Million Dollar Traders – Profit and Loss – Episode 2
I didn’t get to watch the second episode (or the third rather) due to my holiday when it was actually broadcasted. However, the BBC website have the very good iPlayer which allows you to watch the programmes so long as you’re in the UK. I did try and watch it in India but the iPlayer detects where you’re from and won’t let you watch if you not in the UK.
If you want to watch it, you can go to the BBC iPlayer site here: http://www.bbc.co.uk/iplayer
Put in the search term ‘traders’ and the episodes should come up.. however, they are only available for a couple of weeks so you’ll have to be quick.
Anyway, I caught up with the programme the other day… I really wish it was more interesting but it really isn’t a very good programme at all.. however, I have a vested interest as I am learning to trade too so anything I can pick up would be most useful to me….
From watching the programme, you can see that it is all about controlling your emotions. Us humans do not like to fail or lose money which is why trading is so hard. You have to accept that you will lose money in trading.. it is a game of probabilities.. no matter how good you are.. you will lose. Trading is about keeping cool despite losing money even after a lot of research and work.
You can see in the programme how frustrated they get when they put on trades only to find that the trades suddenly go against them.. also news events move the market suddenly and unpredictably.
I’ve felt all these frustrations when I started trading so I know what it’s like.. I feel a bit sorry for those guys but it’s one of those things that you have to deal with if you want to become a trader. Overall, no one makes any money in this episode.. nor does anyone in the previous one.
Simon the eldest of the lot is the first to crack.. he consistently loses and he finds it frustrating. He says that he finds trading as traumatic as his divorce!
The young lady (can’t remember her name.. was it Clare?) who was identified as the one who had the most potential also finds it tough going. In the first episode she cracks and ends up in the street crying, in this episode.. she is just so frightened that she can’t trade at all.
The trading supervisor is a chap called Anton Kreil who is a 29 year old millionaire retired trader… he’s quite interesting and has actually created his own website here: http://www.antonkreil.com/
You can read his biography here: http://ftalphaville.ft.com/blog/2009/01/22/51518/anton-kreil-the-biography/
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