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Stocks & Commodities V. 25:3 (68-73): Product Review: Commodity Explorer by David Penn
Stocks & Commodities V. 25:3 (68-73): Product Review: Commodity Explorer by David Penn
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Stocks & Commodities V. 25:3 (68-73): Product Review: Commodity Explorer by David Penn
The first time you log in to GlobalTecs Commodity Explorer, you are required to check off (acknowledge) each one of Commodity Explorers Seven Cardinal Rules of trading commodity futures. Literally check off. Each rule is presented in a separate window and if you want to move on to the next window (much less open and run the Commodity Explorer application proper), youve got to click acknowledge seven different times, testifying you fully understand each of the following:
1. Always trade with risk capital or money you can afford to lose.
2. Always trade with a stop-loss order in place.
3. Never overleverage your account.
4. Set realistic goals.
5. Accept your losses and move on to the next trade.
6. Protect your profits when your position is profitable.
7. Always trade with a riskreward ratio of 1-1.5 or greater.
While some may quibble with aspects of these cardinal trading rules and regulations (many wont trade unless the riskreward ratio is closer to 1-3, for example), the basic wisdom in this list is more or less beyond dispute. And a cynical observer (myself occasionally included in that cohort) might consider this checkoff routine to be a bit of CYA (cover your, uh, aft) grandstanding, the list and its appearance in a product like Commodity Explorer underscore an important point arguably the most important point about trading.
The first time you log in to GlobalTecs Commodity Explorer, you are required to check off (acknowledge) each one of Commodity Explorers Seven Cardinal Rules of trading commodity futures. Literally check off. Each rule is presented in a separate window and if you want to move on to the next window (much less open and run the Commodity Explorer application proper), youve got to click acknowledge seven different times, testifying you fully understand each of the following:
1. Always trade with risk capital or money you can afford to lose.
2. Always trade with a stop-loss order in place.
3. Never overleverage your account.
4. Set realistic goals.
5. Accept your losses and move on to the next trade.
6. Protect your profits when your position is profitable.
7. Always trade with a riskreward ratio of 1-1.5 or greater.
While some may quibble with aspects of these cardinal trading rules and regulations (many wont trade unless the riskreward ratio is closer to 1-3, for example), the basic wisdom in this list is more or less beyond dispute. And a cynical observer (myself occasionally included in that cohort) might consider this checkoff routine to be a bit of CYA (cover your, uh, aft) grandstanding, the list and its appearance in a product like Commodity Explorer underscore an important point arguably the most important point about trading.
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