Sometimes you hear something and you have to do a double take, or a double listen. This is one of those times. I've know Lance Beggs from YourTradingCoach.com for a while and he sent me an email last week with 'Rock Paper Scissors - A Trading Analogy' as the title. I was hooked so replied, he got back to me with his short explanation, and I quickly told him to write it down in article form for the Trader's Blog members to enjoy...so please do and feel free to ask Lance any questions in the comment section.
Yeah... I'm serious!
Rock Paper Scissors!
I know all the other trading educators are talking about poker and the lessons it provides in position sizing and trader psychology. I'd love to sound really cool as well and talk about No-Limit Hold 'em, or Aces over Kings, or all manner of other great-sounding terms. But the fact is that I don't know the first thing about poker. And I figure I'm not the only one.
So, here's one for all of us non-poker nerds... a game that everyone should know, which also provides an excellent lesson for traders.
Continue reading "Rock Paper Scissors - A Trading Analogy!"