TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Rant

Gav’s weekend rambling

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I have been spending my weekend refreshing my memory/skill of NQ futures trading. Playing around with Tradestation. Thanks to the daylight savings things, U.S market opens around 1030pm Melbourne , Australia time. I would be pretty free at this time (currency orders should already been submitted, triggered or expired so…), instead of sticking my ass on sofa watching CSI miami, I am starting my futures trading engine again. Well, let’s see how it goes, no rush though.

Over at The Lonely Trader, reader LP was asking Jay for recommendations of currencies trading books. In short, the conclusion is , all most all the books s*ck. Well, that’s a fair statement. :lol:. I was browsing around some trading portals/forums, particularly on currency trading topics, craps. Again, and again these authors, self-claimed professional traders, full time traders, are just repeatedly writing something useless. ‘Why we do not trade on NFP day’, ‘Currencies pairs personalities’, ‘how retail forex works’,’ how leverage can maximize your profit’. Yeah, these topics are just…crap..opps, sorry, …useless.Try google it, you can find the same topics easily. It is just so boring. Anyway, you can’t learn trading from reading these stuffs.

So, how to learn currency trading? Trade currencies, and find a way to save yourself, learn to survive. Uhm…that’s all the ‘advice’ I can give. 🙂 If you are interested, maybe have a look at blogs like lonely trader, the3500, and of course, Trader Gav.com to find some clues about skill of exchanging currencies 😆 Anyway, you have to jump into the pool to learn swimming. You can’t just googling ‘how to swim’ and expect something to happen.

Ok, enough rambling. April version of Currency Trader magazine is out, check it out. Chart scanning will be done tomorrow. I guess we should have a clearer direction next week, I hope so!

Have a good weekend.

Active Value Investing

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I received a new book Active Value Investing: Making Money in Range-Bound Markets (Wiley Finance) from Vitaliy today. He is kind enough to give me the opportunity to read and review his latest work. As a matter of fact, I am very keen to read this book, though it is quite a bit different from what I am doing now — technical trading. Hopefully I can write a review ASAP. The book comes with full of praises. It is now available to be purchased. Check it out.

An American Hedge Fund

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Tim sent me a copy of his new book An American Hedge Fund: How I Made $2 Million as a Stock Operator & Created a Hedge Fund last month. I finished reading it recently but just did not have time to write a review. As I am located in Australia, I have a little idea about Tim Syke who in fact is pretty ‘well known’ in CNBC and on the web. I did a quick search in Google, some good and bad comments are popping out about this young man.
So, how’s the book? Absolutely entertaining. To some new trader, it might be even inspirational to them. I like the way he wrote the book. Simple English, straight forward, telling you the who process of how he turn 12k to million and subsequently setting up his Cilantro Hedge Fund. In fact, most of time, you will find some of his experience are so similar to yours, to most of traders.

Cilantro Hedge Fund is closed now. I received an email from the fund itself last weekend.

Trading is a pretty boring business. You shall agree with me, otherwise, you are gambling. While waiting for your setup, I think it might be a good idea to get a copy of this book and enjoy.

TraderGav dot com now on wordpress 2.3

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Click here to get The Blog Profits BlueprintIt was quite a smooth process to upgrade this site to WordPress 2.3. Well, my old layout does not support the new platform, so I have to do some changes to this one. I am trying to do some cosmetic stuffs.

If you have found some broken links, or having problem browsing the site, please, do shoot me a comment. 🙂

I am not trading today. Btw, do check out my Hot deal page for the latest bargain I have found on the internet.

TraderGav.com on WordPress 2.2.3 now

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After spending a couple of hours solving the FTP problems and debugging my existing template, I have finally upgraded to the latest WordPress 2.2.3 platform.

2.2.3 is a security and bug-fix release for the 2.2 series. Since this is a security release, we suggest you upgrade immediately. Two of the fixes are high priority.

Are you ready to trade?

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prepared.jpgTrading is a job that requires constant high quality performance. You can relate this to a stage performance, a tennis competition or even a business presentation. You slip, you screw up your own performance, and you will be penalized in one another way. Losing your audience, losing US open championship, or losing a potential million-dollar deal.

The fact is, you do not have to be in the market every single day. It takes tons of work to get yourself prepared before go on to the stage.There are times that, traders try to trade their day out even though they are lack of sharpness, having hangover, or even sick. They feel ‘it is my job to trade, I am a trader’. Yup, you are a trader, a stupid trader, or even worse, a losing trader.You have to respect your job (being a trader) by putting in effort to make sure yourself are in good condition and ready to give your best shot.

In the corporate world, you might be able to fool your colleague or your boss even though you are in bad shape. But not in trading. You can’t fool the market. You will get penalized for the poor performance. Good performance does not mean you are earning good profit, it includes making timely decision,getting a good entry, a good exit of a winning or a losing trade and trade with the correct risk measure etc.

If you know you can’t give the best shot today, please, stay away from the market. Come back tomorrow.