“It’s more about understanding the market. You can’t beat it. In many ways, if you don’t know it, you can’t beat it, and if you do, it’s probably your own fault,” says Paul Graziano, co-author of “Understanding Trading in the Real World, 2nd Edition”, a comprehensive guide on the art and science of using financial instruments.
A trader’s mind is one of the most important parts of the body, but the most important part of his brain is in the eye sockets. Graziano says: “What does it mean to have a good eye for details? Well, let’s say you own a company that does not do a lot of trading – say, a bank, or maybe a company that does a very small amount of trading. If you know that a particular market will change, or a particular country might become more or less economically important – which might happen a few years from now – then you’ll probably have that very important market and interest in the future.”
When Graziano looks into the eye sockets of the traders he is following, his mind immediately goes back to what he does the most. “If you’re trying to understand the market, then you’re going to want to have a good understanding of the business world, whether it’s with your bank or your company or with your family or your friends,” he says. And when it comes to identifying the most effective trading techniques, it isn’t an either/or game.
Graziano says: “You need both the forecaster and the traders. A forecaster may know what’s going to happen tomorrow, but I think it would be wise to have good information that the trader has over the entire day, every minute, so that he can make the most of it.”
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Graziano’s advice is to think of trading as a chess game – one that takes place on the same board with a certain amount of time allotted for each move. “Some people say it’s the art of the trade, but the art of trading, just in general, comes down to being the smart trader,” he says.
So, in one lesson, does it really mean all traders are “smart”? “Of course they’re all smart. There are lots of different types of traders,” he says. “But the types of traders who are the most successful are ones who’ve got a good understanding of
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