Recently, I have been getting a lot of questions about Bitcoin and Cryptocurrencies, so I will take some time to address all of them.
Is Bitcoin a bubble?
Its price action is certainly bubbly. If we look at the tech bubble, what happened in phase 1 is that people were buying based on potential growth and expectations, which is why you saw stocks trading at skyhigh PE ratios. After the crash, and after the dust settled, phase 2 was where the companies with strong fundamentals started manifesting the potential growth, so in a way the fundamentals were catching up to the expectations. I think we are in phase 1, but it is possible that prices just go sideways instead of a crash as we head into phase 2.
In addition, Bitcoin is just one application of the Blockchain technology, and there are also many other coins/cryptocurrencies to invest in.
Who is going to buy your Bitcoin from you?
If Bitcoin (or any currency since they are interchangable), becomes a currency which is used and accepted, there is no need to “cash out” or sell it to someone else, because you can simply use it as currency to pay for things. People are now hoarding Bitcoin because it is akin to buying a currency which will be worth more in the future. That said, it is unlikely that it will totally replace our fiat/paper currency (at least in the next 5-10 years), but my guess is that it will coexist side by side like common global currency.
Will Bitcoin become a global currency?
There are 3 main functions of a currency:
Effective means of payment.
Good measure of value.
Effective way to store value.
Currently it is not that universally accepted, but that could improve in the future as more business accept it. There is a problem with its transaction speed and fees, which it will need to solve to get mainstream acceptance. And as its market cap gets larger, it will naturally become more stable and less subject to huge price fluctuations.
What are some positive and negative catalysts?
For the positive, Bitcoin could go up a lot more if banks, funds, institutional investors, and even sovereign funds start including cryptocurrencies (especially Bitcoin) as one of the must-have asset class in their portfolios. For individual coins, they usually get a big boost when they announce a major deal with a big partner, or when they get listed on a major exchange. For the negative, prices could collapse if existing holders start to cash out, and institutions start stacking short positions on the futures.
Is it a good time to get into the market now?
Before entering, take some time to read out list of resources which we have compiled. I have a couple of risk-minimising ideas for people who have missed out so far, but are unsure how to enter at current prices:
Dollar-cost averaging: Buy a small amount every month and allocate across 10-15 coins.
Portfolio approach: Create a diversified portfolio and rebalance weekly/monthly.
Lump sum market timing: Split your capital into 4-5 parts, and enter whenever there is a price correction.
Personally, I started this new portfolio in December for my students to follow, and in 2 weeks I was up 150% on my portfolio. By actively rebalancing it and keep a certain percentage in cash, I am able to take a cool and systematic approach to riding on the crypto assets trend. For this portfolio, I have a 10 year time horizon, which means I am prepared to sit through any crash, but I will be rotating to cash/tether if I see a major crash coming. Lastly, it is also worth noting that this crypto portfolio accounts for roughly 5% of my total portfolio.
I have been updating my portfolio regularly in my forum, and if you are keen to learn more about Crypto, you can join our forum as well. (It is completely free!)
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2017/12/crypto-portfolio-201217.png748904Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2017-12-20 07:19:482022-03-15 18:46:34My Full Crypto Strategy for 2018 (And my Current Portfolio Holdings)
“Financial market reconciliation lies ahead…”We are approaching the point of maximum optimism and the S&P 500 will give back recent gains…” – Mr. David Kostin, Goldman’s chief U.S. Equity Strategist
While the S&P 500 continues to break new highs, prominent economics and C-level staff in multinational banks are coming out to say it’s time it has to stop.
U.S Equities are at Extreme Highs
As the old adage goes, “what comes up, must come down”. However, this adage has a valid explanation in the world of stock trading. Prices that go up must come down eventually because at some point there will not be any more buyers in the market, buyers would look to take profits and sell, new sellers would short the market.
Markets move in swings; they often don’t go straight up.
As you can see above, classical technical analysis theory teaches that every uptrend swing must be accompanied with a correction downwards. Even though the price can go in one direction for “far too long”, there will always be a correction.
A post shared by Spencer Li ?? Synapse Trading (@iamrecneps) on
A Correction is Due, BUT…
Before I go on, let me state 2 very basic facts about market euphoria:
Fact 1: Euphoria in the Market Happens Often
In the forex markets, this happens very often. In fact, these are known as gentle trending markets and the easiest way to trade these markets is to buy, add on at every opportunity, and watch your profits grow.
