The Voodoo Trading Post - January 17, 2022
Here's our weekly snapshot of information that will help in your journey as a systematic, rules-based, trader!
"Throughout my financial career, I have continually witnessed examples of other people that I have know being ruined by a failure to respect risk. If you don't take a hard look at risk, it will take you out." - Larry Hite
Trading Strategy Tip
The systematic execution of your trading strategy is the key to long term trading success.
Key characteristics of successful traders:
- They have a written, rules-based, trading strategy that they have backtested to ensure it has a positive expectancy.
- They consistently execute their trading strategy even during difficult market conditions
Weekly Instagram Trading Poll
How do you usually enter a long trade......
BUY ON A BREAKOUT - 42%
BUY ON A DIP - 58%
There is no right or wrong way to enter a trade. You just need to understand why is works, backtest it and executed it consistently.
What's on your watchlist? These are the strongest trending markets over the past month........
Trading Book Recommendation
Ask any successful trader what their favourite trading books are and they will inevitably put Jack Schwager's Market Wizard series at the top of the list. This is the first book in the series and includes interview with trading legends such as Richard Dennis, Paul Tudor Jones and Ed Seykota. Learn More
Please let me know what you think. What did you find most useful? What would you want more or less of? If you find this information useful please share with fellow traders.
Trade smarter, trade better!