Core Turtle trading philosophy: Trend following and risk management

• The students were going to trade the firm’s money and be able to keep a part of the profits.
• Five Percent Online Ltd. (“We”, “Our”, “Us”, or “Company”) operates as a proprietary trading firm.
• The ongoing experiment shows that there is more to it than just following mechanical trading rules.

The students were going to trade the firm’s money and be able to keep a part of the profits. The two men decided to put their debate into action and through the training experiment find out about the nature vs nurture aspect. For Dennis money was just a way of keeping score. Richard Dennis had always thought trading to be something that could be learned. Simulated trading programs, in general, are also subject to the fact that they are designed with the benefit of hindsight.

This is the true story behind Wall Street legend Richard Dennis, his disciples, the Turtles, and the trading techniques that made them millionaires. The moral of the story is that trading can be learned and you don’t need to be born with special skills. I have read about the traders featured in this book and listened to them on podcasts. There were couple of guys from the group who tried to make easy money by selling Dennis’s rules.

Anyone interested in the Turtles story, in the psychology of trading, or just a great American story period should read this book. The only condition is that you have to follow the trading rules exactly as they were taught in the first two-week training session. To settle a bet with his business partner about whether traders could be taught or were simply “born,” the an experiment was conceived. You’ve no doubt heard a bit about Richard Dennis, the trend trading pioneer who discussed his mid-1980’s Turtles experiment in Market Wizards.

The Complete TurtleTrader was Covel’s second bestseller and Stocks, Futures, Options Magazine named The Complete TurtleTrader as one of 2007’s top 10 trading, investing and personal finance books. After having a debate with his partner, William Eckhardt, about whether trading is learnable or an inborn talent, they proposed an experiment where they would spend two weeks training novices in the science of trading and then give them each $1 million to invest. There are quite a few resources there, including articles on money management and trend following.”Brett SteenbargerTrading coach, Psychologist, Author And, by the way, for readers who want to dig a little more into Turtle trading before purchasing Michael’s book, I recommend his website.

The Books

For two weeks, Dennis taught them his investment rules and philosophy, and set them loose to start trading, each with a million dollars of his money. Dennis taught the Turtles his theory-driven quantitative trading approach – mechanical trend-following based on a set of rules. It’s the story of the famous experiment in 1983 about teaching a group of inexperienced people to become traders led by Richard Dennis and his partner William Eckhardt. The ongoing experiment shows that there is more to it than just following mechanical trading rules. In a bizarre twist to the story, in spite of how rigid the trading rules were, Dennis’s allocation of capital to the Turtles themselves was not uniform.

The Intelligent Investor: A Book of Practical Counsel

• This created tension, rivalries and confusion among the group, a fascinating story in and of itself.
• It’s a powerful illustration that, though markets have changed since the 1980s, the dynamics of success have not.
• “The book was wonderful…”Michael ShannonOriginal TurtleTrader
• Dennis was a trading genius and a quick study.

This created tension, rivalries and confusion among the group, a fascinating story in and of itself. The rules are not difficult to grasp – in fact, in the program’s second year, the training for the new recruits was cut down to just one week! This is where we get to the heart of the Turtles story. Most traders try to apply the old adage, “buy low and sell high,” which is why most traders fail. Dennis was a trading genius and a quick study.

Similar Books

He thought about money differently than most people. This fascinating story has also been covered in Jack D. Schwager’s Market Wizards book and in other materials by the author Michael W. Covel. Covel explains the rules, simple, repeatable, and emotion-free, covering entries, exits, risk management, and position sizing. His trend-following system, built on disciplined rules, proved anyone could win in markets with the right framework.

The simulated trading environment in the Hub is designed for educational and evaluation purposes only. Users should be aware that the trading results in this environment do not reflect real trading outcomes. All trading activities conducted through the Company Hub are executed in a simulated environment. The Company is not a custodian, exchange, financial institution, trading platform, fiduciary or insurance business outside the purview of financial regulatory authorities. Five Percent Online Ltd. (“We”, “Our”, “Us”, or “Company”) operates as a proprietary trading firm. Keep your insights organized, jump to key moments, and refine your trading strategy – all in one place.