If you zoom in to the 5-minute charts, 1-hour charts, or move to different financial products like Forex, Commodities or Bonds, you would notice that market euphoria is quite a frequent occurrence.
Euphoria in that sense, can happen in both directions, as seen in the diagram below (Hourly chart for EURUSD)
Euphoria can happen in both directions, and for very long. In this case,
there were many opportunities to short, and the trend lasted far longer than one would expect.
Here is another recent example of riding trends:
Trends can last far longer than one expects. That’s why it’s important to know this fact:
Fact 2: Markets Don’t Reverse Immediately!
It’s easy to jump on the hype when almost every news outlet is talking about it. But the truth is this; what’s important is on the chart. Price already gives you the decision-making tools you need!
Even though Goldman Sachs says that a correction is due, that does not mean you immediately go ahead and go all-in to short the market. Even if you are fully convinced that the market is going to crash, it is best to wait for actual price confirmation before taking any action.
Daily chart of the S&P 500, with a small pre-emptive short position which I have initiated.
In trading, it’s all about probabilities. The above technical levels show how far the market might go, but what actually happens will depend on price action. And since the reward to risk is pretty decent based on this price channel, I am winning to take a small short position, and add on more later if it goes in my favour. This will ensure that I have a decent profit from shorting near the top when the market does crash. Till then, fingers crossed!
Here’s some food for thought before we conclude this article:
“Bull markets are born on pessimism, grow on skepticism, mature on optimism and die on euphoria.” -Sir John Templeton
Cheers and have a great week ahead! 😀
P.S. For those who want to start learning about how to make money from the financial markets, don’t miss our last 2 workshops for this quarter at the special price of $25.
Check workshop availability: http://wp.me/P1riws-6gw
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
2016 has been a blast, and a very happy new year to everyone! This week’s analysis will be a little heavier, so keep calm and read on. Let’s just dive straight into the market analysis for this week:
RECAP OF LAST WEEK’S PREDICTIONS – HOW DID IT GO?
#1: Bullish breakout on EURCAD (D1 chart)
Last week’s analysis; we predicted EURAUD would climb higher.
Source: MetaTrader 4
This week, we saw the EURAUD climb even higher after a mini pullback that didn’t touch the EMA. Those who took entries intra-day would have seen large profits, while those who took longer-term positions would have in-the-money positions. Congratulations to those who took this trade!
This week, the EURAUD climbed higher and close with some profit-taking.
Source: MetaTrader 4
The chart still shows that EURAUD is bullish, and it is still wise to hold on to any long positions, adding on if a gentle pullback to the EMA occurs.
#2: Bullish breakout on EURCAD (D1 chart)
Last week, a bullish call was given for the EURCAD.
Source: MetaTrader 4
Traders were advised to enter only intra-day, which meant profit taking was to also be intra-day. Those that followed this advice did well:
This week, the EURCAD climbed higher and closed with heavy profit-taking.
Source: MetaTrader 4
Despite the heavy profit taking on Friday, the intra-day traders would have already taken profits. Those who bought near the EMA would also have seen great profits and have at least had partial profit-taking, securing the profits on the position.
#3 Wait for pullback to EMA on USDCHF (D1 chart) and buy on a touch of the EMA (with a good bullish bar!)
Last week’s analysis for USDCHF. Source: MetaTrader 4
Those who waited for a USDCHF pullback to the EMA saw it, but the pullback was very violent. Here’s how it looks like since last Friday:
The pullback was very violent, and profit-taking from bears was very substantial. Source: MetaTrader 4
This week, we expect the USDCHF to remain sideways, as traders consolidate what the huge candle (on last friday) would mean for 2017. Don’t expect to have your trades on USDCHF run quickly in one direction; let it consolidate for 3-5 days before deciding again. This will be on my watchlist, but will not be a top priority. Bulls would be looking to buy near 1.01000, so watch out for the price action at this level.
UPCOMING MARKET OPPORTUNITIES: KEY STOCK MARKET INDICES
S&P500 – Look to buy on bullish bars near the EMA.
S&P500 as at 31 Dec 2016. Source: MetaTrader 4
The S&P has travelled upwards rather violently in 2016. After a mild correction to the 20EMA, it is wise to look to buy on bullish bars near the EMA. Profit targets can be near the all-time high, or even further up (2300 and above). However, note the following:
Bulls will be hesitant given the uncertainty surrounding the first week of the new year.
