Owen Roberts from the brilliant trading podcast Two Blokes Trading podcast (twoblokestrading.com) is next up to take part in our Desert Island Trades challenge.
Joining entries from Edgewonk's Moritz Czubatinski, TradingWithRayner's Rayner Teo, Tino Pistou of TradersReality.com and The Realistic Traders' Siam Kidd, Owen is next to be metaphorically cast adrift in a bid to discover his trading inspirations and techniques. Read on to find out...
Desert Island Trades: Your Challenge
You've been dumped on a desert and desolate island, and the only way to get off is to make enough money trading to buy a ride from a ruthless local fisherman. You’ve got $500 in your account and you must trade your way to the fisherman’s going rate of $10,000 to get aboard his trawler. You will have only a laptop and a working link to your broker. Should you fail, the fisherman will cut your connection and you'll never trade again, marooned and doomed...
To help you, you can choose the following:
- 1 trading book
- 1 trading movie/documentary
- 1 source of news
- 1 twitter account to follow
- 1 quote to inspire you
- 1 trading platform
- 1 instrument/market to trade
- 1 luxury item
- 1 phone call for advice
Technical Analysis of the Financial Markets by John J Murphy. Just in case my technical day trading strategies stop working and I need some inspiration. I could be there a while, and markets are always changing.
Margin Call. To help me remember that the worst thing that I can do is lose the $500! It doesn't matter how slowly that amount grows - as long as it's growing, one day I'll get off the island. It's also comfortably the best script of any trading film I've seen, with immense performances from Kevin Spacey and in particular Jeremy Irons.
Sky Sports News. I'd definitely be technical day trading if I had to make the kind of percentage returns we are talking about, so would be better off ignoring the news. And then I can at least follow the footy. Although, I suppose I'd need an economic calendar of some kind to avoid the big events so I don't get blown up...
Arnold Schwarzenegger (@Schwarzenegger). If I'm alone on an island I don't want to be letting some other trader in my head. I should just focus on my own strategy. Arnie is a complete legend and would inspire me to get my arse in gear and get off the island.
There have always been and there always will be the same percentage of winners and losers. Happy fucks and sad sacks. Fat cats and starving dogs in this world. Yeah, there may be more of us today than there's ever been. But the percentages - they stay exactly the same.
It's Jeremy Irons' character in Margin Call. It would be pretty easy to get down about being stranded, but no matter how shit stuff is, you have to avoid the victim mentality. Do you want to be a happy fuck or a sad sack?
XTB. Best charts of any broker that I've seen.
Cable. I'm gonna need volatility.
A weights room. Might as well get hench while I'm there!
Ali Crooks from Traders Support Club is the man who taught me technical trading, so I'd have to call him. Though he'd probably just shout "BACKTEST!" and hang up the phone.
Catch Owen every week interviewing a new trader as part of the Two Blokes Trading podcast, at twoblokestrading.com