chris mystic

Episode 184: Making Heads or Tails Out of Trading

Episode 184 of The Traders Podcast will probably go down in the archives as one of our most provocative shows since Greg K. told us he could divine the future back in Episode 128. This episode explores what may be one of the simplest, yet craziest trading “systems” around… Your host Rob Booker catches up with his old friend Chris Mystic, a veteran of the currency market who decided to start trading randomly and entered a contest against other traders!

The premise: Chris works for Traders Laboratory, and in an attempt to keep the subscribers entertained, he decided to conduct an experiment for one month: At the New York open, he’d flip a coin and if it was heads, he’d go long on the Euro dollar, and if it was tails, he would go short on the Euro dollar. He’d flip the coin 30 minutes before actually taking the trade. And he set some rules, such as it would be a 1:1 risk-to-reward, and 20 pips take profit, 20 pips stop-loss, and if the trade hasn’t closed by 5 p.m., then he’d close it manually. And as mentioned above, Chris entered this random trading account into a trading contest with some intriguing results!

So, as you might expect from your intrepid host, Rob tries to make sense of this madness and discusses how to turn it into an actual trading system. Naturally. Why wouldn’t we? Thanks for listening.

Links for this episode:

Look for the thread “Let’s Try an Experiment” at: Traders

E-mail Chris at: MysticForex ( AT ) TradersLaboratory ( DOT ) com Read More