Bears would try to exert their influence repeatedly, so don’t be alarmed if your long positions get stopped out easily.
I would wait for 2-3 bullish signals before being confident of a nice up-move.
Bearish on the Hang Seng Index. Short near the EMA with bearish confirmation bars.
Bears have exerted their influence, and will continue to exert influence unless the bulls suddenly show up for no reason at all. Source: MetaTrader 4
Bears will be happy to short near the EMA and at any prior resistance. If the Hang Seng index climbs up beyond the EMA, it is unlikely to break above 22300 (near the trendline drawn above). I’ll look to short it in the upcoming days/weeks, if a nice opportunity arises.
Watch the ASX closely for a buying opportunity.
The ASX has broken new highs and bulls will continue to buy on every opportunity. Source: MetaTrader 4
The ASX has had a whirlwind of a 2016, and bulls are pleased that it has broken new highs. I would be looking to enter on pullbacks to the EMA, preferably near the breakout support level of roughly 5550, and ride up for a nice bull trend trade.
UPCOMING MARKET OPPORTUNITIES: FOREX TRADING SPACE
Short AUDUSD, but wait for pullback to EMA + bearish bars for a higher probability trade.
The AUDUSD looks bearish and should be unable to hold support at 0.71400. Source: MetaTrader 4
AUDUSD has seen multiple trendlines broken. The bullish move in early 2016 was broken significantly, and the sideways market that took 6 months to develop also saw its end, causing me to believe the market is transitioning into a bear market. Bears will look to short at every opportunity, which means smart traders will go short, preferably near the EMA, and until bearish signal bars appear. Possible price levels to observe at 0.73000, 0.74000, and 0.75000 (all these present good shorting opportunities).
Sideways on GBPUSD; look for opportunities in both directions.
The GBPUSD looks sideways and must be traded like how a sideways market should. Source: MetaTrader 4
GBPUSD has seen a humongous correction (almost 20%) in the past 6 months, and should still trade like a sideways market for some time before traders decide where it should finally end up. Buying low and selling high, though simple as it sounds, is the suitable strategy for such a market context.
Short on NZDUSD on every opportunity! (but read the cautionary notes below before you trade)
Good time to short on NZDUSD, but caution is advised. Source: MetaTrader 4
Classic head and shoulders on NZDUSD, strong bearish bars in recent times, and a breakout from the prior support. A bearish bar near the EMA gives good reason to go short, but I’ll be hesitant and do the following:
The year has just started so a sideways market is more probably in the first few days.
If you are going short once the market opens on Tuesday, take a small position, use a wide stop, and don’t be afraid to sit through pullbacks and open losses.
Add on for every short opportunity you can find (if you are more aggressive).
I’ll be more confident if I see 2-3 confirmation bearish bars.
LASTLY: UPCOMING NEWS Some of the upcoming unemployment figures, and the NFP announcement on Friday.
Source: myfxbook.com/forex-economic-calendar
The first week of 2017 will see 4 unemployment rate announcements. No shocker expected here, because the main market-moving news will be the NFP announcement on 6 January, Friday. Intra-day traders can keep their eyes peeled for the hours surrounding the NFP, which happens at 21:30 hours (Singapore time).
This week is a week with a number of great opportunities. Happy trading, and wishing everyone a great start to the new year!
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
Here’s an interesting article I came across during the weekend: according to a Credit Suisse report, the average wealth of Singaporeans is the highest in Asia.
In the report, it states that the average adult has US$276,885 (S$395,000) in wealth, which is 1.4% higher than last year.
“The Global Wealth Report ranked Singapore number 1 in Asia, and when compared to the major economies, Singapore is ranked number 7.”
Source: Today Online
This is great news and I’m quite humbled that our tiny nation has managed to achieve this. However, remember that there are two main sources of household assets:
#1: WEALTH FROM FINANCIAL ASSETS
“Financial assets — which include items such as currency, deposits and equities — accounted for more than half of the average wealth per adult in Singapore at US$180,414.”
Wealth from financial assets accounted for >50% of the wealth of a singaporean adult. That means an average Singaporean has $130,000 in cash, foreign currencies, deposits, stocks, and other liquid investments.
