Faith Curtis was an original member of the group that took part in the exhilaratingly famous Turtle trading experiment.
This experiment was due to an argumentative bet between 2 trading experts, who happened to be friends.
Richard Dennis and William Eckhardt. Dennis was known as Prince of the trading pit.
Dennis' argument was, simply anybody - highly gifted people not needed - can be taught his very successful system and he/she will be successful. William was all for inate ability of the trader...according to him the mandatory ingradient to become successful at trading.
World had to listen...Dennis was right...the "Turtles", did fantastically well and made millions on the experiment!
This is a very significant message for any up and coming trader.
What is VERY important is sticking to a trading system
- which has good balance of cutting losses QUICKLY and letting winning positions go SUFFICIENTLY uninterrupted.
Following are some excerpts from the book by Faith Curtis.
Swing Trading and Momentum Trading have become the highest arts for professional speculators trading stock markets and liquid futures markets in the last two decades largely due to explosive growth of the Internet and online trading infrastructure. Recent years have also seen a flourishing publication of professional literature books, articles and courses on swing trading and momentum trading [Crable 1990; Connors and Raschke 1995; Williams 2000; Farley 2000; McDonald 2002; Pring 2002; Crane 2003].
Forex â€“ What is it? The international currency market Forex is a special kind of the world financial market. Traderâ€™s purpose on the Forex to get profit as the result of foreign currencies purchase and sale. The exchange rates of all currencies being in the market turnover are permanently changing under the action of the demand and supply alteration. The latter is a strong subject to the influence of any important for the human society event in the sphere of economy, politics and nature. Consequently current prices of foreign currencies, evaluated for instance in US dollars, fluctuate towards its higher and lower meanings.
You will see this theme throughout this book. It is the most important concept you can learn in order to be a successful trader. If you can master this skill, you can be very successful in this business. But without it, you are destined to fail. It really is that simple. If you can learn to act in your own best interest, you will make a lot of money trading. If you do not learn to act in your own best interest, you will lose a lot of money trading.
The Foreign Exchange market, also referred to as the "Forex" or "FX" market, is the largest financial market in the world, with a daily average turnover of well over US$1 trillion -- 30 times larger than the combined volume of all U.S. equity markets. Unlike other financial markets, the forex market has no physical location or central exchange. It is an over-the-counter market where buyers and sellers including banks, corporations, and private investors conduct business. A true
24-hour market, Forex trading begins each day in Sydney, and moves around the globe as the business day begins in each financial center, first to Tokyo, London, and New York. Unlike any other financial market, investors can respond to currency fluctuations caused by economic, social and political events at the time they occur - day or night. The huge number and diversity of players involved make it difficult for even governments to control the direction of the market.
The unmatched liquidity and around-the-clock global activity make forex the ideal market for active traders.
Traditionally the forex market was only available to larger entities trading currencies for commercial and investment purposes through banks. Now trading platforms, such as the RF2000TM, allow smaller financial institutions and retail investors access to a similar level of liquidity as the major foreign exchange banks, by offering a gateway to the primary (Interbank) market.
In the forex market currencies are always priced in pairs; therefore all trades result in the simultaneous buying of one currency and the selling of another. The objective of currency trading is to exchange one currency for another in the expectation that the market rate or price will change so that the currency you bought has increased its value relative to the one you sold. If you have bought a currency and the price appreciates in value, the trader must sell the currency back in order to lock in the profit. An open trade or position is one in which a trader has either bought/sold one currency pair and has not sold/bought back the equivalent amount to effectively close the position.
MARKUS K. BRUNNERMEIER and LASSE HEJE PEDERSEN write down about predatory trading.
This paper studies predatory trading, trading that induces and/or exploits the need of other investors to reduce their positions.We show that if one trader needs to sell, others also sell and subsequently buy back the asset. This leads to price overshooting and a reduced liquidation value for the distressed trader. Hence, the market is illiquid when liquidity is most needed. Further, a trader profits from triggering another traderâ€™s crisis, and the crisis can spill over across traders and across markets.
This is one of David Chia's ebook on how to make winning trades in forex/futures market. Very good for beginners. Expert traders also can review their skills by reading this ebook. Discuss about Top 10 Mistakes Traders Make and How to Avoid, How to Improve Your Technical Skills, How to Make Money in Different Types of Market, How to get A Precise Trading System and some Nuggests of Wisdom from Jesse Livermore, the greatest trader ever.
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