This episode features Rob Booker speaking with a trader named Brian Bice from South Georgia. Brian looks at the currency market, but not in the same way many traders are accustomed to looking at it. (See the chart and explanation below, and tune in to find out more.)
Also in Episode 79, Brian shares a harrowing and cautionary tale about what happened when he let a trade go for too long, which prompts a question that we address, which is: If you just hold out in your losing trade for long enough, the market will eventually come back, right?
Rob also talks about how letting a losing trade go too long affects a trader’s character, how trading can get “really bad, really fast,” and Rob discusses the somewhat unholy practice of “cost-averaging.” Despite some Internet connectivity blips here and there, this is a must-listen episode: Brian was very gracious to share his valuable story with us, so you don’t want to miss this one!
Follow Brian on Twitter: @BiceRFC
A note from Brian about the chart below:
The boxes on the charts represent the opening ranges of the three trading sessions (Asian, European and U.S.). The lines on the bottom show each currency for a quick reference of which currencies are moving up or down — a linear “heat map,” so to speak. This aids in choosing which pairs to choose and deciding in which direction to enter a trade based upon a single currencies price movement.