We're back with another trader taking up the challenge that sees us metaphorically casting them adrift to discover their trading inspirations and techniques as they bid to trade their way off a deserted and desolate island.
This time around it's FX trader Paul Scott, who talks us through his favourite trading book, movie, quote, luxury item and more below.
And if you like what you're hearing from Paul, who runs his own Forex Trading consultancy at paulscottfx.com, then you can also check out his interview that we featured on the site some months ago...
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
Tarnished Copper. Having been through the Sumitomo Copper scandal first hand on the London Metal Exchange in 1996, this book written as fiction actually has a lot of truth behind it. The names of the characters have been changed but the story of one of the biggest scandals in the financial markets will be a good read to those looking for something different.
It doesn’t tell you how to trade and doesn’t have any trading advice, but as a book it’s a great read. I also worked with the author while working at Credit Lyonnais Rouse in the mid 90’s and it brings back fond memories of the trading floor and the characters that I worked with in my early years in the city.
Margin Call. A great film and it also gives a good insight into how the institutional world is actually run; very cut throat and fast pasted with some great performances by some great actors.
Bloomberg Event-Driven Feeds. Although I pretty much ignore most news events, there are some that I avoid at all costs, so to keep tabs on upcoming news, you might as well have the best news service and having used Bloomberg whilst in the city, I’d have this as my news feed.
@BBCSport. I don’t actually follow anyone on Twitter that I would look to for trading advice so it would probably be the BBC Sport feed so that I could keep up to date with the football scores.
Many people, especially ignorant people, want to punish you for speaking the truth, for being correct, for being you. Never apologize for being correct, or for being years ahead of your time. If you’re right and you know it, speak your mind. Speak your mind. Even if you are a minority of one, the truth is still the truth.Mahatma Gandhi
Thomson Reuters Eikon. If you’re going to trade then you might as well use the industry standard and has been there since the age of electronic trading began.
This one is simple, EUR/USD has to be for me the easiest currency pair to trade, it’s so predictable and adheres to its supply and demand levels with such regularity that for me it’s like taking candy from a kid.
A BBQ. There’s only so many coconuts and vegetables that I could eat before getting withdrawal symptoms from meat, and having watched Bear Grylls there’s always food to be found on a desert island.
It would have to be my long suffering Mrs. She always tells me how it is and never pulls any punches, plus I could ask her about the children who are my inspiration in life.
Read more from Paul Scott at paulscottfx.com