If you were cast ashore on an island in the middle of nowhere, and the only way to get home was to use all of your skills in trading, how would you do it? Here's where we find out.
Akil Stokes is the latest trader to take our Desert Island Trades challenge. The trading coach from Tier One Trading talks us through his trading inspirations, from his favourite book, to his chosen movie, quote and market. Read it all below...
Desert Island Trades: Your Challenge
You've been dumped on a desert and desolate island, and the only way to get off is to make enough money trading to buy a ride from a ruthless local fisherman. You’ve got $500 in your account and you must trade your way to the fisherman’s going rate of $10,000 to get aboard his trawler. You will have only a laptop and a working link to your broker. Should you fail, the fisherman will cut your connection and you'll never trade again, marooned and doomed...
To help you, you can choose the following:
- 1 trading book
- 1 trading movie/documentary
- 1 source of news
- 1 twitter account to follow
- 1 quote to inspire you
- 1 trading platform
- 1 instrument/market to trade
- 1 luxury item
- 1 phone call for advice
The Daily Trading Coach by Brett Steenbarger. I've grown to the point in my trading career where I understand that trading psychology is the real determining factor between whether a trader finds success or failure. I can imagine how lonely I'd be on this desert island so having a trading psychologist by my side (even if in book form) would be a great benefit.
This was a tough one, originally I was going to go with the documentary Million Dollar Traders because it focuses on a lot of the psychologial mistakes that traders make, but I'm going to switch my answer and go with The Wolf of Wall Street for pure entertainment purposes. We all know that trading is stressful enough, so if I'm going to do so with the added pressure of needing to produce profit in order to get off of this darn island, then I might as well have a funny movie to watch as a stress reliver. With that being said, that movie is also pretty inspiring & has always gotten me pumped up about attacking the markets.
Easy answer (I hope it's not cheating) but I'll go with FINVIZ. I love this site because it consolidates all of the top news sites & blogs into a central location. therefore I have access to Bloomber, CNN, CNBC, Rueters, Marketwatch, Seeking Alpha, etc. All from a single place 😉
My buddy Jason Graystone, @J_Graystone. Jason was once a client of mine who has turned into a phenomenal trader. Because him and I have very similar philosophies and approaches to trading, he'd be the one source that I feel comfortable following in order to have an extra set of eyes on the market. He's also very inspirational so whenever I'm in need in a boost of morale, i know that I could be inspired by his account.
"My opinion doesn't decide what's a good trading opportunity. My rules do"
This was a quote from my trading mentor Jason Stapleton. It's written in my trading plan and it's something that I recite to myself each and every day before I begin trading.
So I'm going to cheat once again. I'm going use my website tieronetrading.com and the TradingView chart that's available on there. TradingView is a phenomenal website that allows me to do everything that I need to do from a technical standpoint. It also gives you access to a large community of traders sharing who knows how many ideas. Why I would choose my site, however, is because if I'm going to see other trader's ideas, I'd prefer them to be from the traders that I work with versus those I don't know. I'm not into following other traders, but if I have the opportunity to have more eyes on the market, then I want those eyes to look at the market the same way that I do.
The Forex Market. I've been mainly forex since 2009 so I'm extremely comfortable with it's personality...YES different markets (and even different stocks or pairs within each market) have their own personality.
This was a toss-up between cable TV and a Coffee Maker. Although I am a sports addict and I feel as if my life revolves around which game I need to watch. I feel as if I've gotten to the point where I'm literally addicted to coffee... seriously. I don't even think I like it, I just needed it. Now I'm all for quitting, but I just don't see going cold turkey, while on an island by myself, while trying to trade my way back to civilization as the right time to make that sort of change in my life. So coffee maker it is! Don't judge me!
It's got to be my wife & kid. My wife was the only one who believed in me when I told everyone that I wanted to be a full time trader. She's the most positive person I know and that would certainly be needed. Also my 3-year-old thinks the world of me & he's the reason that I work so hard. They know nothing about trading, but I believe that a very important part of trading, is getting as far away as possible from your trading.