Episode 10 – 3 Trading Systems for Beginners
In a first for Two Blokes Trading we welcome a listener of the show, James from London, onto the podcast to talk about his trading and the system he uses. He has been trading for a couple of months and is mostly trading infrequently based on global macro-economic events. Principally he is looking for instability in political or economic systems and shorting currencies or ETFs of the stock market. So, Brexit, David Cameron resigning in the UK, a coup and state of emergency in Turkey etc.
Tom has finished the Turtle Traders book by Michael Covell and has started trading it on his demo account to get an understanding of how it worked in reality and the practicalities of actually trading it. This marks a move away from his usual very short term trades as these trades are much more ‘swing focussed’ on movements over weeks and months.
Owen has been trading based on trend lines on the major currencies and trying to find a time frame that works for him. He has been indisciplined and also done some range trading despite that not being the idea and despite not knowing what he was doing. Equally, he moronically traded GBP/USD 5 minutes before the US GDP results were released because he forgot to check the economic calendar and got over-excited….
Tom will graduate to the big-boy world of putting his money where his turtle’s beak is and actually looking at taking real-money trades on his new system. The updates on progress may be some way away as they take a while to develop.
Owen will decide if he is going to trade both ranges and trends if a currency is ranging or trending or just stick to one like a good little boy.
The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires by Michael W. Covel
Spread Betting the Forex Markets by David Jones