Ep. 40 – The Difficulty of Sticking to Your Trading Rules
First up The Blokes discuss product correlation. Some currencies, commodities and indices are inherently linked to each other through real world economic situations or sentiment driven speculation. When one moves the other often moves, either in correlation or inverse correlation. The Blokes talk through what understanding this means for your trading and whether a ‘cheat sheet’ of these pairs is valuable. They also opine on the difference between a ‘cheat sheet’ and a full trading strategy!
Tom’s trading is progressing and his new strategy has been tested in its first full live week; he gives us the lowdown. Whilst the success has been there, Tom has clearly had issues following some of his own trading rules and is experiencing the psychological trading barriers that pretty much all traders suffer from!
In the interview, Ryan Herron of Trader Bot Marketplace chats with The Blokes about the controversial topic of Binary Options. It is his view that if they are traded in a legitimate, transparent way – on an exchange, for example – then they can be part of a successful trading strategy. This is a balanced, reasoned argument that is worth hearing. Some will agree, some will disagree, but it is interesting to see the other side of the argument. Of course, Ryan and The Blokes DO NOT suggest putting your money with an Binary Options broker in a poorly regulated district that calls you and talks to of amazing returns…be sensible and look after your assets.
Ryan also covers algo trading and his thoughts on active vs passive management of robot or algos. This is another trader who is having success trading algos – food for thought!
The trading ecosystem is full of opportunities to make money, but it is also full of scams. Binary Options is a very murky world – do you own research!