Brian Gelber , chief executive officer of the Gelber Group, began his career on the floor of the CBOT (Chicago Board of Trade) as a broker and trader in 1977. CBOT to broker a fairly large and well respected in America.
"Probably one of the biggest mistakes I ever made was to change from broker to trader" he said. "I am a bear and a brokerage representative has sufficient ability, good skills in dealing with people who are used to trading and markets a variety of situations .."
It is also a costly step. He estimates has lost $ 3 million - $ 4 million in the first six months of 1986. As many as 20% of its capital for trading long-term booking and 80% for intra day.
Then he changed the system for long-term 80% and 20% for the short term. Then something happened where on October 19, 1987, when he made $ 4 million in 20 minutes.
Gelber and the team only uses the Moving Average indicators in trading. "One of my biggest indicator is the people," he said, "their interpretation of those indicators, indicators of how they present it, and see their excitement factor".
Being a good listener and "ability to take losses" are two traits that make it Gelber became a savvy trader. "For me, it's instinctive," he said. "I have a fairly low threshold of pain, and my body talk to me: .. It's time to get out. This is not the dollar. It's just instinct, the only solution is to get out.
A team approach to trading is one key to success Gelber. Gelber has five traders covering Forex traders (forex), interest rates, stocks and commodities. Gelber is always responsible for teaching management of risk for each of traders on the CBOT.
The first thing they do is they learn risk management, and they learn from me, "he said, adding" It's one thing I think is very good. One of the most traders Gelber opinion is that most traders do not want to admit they were wrong. In fact, they are also willing to lose early in their trading career and successful future. Also, some traders fail because they are afraid to lose. Gelber is not afraid to lose. When you begin to fear losing, you will most likely lose.
Brian Gelber also feel that listening to a lot of opinion is not a good thing. Is more important to look at market movement.
Brian Gelber stressed the importance of risk management. That means you have to set to set Stop Loss and Take Profit is ideal. You also need to know how many lots that should be used for open positions.
He also said it is not useful if too much attention to many opinions of the trader or analyst, just watch it on the market that are available online screen trading metatrader you like or the other.