• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 min Science: Only correct if it fits the popular narrative
  • 4 hours Crazy Stories From Round The World
  • 1 day EU has already lost the Trump vs. EU Trade War
  • 12 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 18 hours Do The World's Energy Policies Make Sense?
  • 1 day China's Renewables Boom Hits the Wall
  • 3 hours Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 1 day Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 21 hours Impeachment Nonsense
  • 3 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 1 day Water, Trump, and Israel’s National Security
  • 2 days Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 2 days Tesla Launches Faster Third Generation Supercharger

Breaking News:

Russia Plans To Boost Crude Oil Exports

How To Profit When Nothing Is Certain

As I get older, I increasingly derive a great deal of satisfaction from sharing with others the lessons learned over nearly twenty years in dealing rooms around the world. There are some lessons that are worth remembering in general life as well as at a trading desk. As a trader I knew once proved beyond a doubt, for example, using scissors to cut through the power supply cable in order to punish and kill a computer that has dared to show the market moving against you is a bad idea. (Yes, Henrik, wherever you are, I am talking about you.) Some lessons, however, are specific to the market and, if understood early enough, can ensure a long and successful career. One of the most fundamental of those is that trading offers no certainties.

That may seem like a statement of the obvious, but if you start using a system that produces a run of winning trades it is easy to believe otherwise, and that is the most dangerous belief a trader can have. Certainty that your trades are certainties leads to only one certain thingconclusion…a spectacular bust at some point. The belief that you cannot be wrong makes cutting losers and managing losses almost impossible, and it is that, rather than picking winners, that separates the career traders from 90 percent or so of trainees who fail.

Once you accept that any price can move in any direction, some less obvious trades often look smart. Take oil, for example. I have been saying for some time now that the more times WTI approaches…




Oilprice - The No. 1 Source for Oil & Energy News