11/26/2022 0 Comments Rayner teo![]() ![]() Unlike getting a second job, trading seems easier which you can use money to make money. Or they may wish to make money on the side without having to work for it. Uncommitted traders usually approach trading as a hobby – something they do for fun. That includes trading – you are competing against the smartest and the richest in the markets so you have to be serious about it. When I hear ‘ let me try forex‘, I know it is game over.Ĭommitment is something you have to give to even stand a chance of success in any field. Investing in good quality data and a programmer to do proper backtesting can yield endless dividends in the long run. Backtesting softwares are also limited in the types of strategies you can test. ![]() #Rayner teo free#Rayner emphasised the importance of having good quality data and discouraged the use of free data due to poor accuracy. This is where you would need to hire a programmer if you are not one yourself. The next step is to validate the strategies through backtesting. These authors share why certain trading strategies work and knowing the reasons behind them can increase your confidence in employing these strategies. He recommended to explore strategies from books such as Following The Trend by Andreas Clenow and Unholy Grails by Nick Radge. There’s no point reinventing the wheel by developing a trading strategy from scratch. Rayner said that a trader should always make use of existing strategies and tweak them to suit yourself. Hence, every trader must be able to figure if this edge exist before risking money on it. For example, the house’s edge in Blackjack is only a mere 0.28% but this small advantage can reap a fortune over a large number of bets. An edge is a statistical advantage in a trading strategy that would help a trader make money in the long run. ![]()
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