New Trader,Rich Trader 2: Good Trades, Bad Trades
Good trades are just one trade inside a robust methodology that gives the traders an advantage in the long term.7. A good trade is based on your trading plan. A bad trade is based on emotions and beliefs.8. A good trade is based on your own personal edge. A bad trade is based on your opinion.9. A good trade is made using your own time frame. A bad trade changes time frame due to a loss.10. A good trade is made in reaction to current price reality. A bad trade is made based on personal judgment.11. A good trade is made after identifying and trading with the trend. A bad trade fights the trend.12. A good trade is made using the trading vehicles you are an expert in. A bad trade is when you trade unfamiliar markets.Good trades are always managing risk to keep the trader in the game.
New Trader,Rich Trader 2: Good Trades, Bad Trades
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The BAD BEAT Investing service is a specialized carve out of Quad 7 Capital and launched in 2018. The service is run by a team of hedge fund analysts. This a top performing Marketplace service relative to market returns. It is focused on trading opportunistic inflections, and leveraging mispriced stocks and momentum driven events for rapid-return swing trades, options education, and long-term investments. Further, it offers a direct access line to our traders all day during market hours.
James Helliwell: So we teach a number of things at the academy of ours, at the Lex van Dam Trading Academy, where we basically teach and train through our coaching programs, people who are just starting out and also those who are a bit more experienced in the world of trading. But in terms of the specifics, I think much of trading is based around your psychology and your temperaments. So a lot of it is personality based and those sorts of things can be, they can be moulded and mentored, but they can't really be taught. So you do have to have the right sort of personality and mindset in order to stand a chance of succeeding in trading. However, the good news is that whilst that's kind of innate, it can be shaped to an extent, but it's kind of innate to begin with, you don't have to have specific experience or expertise in say mathematics or science or anything like that. I didn't come from that sort of background myself, and many of the best traders over history, we look at the likes of Paul Tudor Jones or Richard Dennis with the turtle traders, another experiment which actually inspired the Million Dollar Traders TV series that Lex produced on the BBC. You look at these things and you could teach people the same rules, but get very different outcomes on the basis of personality and ultimately the temperament of people. So you need to absolutely have a process and to have rules and that's what we aim to deliver at the academy, that's what we teach, but a lot of it will come down to your temperament and to your motivation ultimately for trading and why you're in it. If you're in it just to make money, you might make a lot of money quickly, but the reality is that you're unlikely to stick with it for long-term and see through the inevitable setbacks that you'll encounter and you could blow up your account in the process, which of course is the number one thing to avoid doing. So when you're starting out patience as well is probably the key ingredient and perseverance. It's like anything, anybody who's really successful, regardless of what they do, if it's a sportsman, an athlete whatever, it takes time, it takes experience, it requires patience and it requires dedication and discipline. You can't just come into this and be an overnight superstar and if you are, you'll probably be at the bottom of the pile, the day after. No magic bullet but a lot of it is process and discipline based. It would apply to any industry, any pursuit.
Michael McCarthy: Thank you. More from James Helliwell in a moment. This is The Artful Trader, uncovering the highs and the lows to mastering the art of the financial markets. In our first series, we met Raoul Pal. He's one of the most successful global macro traders ever. So make sure you catch series one of The Artful Trader as we go around the world in 80 trades. Raoul describes why macro is so thrilling. Raoul Pal: It is like the world's most beautiful puzzle that never gets solved and the history of economies is cyclical. Patterns repeat and things repeat, and people basically follow the same behaviour patterns time and time and time again. So if you understand the past, you have a better understanding of the future.
Michael McCarthy: While you're there, you can also get a limited time offer from CMC Markets. Here's how? Now back to my chat with James Helliwell in the city of London. James, speaking of good trades, when did you first recognise the global economic potential of medical marijuana?
When setting out to examine the efficiency of operation of acertain market, there is the problem that just one parameter in whichefficiency performance can be expressed does not exist. The best alternative,therefore, is to consider a set of 'indicators' of efficiencywhich, when taken together, provide an impression of the functioning of themarket concerned. The Survey provides data on (i) price spread (thedifference between consumer's and producer's prices expressed as apercentage of the consumer's price), (ii) the variations inproducer's price, (iii) credit ties, (iv) the rate of turnover of wheatstocks held by private traders, (v) seasonal price fluctuations, and (vi) theadjustments made by private traders to the requirements of the producers andconsumers. Each of these indicators gives the impression that the privatewheat market appears to have worked at reasonably low cost to the producersand consumers of wheat. But, as noted above, the government deserves a goodshare of the credit for this apparently 'happy' state of affairs inthe (private) wheat market. For example, the very moderate seasonalfluctuations in the price of wheat are primarily achieved throughcounter-cyclical releases of wheat from the stocks held by the government.And the remarkably small variation in producer prices is the result of thegovernment's procurement activity. The small marketing margin may, atleast partly, have been due to the announcement effects of the procurementprice and the relatively small share of the marketed surplus that privatetraders handle. As remarked earlier, the government holds the commandingheights in the wheat market, so that any sweeping generalizations about theefficiency of the private wheat-market in the absence of any governmentintervention from the evidence gathered by the Survey would be at bestconjectural.
It follows that government policy with respect to storage activityshould be regulated on three fronts. Firstly, it should expand its ownmulti-product bulk-storage facilities in the key surplus areas, whilebalancing the cost of building and maintenance of such facilities against thebenefits of avoiding wheat losses. Such bulk-storage systems, particularlythose with a chain-storage system, require heavy investment and are beyondthe capacity of the private sector. Secondly, the government may considerextending credit to the private traders for good-quality storage. Thirdly,with a more reasonable level of government intervention in wheat trade, thegovernment should lease State-owned storage facilities at cost price. Theleasing of storage space by the State to the private traders would have anadded advantage in that it would be possible for the government to monitoreffectively the size of wheat stocks and the changes in them. 041b061a72