million dollar traders

pl find below links to the 3 part bbc series "million dollar traders"

i recently came across these and watched them. these are 1 hour each 3 parts of an "experiment" wherein 8 shorlisted novice traders are given 1 million dollars to trade (after ofcourse basic training and under watchful expert eyes)

what a series this is! what an experiment it turned out to be!

every novice, ambitious (& even others) must watch these. all tensions and emotions and dilemmas and triumphs etc are beautifully (and at times in raw ugly manner) exposed!

watching these and other videos will add to any trader's learning curve.

enjoy.

http://www.youtube.com/watch?v=v6ciY8u04Kk

http://www.youtube.com/watch?v=ML4ObTeYLhg

http://www.youtube.com/watch?v=pWkzAvE5aQQ

emotions,inexperience& trained gut (words from masters)

"there is a big difference

between trading emotionally and trading from your gut.

...trading emotionally means reacting to fear and hope, which can destroy your trading decisions.

...trading from your (trained) gut is different.

inexperienced right-brain traders are susceptible to acting on ideas

based on feelings drawn from erroneous principles

because they have not sufficiently trained their right brain in proper trading principles.

they have not yet supplied the right brain

with enough of the raw material required to make proper judgments.

for this reason, the gut reaction of the novice trader will often be wrong."

- Curtis Faith

recognizing scalping opportunities (words from masters)

"For extremely short-term trades,

relying on the right brain is often the only practical approach.

Traders simply do not have enough time to perform complicated analysis.

Traders who are scalpers must trade mostly using their right brains.

For longer-term trading, traders have plenty of time for analysis.

The left brain is good at building and understanding models for how the world of trading works,

and the right brain is good at generating ideas

and recognizing opportunities."

- Curtis Faith

importance of training intuition (words from masters)

"The experiences you encounter

while trading

train your intuition

so that, in time, you can become an expert.

Learning as a trader can be difficult, however, because of the price of mistakes.

In trading, mistakes cost money.

Fortunately, traders can develop their intuition to a high level of expertise

without having to put their money at risk."

- Curtis Faith

library of experiences (words from masters)

"To become a master trader,

to be able to intuitively make good decisions,

you must first gain enough of the right kinds of experience.

This is why doctors and nurses go through extensive training and supervision when they are new to the profession.

It is why firefighters train in fire simulations,

and why airline pilots train in flight simulators.

Through this constant exposure and consistent practice,

experts build up a library of experiences that they can draw upon

when making decisions."

- Curtis Faith