Re: TV show: Million Dollar Traders on SBS
When I watched the first episode last week, it reminded me of my early attempts at trading. Contrary to what jono1887 says, I think new traders can learn about trading in at least two ways:
1) Psychology of trading
For someone who has never traded, pulling the trigger can be extremely difficult. Taking a loss also very devastating psychologically and it makes you lose confidence in your abilities. Many books have been written about this but you can see this in action in the program. I recommend anyone who is an employee and aspiring to trade for a living to watch this.
2) Risk Management
I also found the comments by their mentor, a retired professional trader, very helpful. He was always telling the traders to hedge their trades to manage their risk. When you put on a trade, it can always go against you no matter how well you had done your analysis before you put on the trade. It took me more than 2 years before I could profit consistently from my trading and this only happened when I learned how to manage risk.
Christina
When I watched the first episode last week, it reminded me of my early attempts at trading. Contrary to what jono1887 says, I think new traders can learn about trading in at least two ways:
1) Psychology of trading
For someone who has never traded, pulling the trigger can be extremely difficult. Taking a loss also very devastating psychologically and it makes you lose confidence in your abilities. Many books have been written about this but you can see this in action in the program. I recommend anyone who is an employee and aspiring to trade for a living to watch this.
2) Risk Management
I also found the comments by their mentor, a retired professional trader, very helpful. He was always telling the traders to hedge their trades to manage their risk. When you put on a trade, it can always go against you no matter how well you had done your analysis before you put on the trade. It took me more than 2 years before I could profit consistently from my trading and this only happened when I learned how to manage risk.
Christina