This course is a broad overview and discussion of the salient subject areas that one will need to navigate to fully understand the commodity space.
Students will be introduced to what makes each of the commodity sectors tick from an international economic standpoint.
This course sets the record straight about what is a predictive indicator and what is a lagging indicator in the commodity markets.
This course investigates why certain traders become great and why others blow up. Be prepared to journal extensively and learn about your strengths and weaknesses.
The famous shot of Paul Tudor Jones in his office mentioned in Part 2. Notice the sign behind him, “losers average losers.” It means, Losers (unsuccessful traders) average “down” their losing trades by buying more of something they already own at a higher price, thus, creating a lower average cost. It is a quick way to lose a lot of money. A Trend Follower (would leave his/her ego out of it), admit they’re wrong, and get out – thereby minimizing losses. Tudor Jones is Founder of Robin Hood Foundation.
Podcast: Play in new window | Download
Barry Ritholtz
Barry is a trader. He speaks like a trader. He’s flexible, affable, and no-nonsense. He speaks with 100% candor which is refreshing, and also shows IMHO that he has a lot of integrity.
Links to Barry’s sites:
Barry and I appear briefly in a new documentary film to be released in the next week or so. Sign up for email updates to get more information about the movie and its release.
Read MoreAccording to Newsweek, Canadian economist Jeff Rubin “has a somewhat oracular reputation.” Oracular – in this context, means that you have to sit up straight and listen closely to what Rubin has to say.
Since 2000, he has predicted a massive oil-price spike, and he was among the first in 2007 to prophesy that oil would soar over $100 per barrel (a few months later, he said $150 a barrel and was basically proved right again). Now, even though oil has dropped considerably from its peak, Rubin warns that it’s bound to skyrocket once more and cause another, even greater economic crisis.
Elaine Garzarelli predicted the crash in ’87 and was touted as a guru. She hasn’t predicted much since, and when she did, she was wrong.
Marty Zweig made such predictions about the ’87 crash also. He was a bear throughout the raging bull market of the 90s as the market was going parabolic. In fairness, he got ripped off. He wasn’t right even under the “broken clock is right twice a day” manner.
Warren Buffett can’t trade to save his ass, but he’s sure as hell rich – and oracular. Luck has been his dance partner more times than his prescience, yet everyone still wants to believe there is a guru. He’s lost on currency, commodity, and stock index trades. He talks out of both sides of his mouth about OTC derivatives, yet the “faithful” only hear what they want to hear.
Which brings me back to Rubin. If you’re of the faithful in this case, trade with protective stops. Be proactive and trade in and out of risk. Don’t let some alleged oracle’s headlines or sound bites determine your risk management system.
Read MoreSeems a group of scientists have figured out what the casinos in AC and Vegas have known all along:
“Not only have we seen that our rats will gamble, but we’ve also been able to modulate that behaviour,” lead author Catharine Winstanley from the University of British Columbia told BBC News.
You can read a great scientific study on human behaviour by Jonah Lehrer called How We Decide. Probably the best book I’ve read since Market Wizards.
Read MoreShare A reader asked to interview me about 6 months ago. I didn’t see the benefit at the time, but I get enough questions that I thought I might give it a go. The interviewer is a reader of MartinKronicle and he did a great job for someone with no experience. His name is Gavin [...]
Bellafiore offers us a rare look inside a prop trading firm and its exclusive training program.
On one hand we need large urban centers to begin aggressively conserving water, while on the other hand hundreds of millions of people in India and China who are just getting running water for the first time in centuries.
The President, House, and Senate collectively could not come up with a National Energy Policy if their offices depended on it.
Share Here’s the scene. You’re in the interior of a large, and loud institutional brokerage firm. It’s utter mayhem and organized chaos, with paper flying and Institutional salespeople shouting over one another and at each other. One of the Administrative Assistants picks up a call and shouts… “Call for you Buddy. Pickup line 2…” “Bud [...]
Both the terms “stock operator” and “speculator” are outdated. There is so much more that goes on to prepare when you are a professional prop trader.
September 01 2010
Share
August 27 2010
You are responsible for your own decisions. No sense of entitlement. No one owes you anything. Own your own shit.
August 22 2010
Everyone needs a mentor.
August 16 2010
Treasuries are for trading, not owning. In order to combat hyperinflation, own precious metals.
August 03 2010
