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TimRacette

The 10 Traders Who Have Influenced Me the Most

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We’ve all experienced the effect of a mentor, whether it is a teacher, coach, or colleague. These are the 10 top traders that have played the biggest role in my trading, both as an inspiration and through their teachings.

 

10. Eric Utley – TradingAddicts

 

I began following Eric back in early 2007 from a podcast that he produced with Jeff Kohler. Eric has been around the markets a long time and understands the important of larger time frames and remaining patient, allowing the trade to pan out. I have learned a lot about market profile and macroeconomics from his teachings over the years. He has a lot of insight in regards to larger time frame trading as well. You can find out more about Jeff at TradingAddicts.com.

 

Primarily Trades – Futures, Bonds

Specialty - Market Profile, Macroeconomics

 

9. Ben Lichtenstein – TradersAudio

 

Ben is not like any other trader on this list. Ben stands at computer station outside the S&P500 open outcry pit at the CBOT. Here he watches the traders and calls out what is taking place on a daily basis through his squawk box. I have had the privilege to spend a day at his side watching the live trading action and I can say it is a blast. It's amazing at how fast he can process the information and spit out quotes, bids, offers, and from who those orders are coming from. I listen to his comments during the trading day using the Thinkorswim platform.

 

Primarily Traders – Futures

Specialty – Pit Trading, Market Profile

 

8. Tim Bourquin – TraderInterviews

 

If you’ve heard of or been to the Traders Expo then you will be familiar with the work of Tim Bourquin. Tim is Co-Founder of the Traders Expo and interviews some of the industry’s best traders at TraderInterviews.com. I have had the privilege to meet and be interviewed by Tim back in 2008 (the interview can be found in the archiveson his site).

 

I have gained a lot of valuable information from the interviews Tim he has put together. As a presenter myself at the Las Vegas Trader's Expo in 2009, I can also say that he has build a great learning environment for trader's to meet and test out the latest software and strategies.

 

7. Jack D. Schwager – Author, Market Wizards

 

You would be hard pressed to find an author that has spent more time gathering content for his books than Mr. Schwager. In preparing Market Wizards, Stock Market Wizards, and New Market Wizards, Schwager traveled the country to interview America's top traders.

 

These books provide extensive knowledge about the intricacies of various markets, trading strategies, and trading OPM (other people's money). Some of the people interviewed include Paul Tudor Jones, William O'Neil, Dr. Van K. Tharp, Mark Weinstein, Ari Kiev, Linda Bradford Raschke, and Mark Cook to name a few.

 

6. Jeff Kohler - OptionAddict

 

Jeff has had a huge impact on my trading. I learned more about price patterns and options trading from Jeff than any book I have read on the subject. From Jeff I also learned the skill of creating and filtering watch lists.

 

Always keeping it laid back, Jeff produces a weekly watch list and is a partner with Eric Utley over at Trading Addicts, along with keeping up his OptionAddict blog.

 

Primarily Traders - Options

Specialty - Price Patterns

 

5. Martin “Buzzy” Schwartz - Day Trader

 

I came across this champion day trader in reading the book Pit Bull. This biographical account of Mr. Schwartz tells the story of how he became an expert at trading S&P futures. The year was 1979 and his first full year as an independent trader, Mr. Schwartz made $600,000 and a year later earned $1.2 million.

 

While I have not met him personally, the book is written in such compelling form that you get a sense of what it takes to become a truly great trader. If you trade futures, you must read his story.

 

Primarily Traders - Futures

Specialty – Open Outcry Trading

 

4. Jesse Livermore - Speculator

 

My list wouldn’t be complete without mentioning the famed Jesse Livermore. Similar to Mr. Schwartz, Livermore’s trading journey is told in compelling fashion in the book, Reminiscences of a Stock Operator.

 

As a young boy, Livermore began his career in the early 1900's in the New England bucket shops, later given the name “boy plunger” making (and losing) a fortune multiple times. There is a plethora of knowledge in this book. A must read!

 

Primarily Traders - Stocks

Specialty – Speculation

 

3. David Halsey – EminiAddict

 

There really is no one I can compare to David Halsey. He blogs over at EminiAddict.com and as the as name implies he primarily trades the E-mini S&P and Eurodollar. DH provides an incredibly useful trading room where he talks about trade setups, management of trades, and answers questions all day long. Before I met DH, my trading strategy was good, it had come a long way, but it was missing something. I found that key ingredient with DH. He’s a great trader, with great character, and an all around outstanding guy.