What trading strategies did the Turtles learn in The Complete TurtleTrader?

Large drawdowns inevitably accompany the quest for large gains, and it’s those large gains that ultimately provide trend following with its edge. For those wanting access to the Turtle philosophy and rules, they’re laid out clearly and unflinchingly. He also casts a critical eye on his subjects, investigating why some Turtles found long-term success and why others didn’t.

Richard Dennis

If you like the review, I recommend to read the whole book. Some of the true / false questions asked from the applicants are listed in the book and I tried to quickly answer them myself. It sounded too good to be true to many and it did change the life of so many people. More detailed descriptions about the legendary ad, people who applied, what they had to do in order to get selected, what kind of traits Dennis and Eckhardt were expecting from the applicants. Some thoughtful points from Richard Dennis about luck in trading.

What role did psychology play in the Turtles’ trading success in The Complete TurtleTrader?

The inspiration came from a trip Dennis took to a turtle-breeding farm in Singapore, stating, “We are going to grow traders just like they grow turtles.” Covel’s segment discussing what separated a successful Turtle, Jerry Parker, from his less successful peers is perhaps the most insightful portion of the book. One of the most interesting segments of the book covers Salem Abraham, who by chance met one of the original Turtles, took a 180 degree life turn, and began his own highly successful fund.

These rules worked—and still work today—for the Turtles, and any other investor with the desire and commitment to learn from one of the greatest investing stories of all time. He reveals how they made astounding fortunes, and follows their lives from the original experiment to the present day. He describes how Dennis interviewed and selected his students, details their education and experiences while working for him, and breaks down the Turtle system and rules in full.

There are twenty more like you, just starting out in commodities, all sitting around trading these huge sums of money. “Buy high and sell higher,” and “sell low and buy lower,” are the fundamental, but counterintuitive concepts of trend trading. He is recognized for his efforts in popularizing the story of the Turtle Traders and their trend following methodology. Covel’s work focuses on educating traders about systematic approaches to the markets and the importance of risk management.

Trend following takes a small town guy at a gas station to trading legend worth $100 million? “The book was wonderful…”Michael ShannonOriginal TurtleTrader “I did enjoy the book…I hope it’s doing well for you.”Tom ShanksOriginal TurtleTrader This inevitably leads money managers to refine the complete turtletrader review (and ultimately eviscerate) the Turtle methodology. Investors who place their money in funds simply don’t want to see 20% of their money evaporate in a quarter.

But not all Turtles were successful after the program. The next chapter is all about the Turtles’ strategies, risk management, position sizing and rules around it. Dennis and Eckhardt were very strict about their rules and they had to let some people go, so not everyone made the cut. One of the key factors here is why people with outstanding intelligence can be terrible traders.

But in my windows system, where the code works without any issue, openssl version is OpenSSL 1.1.1k 25 Mar 2021. Simply put, the ++ and — operators don’t exist in Python because they wouldn’t be operators, they would have to be statements. All namespace modification in Python is a statement, for simplicity and consistency. And because integers are immutable, the only way to ‘change’ a variable is by reassigning it.

Is there a “not equal” operator in Python?

Note that the parentheses around the key, value are important, without them, you’d get an ValueError “not enough values to unpack”. Take a look at Behaviour of increment and decrement operators in Python for an explanation of why this doesn’t work. The left part may be false, but the right part is true (Python has “truth-y” and “fals-y” values), so the check always succeeds. Beside the first the others have no typing meaning; but it still is valid syntax to hide a lambda definition in the return signature of a function. Note the differences in brace usage and assignment operator. To translate this pseudocode into Python you would need to know the data structures being referenced, and a bit more of the algorithm implementation.