Of course, the figure is just an average. I went to Singstat to get a visual of these figures, and here’s what I found: while the growth rates of household assets and liabilities have slowed down dramatically since 2010, net worth continued to climb every single year alongside liabilities!
The growth rate for assets and liabilities slowed down in the past 6 years. Source: Singstat
I recommend that you click the image above to expand it. Take a look at the details: liabilities have never exceeded assets, but the growth rates have plummeted severely over the past 5 years. It seems that low growth rates in household net worth is going to be the norm.
The average Singaporean has about S$130,000 in financial assets. Cash, stocks, deposits, and foreign currencies included.
That’s a very good figure to have, because most Singaporeans will be able to tide through a 1-2 year period of retrenchment before having to look for sources of income.
What about the statistics on Non-financial assets?
#2: WEALTH FROM NON-FINANCIAL ASSETS
“Non-financial wealth, including assets such as housing, accounted for US$151,239.”
I wanted to find out if this was accurate, and dug deeper to get the data. I decided to do away with Credit Suisse’s claims and check out the figures reported by the statistics department:
Most of the wealth is still held in financial assets, rather than in homes. Source: Singstat
This gives a more accurate figure in my opinion. The data until Q4 2015 reveals that approximately half of every Singaporean adult’s financial wealth came from residential property valuation. The average Singaporean’s wealth in residential property assets could be anywhere from 40-60% of his/her personal wealth.
A casual glance like this might lead you to conclude that Singaporeans are well-protected, wealthy, and financially-savvy.
It is no wonder that even though Singapore has a great number of millionaires as a percentage of population, much of the wealth is held in property. I managed to find statistics on the total assets of Singaporean households, and these are presented in the tables below.
Note: The figures below are in millions of dollars.
Not counting CPF & Residential Property, Singaporeans have a lot less liquid assets as a percentage of total assets. Source: Data from Singstat, Chart generated using MS Excel
In essence, the Singapore as a whole without CPF and Residential Property can be almost 65% poorer on average! That means the true amount of liquid capital that our country commands is much lower than the net worth figures reported. Take note that the data is in millions of dollars and represent the whole nation.
SIDENOTE: DEBT
“The average debt was US$54,768, or 17 per cent of total assets, moderate for a high-wealth country, the report said.”
The average debt was “moderate” for a high-wealth country, and I wanted to understand what this meant. To my pleasant surprise I realized we could actually get the data for our CPF, life insurance, pension funds, shares, liabilities classified by category, and many other statistics from our very own statistics department of Singapore.
With data, in hand, much magic can be performed. Data Source: Singstat
After downloading their data in XLSX format, I saw that there were several categories for liabilities. They are:
Mortgage loans – to financial institutions
Mortgage loans – to Housing and Development Board (HDB)
Personal loans – motor vehicle
Personal loans – credit cards
Personal loans – education loans, renovation loans, hire purchase loans, loans for investments etc.
After putting them in a pie chart, this is what it looks like:
Mortgage loans in both categories take up 75% of liabilities Singaporeans have. Source: Data from Singstat, Chart generated using MS Excel
It was interesting that much of household assets include residential property, while much of household liabilities also include residential property. It’s understandable that most of the loans would be made with financial institutions since HDB has a fixed loan rate, while the FI’s have variable ones (good news for us in a low interest rate environment).
It is remarkable that credit card loans amounted up to almost the same size as motor vehicle loans!
WHAT ABOUT YOU?
The average adult Singaporean has $130,000 of liquid assets, has 75% of liabilities in housing loans, 19% of liabilities in education/renovation/investment loans, and, unsurprisingly, derives most of his/her wealth from CPF and Residential Property.
What does your balance sheet look like? It’s important to review your own finances periodically and see how they have changed over the years.
Perhaps it’s time for a financial health check-up as we round up and conclude the year 2016. Hope you enjoyed plowing through the numbers like I did!
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2016/12/123-2.png10801080Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2016-12-21 08:30:072021-03-09 18:37:40Credit Suisse Report: Is Your Net Worth Above the Average Singaporean?
When people think trader, they think rogue trader Nick Leeson. 20 years ago, a single derivatives trader caused Barings bank to collapse, leading to many quickly labelling forex trading as an evil profession.
