personal account in 1965. He's been doing so ever since.

In the 1960s, market conditions were similar to the 1990s mania, Dick says, everything was going up in price. He used it to his advantage and “rode the wave,” as he puts it, between 1965 and 1968. That year, 1968, he made $900,000.

The next year, the bull market ended and Dick lost 70% of his capital.

That experience would have been career-ending for most traders – not Mr. Diamond. He vowed it would never happen again – it hasn't.

In fact, the experience taught him a lesson that ultimately cemented his career as a professional trader. He realized making a living as a professional requires a highly disciplined approach to trading both the long and short sides of the market. After all, bear markets are not "bad"; they're simply part of the natural market cycle. The reality is markets go up and down; you must be equally adept at capitalizing on the opportunities – in both directions – and defending yourself against the inevitable pitfalls.

Put simply, Dick says the trick isn't being a cowboy trader – throwing down risky bets for huge profits – it's making money consistently by learning to successfully trade both sides of the trend while minimizing risk. But doing so is easier said than done – that's why Dick's 45-year career is nothing short of legendary.

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