Millionaire Traderseven free resources out there are sufficient if not better. Capital is
important when it comes to trading and there are some costs that
should be made initially, such as a fast computer and connection,
but other things are not as necessary.
Q: Sometimes the timeliness of certain services may pale in
comparison to Reuters or Bloomberg. Is this a disadvantage?
A: Usually you know in advance when data is going to come out
or when speeches will be made. Sometimes you have scenarios like
9/11. But that is very rare. I don’t feel the need to know the data
the second or even minute it comes out. Most services will release
it shortly afterwards and you can watch the price for the reaction.
If you are really worried about the risk, you could call in and put a
stop or something. When there is a large unexpected event, there
is not much that we, as small investors, can do about it. We find
out as quickly as we can and the key is to focus on reducing risk
on the back of those events—to put in stops as often as possible.
Most investors cannot afford a Reuters or Bloomberg, so the key
is to focus on finding your most reliable news sources and then
watching the price. Sometimes the price can lie too because it can
be late in updating, so make sure you look at a few different charts.
Q: What time of the day do you trade?
A: I don’t really split between times. Usually I prefer at night
because it is more relaxed and quiet and, as such, I have more time
to look at the charts in finer detail.
Q: The afternoon in Hong Kong is basically London open, and
the evening is the U.S. open. So is it better to analyze the markets
then because there is more activity?
A: I think that certainly is a reason. If the market is moving
a lot, you get to see a lot more information and understand the