Here’s a photograph of that historic event when it happened:
Source: The Guardian
As most people know, proper risk management would prevent failure on such a catastrophic scale. At the same time, it is unfortunate that some of the most famous traders in the world shot to fame as a result of one big trade that normally rocks the headlines. This results in some traders having the mentality that they just need that one big winner to retire comfortably.
Let’s take a look at two famous examples:
GEORGE SOROS – BREAKING THE BANK OF ENGLAND
Soros famously made $1 billion from shorting the British Pound. This was what made his name famous and he was named the man who “broke the Bank of England”, apparently due to him shifting (or shorting) $10 billion dollars worth of currency.
ANDREW KRIEGER – TRADED BIGGER THAN THE NZD MONEY SUPPLY
Andrew became famous when he shorted the New Zealand Dollar of almost $1 billion in value, which was more than the money supply in circulation in New Zealand during that year! Andrew ended up garnering $300 million in profits from this single transaction alone for his trading firm.
We know that these two traders had trading accounts that were unbelievably large. This is not the case for almost all of us. Therefore, we need to gain the skills and knowledge that can bring consistent, decent returns on an average trading account size. The key is to look for sustainability, and this is definitely learnable.
“Trading is not about getting a one-hit wonder. It’s a career decision, and requires as much commitment and passion as building a business.”
Below, I’ve picked out three excellent traders whom I believe will change the way you think about trading.
How many of you can recognize these faces? 😀Source: philanthrophyroundtable.org, tastytrade.com
EXPERT TRADER #1: TOM SOSNOFF
Tom Sosnoff sharing option strategies on his daily financial show with his daughter
Source: Tastytrade
Tom Sosnoff started off as a political science graduate working in the Chicago Options Exchange as a market maker. An industry veteran, he quickly spotted the market opportunity in online option trading, and co-founded and created the famous Thinkorswim trading platform. He later sold it to TDAmeritrade for a handsome sum of more than US$600 million.
A maverick of sorts, he is currently most famous for his financial network TastyTrade, where he shares professional trading strategies relating to derivatives and covers topics that are extremely difficult, such as advanced option greeks, and also the very basic. He exhibits some traits that are very rare and valuable to a trader:
Substantial and deep trading expertise.
Sosnoff’s knowledge of his area of specialization is admirable indeed. If you are familiar with options, or consider yourself a veteran in the options arena, you might want to think twice after knowing how much expertise he has garnered.
If one wants to make it in the trading arena, one has to be absolutely familiar with the tools of his trade, and the lingo used by industry practitioners. Forex traders, for example, know the ebb and flow of orders throughout the day, such as the Asian/European/American session, and can detect upcoming volatility even before it strikes. For price action traders, the trader can become so proficient that he knows when to stay out of the market within a few seconds.
Sharp business acumen.
A trader is ultimately a shrewd businessman. His trades are merely expressions of his ability to spot opportunities for profit, and he quickly knows if he has made a wrong decision. When he is right, he presses his bets and makes the most out of it. Just as a professional poker player knows the odds of every single set of cards dealt to him, a trader knows the odds of every market situation presented to him.
“If you can play poker well, you can probably trade well. Every trader is a shrewd businessman at heart, placing bets where it matters, with reasonable, sound analysis.”
The trader is also absolutely clear of his strategy. Trading without a strategy is as good as flipping a coin, but with a clear plan for attack and defence, the trader is able to defend his account and successfully build his net worth in the long term.
Continuous growth.
In his daily financial shows, Sosnoff quips that he has learnt far more in his years explaining option trading concepts, than he learnt while being a professional trader and market-maker in the days of the exchange floor. His team continuously churns out data and statistics on the probability of different option strategies, ranging from basic ones like naked put selling, to exotic strategies like jade lizards and the like.
“Perhaps the reason why most traders fail is they fail to see themselves as entrepreneurs.”
The ability to continually analyse his strategies and develop his domain knowledge is the key to his continual success. Where many of his peers in the trading floor days have left the industry, unable to keep up with the fast-paced world of online trading, Sosnoff has soared way above and carved a niche for himself.
EXPERT TRADER #2: BRUCE KOVNER
Bruce Kovner with his wife
Source: The Kovner Foundation
Kovner made his first trade on credit, borrowing money to execute a soybeans futures trade, where he made $23,000 on a borrowed sum of $3,000. He was interviewed in the famous book ‘Market Wizards’, and in 2003 he reportedly ran an $11 billion dollar hedge fund named Caxton Associates. He is a rather low-profile guy and shuns media attention.
