rip-off nod to Radio 4's long-running feature made its debut last month, with Edgewonk's Moritz Czubatinski the first to take on the hypothetical trading challenge - you can read his effort here.
This month, we're delighted to welcome swing and position trader Rayner Teo of TradingWithRayner.com ,the man whose grand motto is "saving retail traders from self-destruction." But could he save himself from desert island desolation? Here's how he would do so...
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
Reminiscences of a Stock Operator. Possibly the most famous trading book of all time. I love it because it covers all aspect of trading like risk management, psychology, following your rules.
Although Jesse Livermore didn’t have a happy ending, it serves as a deadly reminder to what could happen if you don’t exercise discipline and proper risk management.
Floored. You get to see how pit trading is like in the 1980s and how it transformed into the electronic age. (Watch it below)
I don’t follow news. They are a distraction to me. But if I want to know what the f*** just happened on the charts, I might look at CNBC cnbc.com
Larry Tentarelli (@LMT978). Larry is a Trend Follower and shares great wisdom in trading, risk management, and psychology. Follow Larry at @LMT978.
There is no such thing as failure, only feedback.
This is actually a quote of my own that I came up with after going through difficult times; that's what I realized after the process.
TradingView. A great platform that has offers many markets and useful trading features. uk.tradingview.com
I can’t think of any. I trade prices on the screen, the markets are irrelevant.
A waterproof hand phone. So I can connect with the world (with WIFI please).
Read more from Rayner Teo at tradingwithrayner.com