Wednesday, April 23, 2014

How to make money as a trader?

Basically, one wants to try to be ahead of the game and end up positive. The key points are:

1 There is no 'guru' on trading. No matter how successful the trader is, you will not emulate their performance by paying homage ot so called 'guru'. Track records are meaningless in financial markets. Time will tell, and the markets are the ultimate teacher. If you want to shortcut by looking for 'gurus', then you are misguided

2 Don't lesten to the brokers in the broking industry. They will lie to you by making statements like 'every one makes money who sign up with the firm', 'Trading is easy, you can make consistent profits' They certainly won't tell you that 9 out of 10 traders lose all their money.

3 There is no right or wrong way or method to trade the markets. There is only what works out in the end, given the passage of time.

4 If one trades in an office environment, get a set of noise cancellation headphones. This will filter out the noise and garbage  that comes out of other traders' mouths, which will distract you from the discipline required. You won't hear all the noise, junk and garbage.

FCPO seems to be still on the uptrend?

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"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."J Livermore Manchester City FCl Crude Palm Oil

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THE END OF AN ERA

From Dragons and Bulls by Stanley Kroll
Intro and Foreword
The Importance of an Investment Strategy
5 The Art of War, by Sun Tau (circa 506 BC) and The Art of Trading Success (circa AD 1994)
That's the way you want to bet/a>
Long-term v Short term trading
Technicals v Fundamentals
Perception v Reality
Part 1: Winners and Losers
Part 2: Winners and Losers
Sun Tzu: The Art of War
Those who tell don't know, those who know don't tell
Why there is no such thing as a "bad market"
The Secret to Trading Success
The Experts, do they know better?
Risk control and money management
Good advice
The 'good bets' business by Larry Hite
Don't lose your shirt
Ed Sykota's secret trend trading system