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Nicholas Darvas was one of the best Wall Street traders of all time. By 1959, he had amassed a fortune of $ 2.2 million trading on the stock market, using a method that he developed and perfected over years of trading. Today, that $ 2.2 million would be over $ 20 million - an enormous amount of money for an independent investor to make.
Nicolas Darvas' 10 golden rules of may seem like quite a bizarre list that you didn't expect. But that was reflected in Darvas' character. He didn't feel like he had to follow the advice of other traders or friends. Too much information on the stock market can simply be too overwhelming and result in you making irrational and loaded decisions that you otherwise wouldn't make. So control and stem your emotions and learn a few lessons from Darvas.
Nicolas Darvas 10 Counter-Intuitive Golden Rules Of Trading
You should not follow advisory services. They are not infallible, either in Canada or on Wall Street
You should be cautious of brokers' advice. They can be wrong.
You should ignore Wall Street sayings, no matter how ancient and revered.
You should not trade "over the counter"- only in listed stocks where there is always a buyer when I want to sell.
You should not listen to rumors, no matter how well-founded they may appear.
The fundamental approach worked better for me than gambling. You should study it.
There is no sure thing in the Market - you are bound to be wrong half the time.
You must accept this fact and readjust my thinking accordingly - your pride and ego will have to be subdued.
You must become an impartial diagnostician, who does not identify yourself with any theory or any stock.
You cannot merely take chances. First, you will have to reduce any risks as far as humanly possible.
Nicolas Darvas was an uncompromising figure, whose determination and instinct for trading has rarely been matched. Any advice Darvas gives therefore should be wisdom you strictly adhere to. He was a very disciplined man who was not afraid to go against the grain and practiced trading in his own unique style as his 10 golden rules of trading above suggest.
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