Houston Truong is a trader who runs the website The Trading Edge, where he shares his trading journey of over 10 years in a bid to help other traders with best practice and key principles.
We contacted Houston to see if he might be interested in imparting some of his insight via our own unique approach to hiving a trader's mind - by taking our Desert Island Trades challenge!
Houston was only happy to take part and join the likes of fellow traders Aaron Fifield, Siam Kidd and Rayner Teo in picking his trading inspirations in an effort to trade his way off our metaphorical island. Read his take on it all below.
To read all of our Desert Island Trades so far, click here. And if you want to give it a try yourself, do get in touch!
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
Boy this is a tough question. I read over 100 books a year so trying to narrow it down to one title is a challenge. If I had to choose one book it would be the Tao Te Ching, by Lao Tzu. The Tao Te Ching is the second most translated book in the world after the Bible and its wide and encompassing lessons apply to trading and more importantly life.
Trading Places. It’s a fun and lighthearted movie, and the scene of Eddie Murphy and Dan Aykroyd cornering the OJ futures market (which is completely illegal by the way) is a classic.
Scott Reddler. Follow Scott at @RedDogT3.
Knowing others is wisdom;
Knowing the self is enlightenment.
Mastering others requires force;
Mastering the self-requires strength;
He who knows he has enough is rich.
Perseverance is a sign of willpower.”
He who stays where he is enduring.
To die but not to perish is to be eternally present.
― Lao Tzu, Tao Te Ching
Tradestation. Tradestation used to be available to Canadians as a broker and charting platform. Several years back Tradestation stopped doing business in Canada and now I have to use a combination of products to do what was available on one platform. tradestation.com
If you had asked me this question a couple of years ago I would have said the SPY or VXX but if I had limited capital and wanted to grow it quickly now, the markets to trade would be Bitcoin and cryptocurrency markets. The question, however, is does the fisherman take payment in Bitcoin? ?
My iPhone. I don't know what we used to do before smartphones.
A personal friend and mentor (can’t disclose his name), who runs his own fund. He is one of the most generous people I know and happens to be the best trader I have ever met.
Follow Houston on Twitter at @RealTradingEdge