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By the time the bottom was being formed, all of my Core Models (my primary Active Management tools) were stabilizing, and the strategy began allocating to individual Stocks. In March 2020, markets made enough historic moves to fill a textbook. My preferred execution approach is to (1) continuously scan for Global opportunities in strong and weak Markets, (2) increase Stock exposure significantly when a Market bottom is potentially forming, (3) pyramid once or twice in the days/weeks after a bottom is confirmed. The Equity strategy is mostly Long-biased, with generally low Short exposure in Bull trends. My Core Equity strategy avoided nearly all of the March 2020 Crash and began turning constructive early. It says a lot about what we all had to work with:Įvery market strategy was tested in 2020. A friend and veteran Equity manager called it “Difficulty Level 11”. I’ll share the lessons I learned in 2020, a year that tested every battle-scarred Trader, and formed a whole new generation. I’ll discuss portfolio exposure too, which I rarely disclosed before. Normally this is an internal process with our firm & partners, in more detail than a blog can hold. This is the first time I’ve reviewed my process publicly. These are thoughtful questions which require thoughtful answers, and Twitter isn’t the best venue.
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Macro trading full#
"Just like they are selling big bushels full of wheat or corn."
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"When they get negative inputs, like we've had from Italy, where investors and short-sellers are alternately fretting and salivating over a potential run on the Italian central bank, these macro focused traders blast the S&P futures down," Cramer said.