There is a new TV, “Make me a trader” which is loosely based on the Turtle traders who were tutored by a successful trend following trader. It looks entertaining, as the candidates are seen day trading without much of a game plan. The pressure is piled on, as they are made aware anything they lose will lose them, and the group any potential bonuses. It is especially interesting as it was filmed late last year when the markets were very volatile and oil was near its all time high. Its great telly!
Its an interesting show, as it is very genuine in showing the real emotion these novice traders experience as they risk just a few hundred pounds (or Dollars) on their first trades – some almost quit. I think it might turn out that none of the trades were with ‘real money’ in week two – but that’s just me speculating!
Worth a watch on the BBCs iPlayer if you are overseas.
Van Dam who funds the project from his own pocket piles on the stress – his only criterion for being part of the project are to be able to handle stress and also, be good at maths.
I found a piece on Van Dam and agreed with the comments – you need to find your own style and way, “there are no rules, you need to develop your own.” This reminded me of the Douglas book, where he suggests the market offers unlimited possibilities and is an unstructured environment, so different to the social one we are accustomed to – which accounts for much of the stress in trading – unless you align your beliefs with the market that is.
“He does believe in the quality of information, but states you can’t trust news headlines, analysts or company managers. “You must do your own research,” he says – agreed.
The bottom line for Van Dam, with the Million Dollar Traders program though, is not to encourage trading at all. “Actually a lot of people who are trading shouldn’t be trading. This is not a PR exercise for the industry.”
