What do world’s best Traders differently than average investor? Can average investor learn from Trader Legend’s success stories and their systems used? What do most famous Traders have in common that can be applied by average talented trader?

Before we will give some insights on those questions let’s have a look at some of most successful Trader Legends:

ØNicolas Darvas turned an $ 36’000 account into $ 2’000’000 in 18 months!!! ØEd Seykota, a Turtle Trader, turned $ 5'000 into $ 15'000'000 in 12 years!!! ØJesse Livermore made several multi-million dollar fortunes in early 1900's ØRichard Dennis, another Turtle Trader, made between $ 100 and $ 200 million ØGeorge Soros is believed to be one of greatest Trader of all time!!!

The results are quite impressive and some other amazing Traders could be added easily to list above. Why do these guys have such tremendous results?

There are common factors, which can be observed through most of successful Trader Legends:

ØThey have a System which they strictly follow. ØMost of them have a trend-following trading style. ØMost of them have a mid- to long-term approach. ØThey have no fear and greed mentality. ØThey have absolute discipline and stick 100% to their system. ØTheir trades are fully planed; they are prepared for all scenarios in advance. ØThey know that a system goes through bad times and good times. Cut losses early and let profits run. ØTheir systems fit to their personality.

Some of these points sound logical and I see people nodding their heads. But in reality average investor behaves completely different. Some of them burned their fingers over last three years and some even lost a fortune. Here are some examples of observed behaviour patterns:

If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. It doesn't have to be that way.

With millions of people experiencing financial problems it is absolutely necessary for everyone to know and understand their rights as a consumer.

Federal law requires that you receive fair and equal treatment from businesses issuing credit. This law applies when they evaluate your applications for credit, insurance, employment, and even leases.

The one area where I receive most complaints are from individuals that are being harassed by debt collectors. These complaints range from debt collectors contacting their work and family members to being called names. All of these are a direct violation of Fair Debt Collection Practices Act (FDCPA). This article spells out exactly what your rights are as a consumer.

I have copied some areas of this article directly from Federal Trade Commission's web site to ensure that information is explained exactly as law applies. These areas are identified.

The FDCPA lists following guidelines that must be followed by all debt collectors:

(Copied from Federal Trade Commission web site) ---------------------------------------------------------------- ~~Debt collectors may contact you only between 8 a.m. and 9 p.m. ~~Debt collectors may not contact you at work if they know your employer disapproves. ~~Debt collectors may not harass, oppress, or abuse you. ~~Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime. ~~Debt collectors must identify themselves to you on phone. ~~Debt collectors must stop contacting you if you ask them to in writing.

It also prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. ----------------------------------------------------------------

It is very important to keep a record of any contact you make with your creditors especially when there is a dispute or misunderstanding regarding your account. You should list name and address of company, date and time of call, name of person you spoke with and content of call. I have developed a form that can be used for this purpose. You can find it at http://www.homemoneyhelp.com/ccrs.html

Another important aspect of your consumer rights is Credit Reporting. Derogatory information in your Credit Report can have serious consequences. It is ultimately your responsibility to ensure that information in your credit report is accurate and up to date.