Updated answer

However the absence of this operator is in the python philosophy increases consistency and avoids implicitness. Although this function is quite useless, and should never be used in production code, it can still crash the python interpriter. Read the existing answers first, this is just an addendum. Replace Exception with the specific type of exception you want to throw. And we have preserved the whole traceback while modifying the args. Note that this is not a best practice and it is invalid syntax in Python 3 (making keeping compatibility much harder to work around).

• And if name in X ischanged to point to some other object, your module won’t notice.
• To explain – the sys.exc_info() returns the type, value, and traceback.
• The left part may be false, but the right part is true (Python has “truth-y” and “fals-y” values), so the check always succeeds.
• Replace Exception with the specific type of exception you want to throw.
• In Python, you deal with data in an abstract way and seldom increment through indices and such.

In Python 3.x, iteritems() was replaced with simply items(), which returns a set-like view backed by the dict, like iteritems() but even better. As it should be clear from the other answers, this semantically refers to the type-hint for the return type of the function. However, there are some fun (esoteric) facts that can be derived from this grammar statement. This means the type of result the function returns, but it can be None. For it to effectively describe that function f returns an object of type int.

How do I manually throw/raise an exception in Python?

And if namewas already defined, it is replaced by the new version. And if name in X ischanged to point to some other object, your module won’t notice. In more detail, Python 2.x has docstrings, which allow you to attach a metadata string python linear programming to various types of object.

Adding keys to dictionary without using add

This is how Python knows to exit a for loop, or a list comprehension, or a generator expression, or any other iterative context. Once an iterator raises StopIteration it will always raise it – if you want to iterate again, you need a new one. In ..-syntax, it always iterates over the keys (the values are accessible using dictionarykey).

This makes all names from the module available in the local namespace. First of all, let me explain exactly what the basic import statements do. Many people have already explained about import vs from, so I want to try to explain a bit more under the hood, where the actual difference lies. In the above case ‘keys’ is just not a variable, its a function.

Notice that you can raise exceptions with or without arguments. See the raise statement documentation for Python if you’d like more information. However, if you’d like to add, for example, thousands of new key-value pairs, you should consider using the update() method. For when to use for key in dict and when it must be for key in dict.keys() see David Goodger’s Idiomatic Python article (archived copy). In Python 3, dict.iterkeys(), dict.itervalues() and dict.iteritems() are no longer supported. Use dict.keys(), dict.values() and dict.items() instead.

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy. Pseudocode is an informal high-level description of the operating principle of a computer program or other algorithm.

It would create a runtime error because you are changing the keys while the program is running. If you are absolutely set on reducing time, use the for key in my_dict way, but you have been warned. When an iterator is exhausted, it raises StopIteration.

This is amazingly handy, so Python 3 extends the feature by allowing you to attach metadata to functions describing their parameters and return values. For example, if you’re writing a library, it’s a very good practice to make a base exception class for your module, and then have custom sub-exceptions to be more specific. This is useful if you need to perform some actions after catching the exception and then want to re-raise it. But if there wasn’t any exception before, the raise statement raises a TypeError Exception.

• Pseudocode is an informal high-level description of the operating principle of a computer program or other algorithm.
• Doing the Pythonic thing, that is, using the language in the way it was intended to be used, usually is both more readable and computationally efficient.
• However the absence of this operator is in the python philosophy increases consistency and avoids implicitness.
• If you want to loop over a dictionary and modify it in iteration (perhaps add/delete a key), in Python 2, it was possible by looping over my_dict.keys().

You can use assert to verify a condition is being fulfilled. This will print “program exited” to standard error before closing the program. To explain – the sys.exc_info() returns the type, value, and traceback. To catch it, you’ll have to catch all other more specific exceptions that subclass it. For adding a single key, the accepted answer has less computational overhead.

Magic method, __setitem__, and why it should be avoided

You can preserve the stacktrace (and error value) with sys.exc_info(), but this is way more error prone and has compatibility problems between Python 2 and 3, prefer to use a bare raise to re-raise. If you want to add a dictionary within a dictionary you can do it this way. My main complaint with import urllib.request is that you can still reference urllib.parse even though it isn’t imported. In this particular case with urllib package, the second way import urllib.request and use of urllib.request is how standard library uniformly uses it.

