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"This is a great book for novice and experienced traders. Soaking up its wisdom distilled from experience and introspection will help you become more successful. And that's true even if it doesn't make you a penny." --Aaron Brown, AQR

You should know if you trade commodity futures what the contract expiration dates are.

After all if you are trading Lean Hogs and you forget you could end up with 40,000 pounds of carcasses on your door step – which is not my idea of a good day.

Actually you would have to work pretty hard for this to happen. Your broker keeps a very close idea on your open positions and will likely inform you to exit your position or roll over your contract so as to avoid exactly this delivery issue.  Remember if you were short you would need to actually have to have the required quantity and quality of the deliverable commodity on hand.

I like to play it safe and make sure that I am fully aware of the expiration dates.

Well in a funny turn of events a Hedge Fund had taken delivery, somewhat forcibly, of a ship as payment! That’s right Elliott Capital Management took control of the ARA Libertad, a training ship owned by the Argentine navy, whilst it was docked in Ghana.

Argentina have been avoiding paying for a 2001 bond and after a recent court hearing Elliot Capital Management went all pirate and seized the assets.

So even if you are a Sovereign State know that the debt collectors will find you.

More on A Hedge Fund Has Physically Taken Control Of A Ship Belonging To Argentina’s Navy

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1) If you do two things at once, one of them will be done wrong

When you trade, focus on your methodology. Do not check your Twitter feed, reply to E-mails and chit chat on IM while you are trying to make decisions. Without exception, multi-tasking takes away from your ability to focus, as well as from the ability of your subconscious mind to properly store patterns and information, and from your ability to access your inner voice.

2) Everything that isn’t your main purpose should be either delegated or dropped

Speculation is a business, treat it like a business and you’ll have a chance to succeed. That means that anything that is not part of your core business should be delegated. Outsource the nonsense in your life and focus on your core business activities, the price you pay for outsourcing will be the best trade you ever made.

3) Pay attention to what’s vulnerable, not just what’s strong

Trade from the short as well as the long side. Markets go up the stairs and down the elevator. Try to balance your emotional system so a trade from the short side is as easy as a trade from the long side. The ability to trade from both directions will smooth the volatility in your account and your income. In doing so, you’ll make your business more robust and your emotional stress more manageable.

4) Take some time to do absolutely nothing

Professional athletes in ALL sports do not operate at a high level 52 weeks a year, they take extensive periods to rest, relax and do nothing. Speculation is an intense mental sport which also requires periods of total relaxation. Take the time to do absolutely nothing.


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Total time: 21 mins

I caught up with Jon before his flight to Paris and a week of speaking there. We talked about his outlook and set-ups for Netflix, Apple, and Gold.

Jon, Guy Adami, and Jeff Macke will be headlining the ILAM Houston event in early November.


Michael Martin and Jon Najarian at the Milken Institute’s Global Conference in May 2011.

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You can read in many places that you should only risk 1% of your equity per trade.

It’s so prevalent that it’s almost taken as gospel.  I think that’s a good thing as it promotes protecting your account and if you have a system with a decent risk return your winners ought to cover your losses leaving you nicely up – keeping it all gravy for you.

Now take a look at this chart showing a poll from the Wall Street Journal:

Link to chart here

Now granted, this is about a mistake that mutual fund investors feel they have made most often, but it shows that at least 40% of respondents regret having been too cautious.

While the general advice of risking no more than 1% a trade is sound advice, you have to:

“Risk no more than you can afford to lose and also risk enough so that a win is meaningful”

It’s important to consider not just what you are willing to lose but also what you want to win and how you are going to trade to make that a reality.

There are two sides to this equation that are worth thinking about. Have you considered both? Having too little risk might mean not achieving your financial goals.

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SP500 trades above breakout level while the broader Russell 2000 and the more volatile NASDAQ reversed and now trading below breakout level.

Negative divergence between related markets is a subtle message that all is not well. Such divergence does not necessarily translate to “sell everything,” but it does suggest “proceed with caution.”

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