One thing is for certain. No two markets are the same. And when it comes to something like Stock trading versus Forex trading, things couldn’t be much more different.
Today’s interview with professional Stock trader Dr Thomas Carr, provided massive insight into the world of trading stocks and how different the stock market moves versus other markets, like Forex.
Dr Carr has authored a number of books which highlight this key difference. And for me it all comes down to trend. Stocks tend to have massive trend runs whereas Forex is more of a mean reverting/ranging market.
To learn more about how the stock market moves, and how you could go taking advantage as a trader or investor, take a listen.
Podcast Interview
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Thomas’ Video of the Week
Key Lessons
[08:31] Trading sounds like a great way to make some extra income.
[12:51] I was making every newbie mistake in the book during my first two years of very horrible trading.
[13:20] The position management side of things was a real big improvement in terms of my consistency as a trader.
[15:19] If you find a system that is working, you’ve got to stick with it.
[16:24] Trading is a mix of both science and art.
[16:32] Master the science, master the rules of trading before you begin to trade by more of an intuitive style.
[22:16] As long as you know you’re buying quality companies that’s where the real wealth is built.
[30:49] You got to know your limits when it comes to trading.
[32:57] If you have a real passion for it and you’re willing to sit through those long months and years even of losing money, that it takes to gain that education, then you have a very good chance of making a good trader.
[34:07] You need a lot of experience if you’re gonna trade for a living, but you also need a lot of money.
[35:39] I would also recommend while you’re trying your hand at trading that you would learn as much as you can from as many sources as you can.
[36:19] Everything that you learn from someone who’s successful at trading is definitely worth learning.
[40:53] There’s so many ways of analyzing the price chart but you want to keep things as simple as possible particularly if you are new to trading.
[47:51] You have to be detached from profit and loss.
Thomas’ Trading
- He’s a Philosopher and Theologian
- He taught at university for 17 years
- He spent about 3 years reading everything about trading, taking webinars, online courses, on-site courses, and some private coaching
- He manages an online day trading room where gives out his stock picks live
- He also sends out advisory products every evening to his members
- He keeps track of every single trade he makes
- He’s been trading for more than 22 years
- He’s a swing trader and 90% of his trades are in the Stock market
- He also loves to trade the E-mini index futures contracts for hedging purposes
- He also does long-term investments
- He has a 50% winning rate for his day trades with a very tight stop of about 1.8 to 2.8 Profit-Loss ratio
- He likes to enter trades after the lunch hour
- He has a pretty low-risk profile
- His favorite entry setup is a simple pullback
