It's that time again as we welcome another trader to take a hypothetical plunge into the unknown, by taking part in our Desert Island Trades challenge.
Joining entries from Edgewonk's Moritz Czubatinski, TradingWithRayner's Rayner Teo and Tino Pistou of TradersReality.com, we say hello to Siam Kidd - aka The Realistic Trader (therealistictrader.com) - before casting him adrift as he becomes the latest trader to outline how he would trade his way off our desert and desolate island. Read on to find out...
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
Trade Your Way To Financial Freedom by Dr. Van Tharp. I’d say at least 90% of successful trading is down to habits, risk management and psychology and this is the best book which focuses solely on these aspects. This was the book that really upped my game all those years ago!
The Wolf of Wall Street. A bit of an odd one to pick I know, but it’s bloody hilarious. Not many good trading tips to take away from it other than be the opposite of Jordan Belfort, however that Qualude overdose Lamborghini scene at the Country Club cracks me up everytime!
ZeroHedge. Well news is totally irrelevant for me being a Technical Trend Trader and all news is just noise anyway. But I guess it would have to be ZeroHedge. This is more for entertainment than anything though! zerohedge.com
Be prepared to live like most won’t so that one day you can live like most can’t.
I'm not sure where I read that quote, but no doubt it was from the great Jim Rohn.
FXCM. The charting software is by far the best on the planet by a country mile. I’m really not a fan of MT4. fxcm.com
GBP/AUD. It’s just a beautiful pair. It trends well and is great for technical analysis.
Other than a yacht?! I guess a gaming PC so I can play PlayerUnknown’s Battlegrounds. It’s my guilty pleasure at the moment. Can’t get enough of that game!
Elon Musk! He’s the real world Tony Stark. Failing that, it’d be Bear Grylls so I can get some advice on how to survive better on the island!
- Make sure to check out Siam's insight into cryptocurrencies in his interview with Two Blokes Trading, listen below...