If you were cut adrift on an island a long way from home, and the only way to salvation was to use your trading expertise, how would you do it? Here's where we find out.
Trading mentor and entrepreneur Jason Graystone (jasongraystone.com) is next to take the challenge, no doubt inspired by his Tier One Trading buddy Akil Stokes (read Akil's entry here). Through his choice of trading book, movie, market and even Twitter account, Jason gives some insight into his trading philosophies and inspirations. 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
For me the one book would be The New Trading for a Living. I would use this book to help explain to the fisherman that the market is like an ocean. It moves up and down regardless of what we wish for. I would explain to him that the ocean can be useful. You can fish it to provide food and you can use its surface to get to other islands but it can also be dangerous. You can drown in it!
The more rational your approach, the more likely you are to get what you want. Hopefully, he will understand, get good at trading himself and help me trade my way to $10,000 like a mini desert island prop firm! Also, if there was a "NEW" trading for a living, THIS WAS IT!
Quite an alternative selection but I would choose American Made. This is a recent film starring Tom Cruise giving an insightful account of the drug trade! Why would I pick this? Well as I'm trying to turn $500 into $10,000 to get off the island, I may be tempted by greed to over-leverage my positions. Barry Seal's life of greed and fear will remind me that no matter how desperate the situation may be, the only way to success is to not let these emotions have an imploding effect on your life. BECAUSE THEY WILL!
For a source of news I would have to say ForexFactory.com. My strength in trading has been heavily built around technical analysis and historic patterns. Although I use "hybrid" analysis (a mixture of fundamentals and technicals) when looking to hold positions whilst looking for Trend continuation, I do not place trades purely off of news. Instead I have rules to NOT trade when certain releases are due out, so the simplicity of Forex Factory will do for me!
The ONE twitter account I would follow is my trading buddy Akil Stokes (@AkilStokesRTM ). He is an outstanding trader. We also share many of the same principles and have LOTS in common so when times get lonely out on the island, he can keep me on track!
Seeing as though Im stuck on an island with a fisherman and the fact I enjoy fishing myself, it would be:
Many men go fishing all of their lives without knowing it is not fish they are after. Henry David Thoreau
I always liken this quote to trading because so many people spend their lives chasing a dream or a get-rich-quick vehicle but they don't realise that the success isn't the achievement. It's the experience that they love. People only find success when they fall in love with the process and not the outcome.
I'm going use my website tieronetrading.com and the TradingView chart that's available on there. The reason being is that we have a community of very high standard traders in there who I can communicate with on a daily basis. More eyes on the market.
Forex. After years of investing in REITs, Businesses and implementing solid wealth creation strategies, the Forex market truly is the best vehicle to accelerate wealth in my opinion and if I wanna get of this island fast, then Forex is the one market I need. The more I think about it, I'm not sure I would want to get off this island. It sounds quite nice!
My luxury item would be a drone! As I'm a massive fan of photography AND drones, I would have with me my trusted DJI Mavic Pro! I might as well use it to get some great footage of the island whilst I'm there and you never know, I might be able to show the fisherman where the best fish are! If i can show him where the most fish are, he might let me off a couple of grand!
Without a doubt, I would phone home. My wife and kids are the reason I do what I do and without the support of my wife and the drive I have to provide the best for her and my kids, I wouldn't have ended up on the bloody island in the first place!