"What, then, is the true Gospel of consistency? Change. Who is the really consistent man? The man who changes. Since change is the law of his being, he cannot be consistent if he stick in a rut." - Mark Twain
Welcome to the Week in Review!
At times? Traders will want to switch. Switch from trading the venue of the capital markets they have been trading, like ... say ... common stock? To Forex. Or he or she is a Forex trader, and they want to switch to trading futures?
Is this a good idea? Does this offer benefits? When should you do this, and when is a 'bad' idea?
After a review of the markets? I discuss the concept a trader switching to another 'market venue' the following podcast ...
(Podcast Included. If you're seeing this entry elsewhere and cannot play the podcast? Click this link to go to the exact podcast entry ...)
Click here to Download this Podcast.
You should never switch from, say ... trading commodities to common stock? Simply because you are bored, or because you are beginning to experience drawdown. It is not "wrong" to trade other markets. It offers a trader a wonderful 'overall' view of the capital markets. I 'switch' or 'migrate' to other markets as it were.
Just make sure you migrate for the right reasons, and you have a definite strategy.
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Note: This is not an investment or trading recommendation. The losses in trading can be very real, and depending on the investment vehicle, can exceed your initial investment. I am not a licensed trading or investment adviser, or financial planner. But I do have 13 years of experience in trading and investing in these markets. The Challenge accounts are run for the education of other traders who should make their own decisions based off their own research, and tolerance for risk.
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Saturday, September 19, 2009
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3 comments:
Dan,
Have you thought about talking about trading in other countries? It seems like one could trade online and live in a place that cost less than it does here in the US. thoughts?
Heyya Bruce,
It's sort of funny you mention that.
I'm actually looking at doing that very thing here shortly. I started myself on a 24 month plan some time ago, for having a second place like either Mexico (I'd really like the drug violence to settle down) or perhaps in Eastern Europe. One of my best friends actually lives in Mexico at the moment, in an area with a high American population.
I would like the current economic crisis to sort of settle itself out, as the crime rates (and American animosity) can be a little high during times like this.
It sort of touches on another subject as well, that I was discussing with other traders recently - which is that of keeping ones living costs down, while still 'living well'.
So I wouldn't be surprised if you see me mention that more along both of those lines in the future.
:)
Dan
yeah I don't know much about Mexico but I could live in Panama, we have some family there. But really I'm just dreaming for now...
I guess another thing to go along with that is the subject of laws and taxes when doing something like this.
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