 

Primarily Traders - Futures (S&P, EUR, GBP)

Specialty - Fibonacci and NYSE tick

 

2. John Carter - Mastering The Trade

 

As I close in on my number one trader, I knew who contributed to the most “light bulb” moments, John Carter. Those moments when we take things to the next level only happen every so often, yet I found them happening many times when listening to John Carter’s audio book Mastering the Trade. It is a terrific guide to get over the “hump,” and break free of your impulse trade that is costing you money. JC is a great speaker and very friendly guy always willing to help. I owe a lot to him.

 

Primarily Traders - Futures, Stocks, Forex

Specialty – Pivot Points, Market Internals

 

1. Peter Reznicek - ShadowTrader

 

At last we come to the trader who has influenced me the most, his name is Peter Reznicek. I chose Peter as #1 because he introduced me to market internals what really is going on “under the hood” of the market.

 

Peter puts out a weekly video and comments daily on a Squawk box on the Thinkorswim platform. There is also a phenomenal audio series he put together that I have listened to over and over again, ingraining the concepts into my subconscious.

 

Primarily Traders – Futures, Stocks, Options

Specialty - Market Internals

 

I have followed Peter from day 1 of my trading and it is for this reason that I chose him as the top trader who has influenced me the most.

 

I hope you have enjoyed reading through my list of most influential top traders. Any one of these traders could be placed into the “traders hall of fame” if such a place existed. The knowledge I have gained through the years following their blogs, podcasts, squawk boxes, and trading rooms has truly shaped the trader I am today.

 

Every one of these traders are extraordinary mentors and have helped change the lives of countless individuals. If you are dedicated to learning the art of trading these 10 top traders can help catapult you, as they have done for me, to success as a consistently profitable trader.

 

I cannot express my gratitude enough. You have all played a huge role in my trading.

 

Thank you!

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I unfortunately learnt the hard way and watched a bunch of no names - even though they are friends on option floors and learnt from my own experiences. You watched the guys who were calm and patient, who did more than bully their way around who put on the good bets - those that were more conservative and there for the long term.

and Tim, while it sounds narcissistic maybe, but you forgot to add yourself.

The influence you have on yourself is immeasurable. :)

 

Apart from a few on the list already mentioned - Swagger, Livermore, Swartz who I read about,

 

1....Ultimately the one who swayed me the most had to be some of the readings of George Soros, and the ideas of small bets until the market goes your way and then you go with it with bigger bets.....not really day trading but the principles can apply,

 

2.... and even though as option traders we were already structuring books around long volatility plays and looking for big moves before the books and ideas came out - Nicholas Taleb with the Black Swan ideas put them nicely into word form in a book.

 

3....Joe Ross books - 5 minute trading, trading as a business etc, helped give more a formal format to the old gut feel you develop while working with pencils and paper beofre the old fashioned computer screen and instant chart.

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I studied “The trading addicts” subscription is really a feature rich creation which you are not likely to find elsewhere. It’s a valuable to all types of traders all over the world. It’s really a constructive stuff. Trading Addicts and trading stocks are bringing positive changes in the shape of trade system and you can experience this fact yourself if you have started using this amazing system in your trading.

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Tim,

 

Nice Article, Thanks.

 

I too am a fan of Eric Utley.

 

If you have visited TradingAddicts.com recently you will see he has changed his format and now runs the room from charts and indicators that are the next evolution of Market Profile Theory. They are great charts & indicators and his room subscribers get special discounts on the software.

 

cheers

 

UB

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I was always a fan of Jeff's Option Addict blog back in the day. I learned a lot about price action and options trading from there. Great guys Jeff and Eric, I picked up so much chatting with them over the years.

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I was always a fan of Jeff's Option Addict blog back in the day. I learned a lot about price action and options trading from there. Great guys Jeff and Eric, I picked up so much chatting with them over the years.

 

They have entirely new software for Eric's presentations. All based on technologies that express the evolution of market profile theory - locate the drivers of the market & trade with the balance of commercial trade - the software comes from TradePointSoftware.com

 

I couldn't agree more that Eric and his partner are both ethical and knowledgeable about markets in general and derivatives in specific.

 

Their room is, IMHO, a great value and in profile terms = price below value.

 

cheers

 

UB

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