Part 3 of Stuart McPhee's (from http://www.trading-plan.com ) interview with one of his mentors, Ray Barros in Hong Kong.
Starting trading back in the 1970s, Ray has tremendous experience and in this interview, he talks about how undisciplined traders can become disciplined, how to develop entry signals and his thoughts on technical indicators, how the financial crisis has affected his trading, why risk management is so important and how his trading differs between his personal account and his funds management.
Finally, he offers the best advice he could give a close friend or family member who wanted to start trading.
Great interview. Thanks for that.
alfie008 1 year ago
(video notes)
Rays rule for enforcing a position exit:
If any market instrument that he is trading goes mean plus three standard deviations for two consecutive days of the average true range, then he is automatically out of that instrument, until one of two things happen. Either the instrument goes back to its normal previous ranges, or there are about 45 data points (someone please help me with the rest)
patriotsundergod 3 years ago