Episode 17 - How to Trade the News with Alec Baughan from RANsquawk
This episode is sponsored by Edgewonk. Tom and Owen both use the Edgewonk trading journal to find their trading edge. Go to edgewonk.com to get your free trial!
Alec Baughan stopped by to tell the Two Blokes all about RANsquawk. We’ve been using the product for a couple of weeks and have been very impressed. It is a ‘Squawkbox’ that delivers a live audio stream to your of trading news. Their analysts monitor hundreds of data sources to bring both the news and some great analysis. They also have an ‘Analyst Chat’ feature where you can send messages direct to the analysts for a quick response.
You can sign up to RANquawk and receive a 10% discount by using this link.
Tom and Owen continued the trading challenge. Two more losses this week unfortunately but Owen in particular felt that he learned some great lessons. Owen has declared that he will never again trade over the news! Either into and out 5 mins before or once the news is announced!
Tom was more reticent to discuss his trading in detail... He is possibly in need of a pick-me-up….
….which is great because we have both agreed to read Trading in the Zone by Mark Douglas!
We have been recommended this book on countless occasions for the insights it brings into trading psychology. A key lesson this week has been don’t chase your losses - Douglas’ big point is that the Market Owes You Nothing. If you accept that you will never chase your losses because it is so clearly a logical fallacy!