From the Desk Of A Trader #16
"If you need a friend, get a dog."
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, CL, ES, and NQ as well as our favorite altcoins.
Today, we are happy to share the thoughts from the desk of a commodities trader. The following views are that of Martijn Bron and do not represent the views of his employer.
From the Desk Of A Trader
As a commodity trader you are trained to question everything.
Because you operate in an environment where everyone wants your money.
If you need a friend, get a dog.
Instead, I developed a key characteristic of a dog, being able to sniff well.
I smell bullsh*t and lack of integrity quickly.
When I transitioned from #trading the oilseed complex to trading cocoa I needed to build a new network and meet the movers and shakers in the industry.
One of the first things I did was visiting London. Chocolate lovers probably don't know that London is the center of the cocoa trade, due to the ICE cocoa exchange and many traders, funds, banks and other industry operators located there.
I met two cocoa traders for lunch.
I will never forget it and still get a smile when I think about it, fifteen years later.
Both traders were very eloquent, charming and friendly.
One was talking about hand-selected beans with a grin.
The other had perfected the art of creating smoke and mirrors and lure you into showing your hand. Very impressive.
Fortunately I had nearly a decade of commodity trading under my belt. A novice would have been an easy prey.
Not only in my profession but also around personal finance topics I deeply analyze the other side of the trade.
Being cynical is not a great characteristic for leading a happy life, so try to change if you are.
Happiness is not given to us, but recognized by us.
But in trading and dealing with personal finance issues, being somewhat cynical helps prevent making mistakes.
You need to ask yourself with any counterpart in a trade, investment promotor, finfluencer, talking head on CNBC, and financial newsletter writer;
What is their credibility, track record, incentive, business model (how does their product, service, or investment make money), are they aligned with your interests, and why do they engage with you?
I thought about all this reflecting upon the financial #markets, media and industry, after reading this week's FT interview with Charlie Munger.
Munger took aim at a "glut of investment managers that's bad for the country". "Many of them are little more than fortune tellers or astrologers who are dragging #money out of their clients' accounts which is not earned by any useful service".
This is a bit harsh and unfortunately the good ones suffer from the bad ones.
But both want your money for something you can also do yourself.
All it takes is educating yourself and learning by doing.
That is what a friend would say.
#investing
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