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Confidence Is Money
There is no greater asset for an entrepreneur than an absolute conviction that you know what you're doing. If you don't feel sure of yourself, why should anyone else trust you?
Choosing a Business Identity
A rose by any other name may still be a rose, but what you name your business will affect how the market perceives you. A business name that may seem catchy or cute can often translate into something misleading or ineffective.
The Way of the Spare Room Entrepreneur
Being a spare room entrepreneur is more than just a way of making a living, it is a way of living your life. It isn't an easy way to live. In the past, being in business independently was the norm, and people typically worked and lived in the same place.
Rick Redmont Bases Trading on Wyckoff Theories
Off-floor trader Rick Redmont gained his first experience trading stocks as a college student during the bull market of 1961. "I had $10,000, which turned into $20,000. I followed the Chartcraft point and figure book-but it didn't really matter what you bought.
Tom DeMark Relies 100% on Market Timing
Trader and consultant Tom DeMark has invented dozens of proprietary technical indicators over the years and relies strictly on the technical principles of market timing for his research and trading. In fact at one point in his career, DeMark went through the CFA program (certified financial analyst), but chose to never complete it.
Tom Bierovic Uses Discretion on Top of His Rules
Off floor trader Tom Bierovic, trades according to a set of rules he has developed over the years, but uses his own discretion on top of these rules. Bierovic believes he was lucky because he was introduced to the futures business at a very young age. His father was a trader at the MidAmerica Exchange and Tom would plot daily and weekly bar charts of the agricultural contracts for his allowance money.
Choosing a Trading System That Actually Works
I believe a good trading system should be considered for inclusion in one's portfolio in order to potentially enjoy superior returns. Finding a good trading system, however, can be a very difficult process.
Grant Noble Reads Mass Media for Contrarian Signals
Futures trader and author Grant Noble looks to the mass news media in order to garner signals of major market bottoms or tops. Only, he looks to the media with a contrarian perspective.
Angelo Reynolds Scalps in the Eurodollar Pit
As a trader in the Eurodollar futures pit at the Chicago Mercantile Exchange, Angelo Reynolds cites mental toughness and courage as two of the necessary factors to successful pit trading. "I knew I always wanted to be involved in the markets," Reynolds said.
Glenn Neely Bucks Traditional Elliott Analysis
Glenn Neely locks horns with traditional Elliott wave theoreticians and has developed his own approach to trading the markets, which he calls NEoWave Theory. Neely first encountered the Elliott wave theory back in the early 1980's while he was working off-shore in the oil industry.
Linda Bradfore Raschke Focuses on Technicals
After spending six years trading on the floor, first at the Pacific Coast Stock Exchange and then at the Philadelphia Stock Exchange, Linda Bradford Raschke shifted gears and moved to an off-floor office in 1987. After trading her own money for several years, she moved into the money management side of the business in early 1993. Raschke, along with her partner Rick Genett, manage about $25 million.
George Lane Still Trading Off Stochastics at Age 75
George Lane completed his 47th year of trading in December 1996 and is still going strong. After many years of trading in the grain pits in downtown Chicago, Lane has shifted to screen trading during his "retirement" in a small community about 80 miles south of Chicago.
Key to Day-Trading: Have Your 'Team' in Place
Day-trading is a very serious business; if you don't have all the right ingredients in place before you begin trading, you're dead. One of the most important aspects of the day-trading business is your "team:"
Lee Gettess Focuses on Controlling Risk
Trader Lee Gettess focuses on risk control as a major factor in determining his success in the commodity markets. However, it wasn't always that way. Gettess received his introduction to the commodity futures markets via a telephone call from a broker.
Cynthia Kase Relies on Proprietary Technical Indicators
Trader and consultant Cynthia Kase relies on a series of proprietary technical indicators that has developed for her trading signals. Kase makes her trading decisions strictly based on these technical indicators and doesn't rely on fundamental analysis at all.
George Fontanills Incorporates Options to Lower Risk
Trader George Fontanills first began utilizing options in order to go "delta neutral" on his futures positions, which would allow him to "still sleep well at night." Since he began using options in conjunction with his futures trading, Fontanills believes he has found a way to accelerate his profits while decreasing his risk.
Jake Bernstein: Psychologist Turned Trader
Jake Bernstein, one of the futures industry's best-known traders, started trading "by accident" he told FWN. Bernstein was a psychologist who responded to an ad in the newspaper regarding "ag futures." A broker started calling him and Bernstein opened an account.
Walter Bressert Reads Market Via Cycles & Oscillators
Walter Bressert earned a college degree in economics, which taught him "economists don't know much about the way the world works." An active trader for many years, Bressert relies on cycles and oscillators in his intraday futures trading, in which he primarily focuses on the S&P 500 contract.
