T2W Trading Community

Trading – The Tools (Brokers & Systems)

Which brokers do you use and why?
A number of spread betting companies.

What software do you use and why?
Only online Java software from the best internet sites. I subscribe to basically three. Am I going to tell you? No!

Do you have an opinion about trading systems sold to the public?
Yes, very strong ones. Perhaps unprintable here!

Do you feel a good system can compete with a good trader?
Not a chance! However I do not know of an emotional computer, do you? I’ve never met an unemotional trader – but I’m getting close.

Trading Experiences

In your trading experience, is there one particular trade that stands out as the most dramatic?
The first one I won on, I was hooked - I had found a two horse race!!

What is the most prominent fallacy in the public’s perception about trading?
It’s a gamble. Actually it's a controlled risk enterprise that with continued learning and a good basic grounding you can swing the odds in your favour.

How much of a role does luck play in trading success?
We all have to have luck – but the further away I place my stops, the luckier I get!

How important is gut feel?
Did your father ever sell tickets on the TITANIC?

Success & Failure

What are the most important elements to becoming a successful trader?
Learn the basics, listen to experience, continue learning, money management and enjoy the challenge – success in trading takes time and two major points - stickability and consistency. Start trading small and then grow. When you have a losing run and you will, bet smaller amounts until you regain your confidence.

Can you describe one of your most successful trades?
All winning ones are my most successful especially the last one, and as I’m writing this I’m 46 points up on the DOW, I’ve just moved my stop to lock in a 20 point profit and because the charts tell me so I’ll let this position run. So the answer - “This Trade”.

Is the joy of winning as intense as the pain of losing?
Winning – I’m great. Losing - it's always someone else’s fault!

Why do most traders lose?
They have not learnt the basics, lack of Money Management (mainly) and lack of personal discipline and emotional control.

When you do hit a losing streak, how do you handle it?
Bet smaller and smaller – my record is NINE on the trot.

Is the ability to accept losses a characteristic of a winning trader?
Essential – it's part of trading. Record keeping keeps it in constant perspective.

What was your worst time trading? What went wrong?
First year – with 30 years financial background I thought I knew it all. I knew nothing about trading - I had to start from scratch and learn it from the beginning

Can you describe any specific trading mistakes that you learned from?
Every one. Some I retried and they still worked out wrong! Trading is an art and a skill – believe me – anyone can learn it if they put in the INDIVIDUAL time and effort.