01
May
10

Consejos de traders para traders

Brett Steenbarger y Mark Wolfinger -desde sus respectivos blogs- hacen recomendaciones de formación (Steenbarger) y de manejo de riesgo (Wolfinger) basándose en sus experiencias personales.

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In general, I would highlight three areas of learning that I would want to have if I were looking to start out as a trader today:

1) Macroeconomics – I would want to have a grasp of intermarket relationships and how monetary policy affects interest rates, currencies, and economic growth. This information may not determine the trade over the next half-hour, but it does govern the market’s longer time frame picture and help determine market trends. A lack of understanding of macroeconomics and intermarket relationships has been a major reason many short-term traders have lost money fighting the market over the last few months.

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It’s very important to understand the difference between trades that are well-managed and those that luckily end well.  This is a subtlety lost on too many.  The ‘obvious’ but inaccurate conclusion is often: ‘If I made a profit then it was a good trade and I must have handled it well.’

To understand the risk of any given position (or portfolio), it’s essential to know

  • How much can be lost, if the worst case scenario occurs
  • How much can be lost today, under unusual market conditions
  • What you have to gain by holding the position; i.e., potential profits
  • The probability of earning a profit from the position as it exists now
  • How theta (the passage of time) affects the position
  • The effect of a large change in implied volatility (vega risk)

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