“I have no bias toward any of the markets… I am just as happy a trader in a bear market as in a bull market, rates up or down, commodities up or down.”
– Billionaire hedge fund manager, Mr. Bruce Kovner
Develop a strategy that you are comfortable with.
Kovner’s hedge fund trades based on global macroeconomic conditions. In the hedge fund world, this is called macro-trading, and is a common way to manage a large portfolio. His unique approach to the markets has earned him 28% per annum over more than 20 years (every single year!). Just as he says in the quote above, he is comfortable trading any kind of market, in any kind of condition.
Really understand what causes markets to move.
Fundamentally, institutions and banks move money because of their view on global macroeconomic conditions, and they express this in the form of price action, demonstrating commitment through their buying and selling.
Although most small traders don’t have the luxury to express their view of the economy with hundreds of millions of dollars, it helps for us to understand where the world is heading toward, so that we can ride on the moves of the institutions.
For example, you may have heard of the famous saying “The trend is your friend.” Sure enough, as long as the trend is clear, it shows that institutions are piling into the particular financial product that you are trading. You don’t argue against a trend; you flow with what the majority of market players are doing. The context of the market is far more important than the trading signal; just because you see a bearish candlestick pattern does not mean it’s a wise trade to short the market – you have to see whether the surrounding price action supports your trade idea.
EXPERT TRADER #3: LEWIS J. BORSELLINO
Borsellino trading in the pits as a young man.
Source: Tastytrade
Lewis Borsellino came out of a troubled past. As a young man, he had to live with the shocking murder of his father and having to deal with emotional blow while working at the Chicago Mercantile Exchange. He started off as a runner before becoming a formidable opponent in the S&P futures pit. At one point, he claims that he traded so large that market participants looked to him as a sign that the market was going to turn. Apparently, his trading volume accounted for as much as 10% of total trading occurring in the futures pit!
Get very, very good at what you do.
His confidence on the pit was astounding. He knew what he was doing, and traders around him could feel it. In those days, the expression and emotional state of the trader contributed to the mood around the arena. With electronic trading, this plays a less important role, but the market still expresses itself with price, and the despair and ecstasy of traders can be understood if you examine price very carefully.
He almost exclusively traded the Standard & Poor’s 500 pit during his 19-year career on the trading floor.
“I was very good at what I did.”
– Lewis Borsellino
Many people use multiple indicators, hoping to quickly find a system to get good as a trader. However, what works is to be very good at at most 1 or 2 indicators, or simply trade with no indicators, so that you can gain the most expertise and be familiar with what really matters.
In the proprietary trading world, some traders only use Level 2 quotes, trade ladders, without any charts! There are other traders that make portfolio allocations, while there are some that engage in high-frequency intra-day trading. It does not matter how you get there; once you have selected something, you need to get very good at what you do.
Now that we’ve covered the lives of these three traders, let’s take a closer look at trading as a possible career path.
TRADING AS A CAREER – WHAT DOES IT REALLY TAKE?
Many traders are frustrated with their trading results because they don’t change their behaviour. They make many, many trades, but fail to ask the right people and seek the right guidance, causing them to make the same mistakes over and over again. If you do what you always do, you will get what you always have been getting.
Lewis Borsellino left the trading floor and entered online trading. Initially, he backed a lot of floor traders financially and groomed them to become profitable, but as time went by, he saw the opportunity in backing both floor traders and online traders, and forced himself to re-learn trading with charts.
If you are still unprofitable in the trading arena, what are you willing to do to make things work out for you? Change your actions, and you will see change in your results!
Anthony Robbins says this really well:
Source: Goalcast
Perhaps you are someone considering trading as a possible side income, or even as a career. It takes dedication (time!), expertise, patience, as well as some street smarts in order to become a professional trader.
“If you are considering making a career switch to trading, what are you willing to do to make it happen?”
Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.
https://synapsetrading.com/wp-content/uploads/2016/11/1.jpg7201280Spencer Lihttps://synapsetrading.com/wp-content/uploads/2019/10/logo.jpgSpencer Li2016-11-23 06:35:502022-03-09 13:26:433 Insanely Profitable Traders You Probably Never Heard Of – What Makes Them Different?