Following fantastic debut entries from Edgewonk's Moritz Czubatinski and Rayner Teo of TradingWithRayner, we're delighted to welcome Tino from TradersReality.com as the next candidate to trade his way out of our hypothetical scenario on a desert and desolate island.
If you've been reading our Trader Psychology series you'll be familiar with some of Tino's work on the topic, but how would he keep his head about him if stranded alone with only his favourite trading strategies and inspirations to help him off? Find out 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
Trading In the Zone. Mark Douglas demonstrated the importance of seeing the markets in terms of probabilities. More so the emphasis on your belief systems and how to change them was crucial to my development in trading.
21. It's not exactly a trading film, however, 21 has to be the film for me. Its fundamental lesson is demonstrating the importance of increasing the probabilities of outcomes occurring. Card counting principles relies solely on probabilities. This film ingrained the importance of probability and sample size of outcomes within a given scenario. This film can be related to many aspects of trading. You are dealing with the unknown and grasping the idea of why probability is the most important tool that can improve the way you trade. 21 is a must-watch.
FX Street/Forex Factory. I guess the saying that "no news is good news" applies here for me. The only news I need is the main announcements that can determine the big move in the currency market. I will use FX Street or Forex Factory. I know there are delays in information provided but I use these sites to scope what is being released. fxstreet.com forexfactory.com
Yvan Byeajee (@yvanbyeajee). The account would be Yvan of Trading Composure. This guy has been responsible for my progression to the world of consistency in the markets. This guy's work is flawless and you can access it at tradingcomposure.com. He dives into the mind as to why we think the way we do and how we can overcome the same obstacles that cost many traders their trading accounts. Follow @yvanbyeajee here.
If there is no enemy within, the enemy outside can do you no harmAfrican proverb
Our minds are the reason why we fail most of the time in trading. It's our minds that make the trades, it's our minds that pick the instruments we choose to trade. We sabotage our success simply by thinking the way we do. If we can manage our thinking, then we can embrace the uncertainty and trade mindfully.
MT4. It's like saying, which would you prefer, Apple or Samsung? I've got more flexibility with MT4 than any other platform. metatrader4.com
USDJPY. For my methodology, this pair respects areas in the market like no other.
My vaping device. I always have this. If there is no cloud surrounding me, I can't breathe.
My mother. My Mother is the most brutal and clear cut no-holds-barred person. If I need clarity on anything, she will put things into perspective. I guess the one thing I have learned is to always jump in at the deep end.
Read more from Tino at tradersreality.com