How an Options Specialist Prepares for the Market Opening
At 6:45 a.m. the traffic already is building on the expressways that feed into downtown Chicago. From inside your car, the only real difference between winter and summer at this time of day is that in summer the sun is already up. In the dead of winter, traders only see the sunshine on vacation.
Day-Trading: Not What You Think
The day-trader is a cross between an extrovert and an introvert with both characteristics in balance. The introvert aspect is depicted by the disciplined workaholic with a reclusive concentration. The extrovert aspect is depicted by an aggressive, competitive, self-motivated individual striving to be the best in a selective profession.
George Angell Keys in on Volatility and Liquidity
Volatility and liquidity are the two elements independent trader George Angell looks for in a market to trade. Currently, Angell exclusively trades the S&P 500 futures, putting on intraday trades only, never holding positions overnight. "Liquidity and volatility are the two things you have to have. You can't day-trade something like oats--it wouldn't work" Angell said.
Larry Williams: Training Key for Trading, Running
Trader and marathon runner Larry Williams sees parallels between successful trading and successful marathon running. Williams, who recently completed his sixteenth marathon run, pointed to "pain and agony" as being two of the obvious similarities between trading and long-distance running.
Gary Wagner Uses Candlesticks to Measure Sentiment
Japanese candlesticks offer a "mathematical expression of psychological market sentiment" to trader Gary Wagner, who utilizes these Eastern technical indicators in conjunction with Western tools to actively trade for himself.
Persistence Pays Off for Joe Stowell
According to independent trader Joe Stowell, persistence and courage are two key characteristics necessary for success in trading. Persistence certainly has paid off for Stowell, who traded part time off and on for 20 years, before leaving his job as a school teacher to trade full time.
Ben Warwick's "Event Trading" Keys in on News
While many traders focus either on technicals or fundamentals as they develop their trading strategies, trader Ben Warwick focuses on a market's reaction to news. Warwick has developed his own method of trading, which he calls it "event trading."
Fundamental Versus Technical Forecasting
Just before we get started I want to introduce you to fundamental analysis. Fundamental analysis concentrates on the forces of supply and demand for a given security. This approach examines all the factors that determine the price of a security and the real value of that security.
Lost in Forex Loss
An email prompted me to consider the significance of taking responsibility in trading. There is a natural tendency for most people, in any area of life, to not take responsibility for results and behaviors that appear negative. We want to see ourselves in a good light and it is tempting to try to avoid responsibility for acts that we consider bad.
How To Nail The Market When Everyone Else Is Wrong
Picture the scene -- you have done your an alysis and have been waiting for the breakout of a range. You might even have identified a head and shoulders or double bottom. So anyway, you have a trade all set up and you are just waiting for the move.
How To Think Like A Winning Day Trader
What makes the best traders successful? Are they "lucky"? Have they discovered some "secret" indicator? No. They've learned the truth about trading. Trading success is a simple as 1-2-3.
Easy Way to Cut Losses
I have successfully given up two unhelpful behaviors, one was smoking which I stopped 10 years ago; and the other was drinking alcohol, which I gave up last year. Most people these days agree that smoking is a bad habit, but equally most people still consider drinking to be perfectly healthy in moderation.
What is Paper Trading?
Over the years I have trained many traders and I always advise that they spend at least three months paper trading before they go live with real money. Now even though I advise this I have never had a student actually do it. They all give up on paper trading after a few weeks and go live.
Understanding Foreign Currency Pairs
Trading the forex market has many benefits over other financial markets, among the most important are: superior liquidity, 24hrs market, better execution, and others. Traders and investor see the forex market as a new speculation or diversifying opportunity because of these benefits.
Forex Building Blocks that Works
Day trading the foreign currency market is definitely one of the more challenging endeavors an aspiring trader can pursue. The higher degree of leverage available in this market can increase profits, but it equally accelerates losses as well.
Richard Rhodes' Trading Rules
I must admit, I am not smart enough to have devised these ridiculously simple trading rules. A great trader gave them to me some 15 years ago. However, I will tell you, they work. The rules are simple. Adherence to the rules is difficult.
Should I Override the Forex Strategy?
Today was a perfect day to test your discipline: We went long at 1190.00 and the reversing order was placed at 1192.25. Prices moved up to 1192.00 and reversed. One hour later we tried to reverse at 1191.00. Again prices moved up to 1190.75 and reversed.
Forex Trading for Beginners
Did You Know? A number of years ago I did a survey of over 1,000 people who had replied to adds I placed in local newspapers advertising various stock market information. This is what I found out:
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