Ep. 72 - Charlie Burton on Remaining Vigilant in Ever-Changing Markets
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In this episode:
Charlie Burton of Ezeetrader explains why he favours a ‘top down’ approach to trading - focussing on understanding market mechanics before building a trading system
He details old strategies that used to work but now lose
And explains how he constantly creates new strategies to ensure continued profit
Owen is profitable despite cocking up his orders
Tom just generally cocks up
Trader Interview - Charlie Burton - Ezeetrader.com - Remaining Vigilant in Ever-Changing Markets
Charlie Burton is a well known figure in the world of retail trading. His appearance on the BBC documentary ‘Traders: Millions by the Minute’ brought him firmly into the consciousness of the UK’s retail trader community.
Of course, his life’s work is much more than this one documentary! Charlie also runs Ezeetrader with Kym Watson (whom you’ll remember from Episode 54) and is an active trader, participating in the markets on a daily basis.
In well over a decade Charlie has tested, used, profited from and discarded many trading ‘systems’ or ‘edges’. Things that used to work no longer work, and he is a big believer in constantly renewing the details of his trading techniques.
Innovate or Die
Charlie believes in changing markets, and counts adaptability as one of his key skills as a trader. What worked 5 years ago probably won’t work today, or if it does it may not work tomorrow.
But the only way you can be adaptable and be constantly tweaking existing systems and creating new edges is if you truly understand the markets; its mechanics and dynamics. Charlie Burton’s belief in educating yourself about the wider market but remaining focussed on the details that matter is what has enabled him to stay profitable over many years in all market conditions.
If you are planning on being long-term profitable (and I presume you are) then you really need to listen to this interview. The classic retail trader route of learning one (preferably mechanical) trading system and hoping to become rich is flawed - without constant innovation and reflection you will eventually fail.
Ali’s Backtesting Webinar Follow Up Q&A
Many of you have responded positively to the backtesting webinar and downloaded the brochure, booked a call or became paid up members of Ali Crooks’ Traders Support Club trading room.
We had a few questions about backtesting itself, and Ali received some directly. Since many of these questions overlap, he has put together a short video to answer them all in one go. You can view the video at www.twoblokestrading.com/
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