If you use raise exception (args) to raise an exception then the args will be printed when you print the exception object – as shown in the example below. If you’re not joining two dictionaries, but adding new key-value pairs to a dictionary, then using the subscript notation seems like the best way. To add or modify a single element, the b dictionary would contain only that one element… This popular question addresses functional methods of merging dictionaries a and b. Let’s pretend you want to live in the immutable world and do not want to modify the original but want to create a new dict that is the result of adding a new key to the original. If the word key is just a variable, as you have mentioned then the main thing to note is that when you run a ‘FOR LOOP’ over a dictionary it runs through only the ‘keys’ and ignores the ‘values’.

This is particularly useful if you are working with dictionaries that always consist of the same data types or structures, for example a dictionary of lists. I faced the same issue with Ubuntu 20.4 and have tried many solutions but nothing worked out. Even after update and upgrade, the openssl version showed OpenSSL 1.1.1h 22 Sep 2020.

Decyzja o przyjęciu nowej strategii jest odpowiedzią na wyzwania, jakie przyniosło dynamicznie zmieniające się otoczenie rynkowe. Strategia wyznacza, po okresie turbulencji gospodarczych, które przełożyły się na spadek wyników finansowych, kierunek odbudowy i dalszego rozwoju Grupy Azoty. Jej realizacja ma na celu wzmocnienie pozycji rynkowej Grupy Azoty, jej odporności na zmiany w otoczeniu makroekonomicznym, zwiększenie efektywności operacyjnej oraz konsekwentne budowanie wartości Grupy Azoty.

Rząd szykuje zmiany w przechowywaniu nawozów naturalnych

W komunikacie giełdowym Grupa Azoty poinformowała również o zamknięciu pięciu niedochodowych instalacji w pierwszej połowie chevron oil news bieżącego roku, co pozwoli na oszczędności rzędu 50 mln zł do 2027 r. Prezes spółki podkreślił, że firma rozwija portfolio specjalistycznych produktów nawozowych i nowoczesne kanały sprzedaży, jednocześnie wzmacniając odporność na zmiany gospodarcze. W opublikowanym komunikacie Grupa Azoty podkreśliła, że przyjęcie nowej strategii wynika z potrzeby odpowiedzi na dynamicznie zmieniające się warunki rynkowe. Zarząd spółki zatwierdził dokument 3 listopada 2025 r., a rada nadzorcza go zaakceptowała.

Strategia Grupy Azoty ambitna, planowany CAPEX może być za niski, żeby ją wykonać (opinia)

Planowane skumulowane wydatki inwestycyjne w okresie trwania strategii wyniosą od 3 do 4 mld zł, w tym z wykorzystaniem finansowania zewnętrznego. W wymiarze operacyjnym grupa planuje wzmocnić pozycję drugiego największego producenta nawozów w Unii Europejskiej i przekroczyć ponad 50 proc. Segment logistyki ma obsługiwać roczny wolumen przekraczający 3 miliony ton chemikaliów, w tym również importowanego amoniaku. Strategia dla segmentu logistyki zakłada wiodącą rolę Grupy Azoty jako kluczowego podmiotu logistyki chemii ciężkiej w regionie (w tym obsługującego rosnący import amoniaku), który będzie obsługiwać roczny wolumen przekraczający 3 miliony ton chemikaliów, w tym również importowanego amoniaku. Celem grupy jest osiągnięcie rocznych przychodów  segmentu do 2030 roku na poziomie powyżej 600 mln zł przy marży EBITDA powyżej 30 proc.

Cztery segmenty działalności

Strategia Grupy Azoty zakłada rozwój w oparciu o cztery segmenty biznesowe z wiodącą rolą nawozów, jako głównego segmentu działalności grupy. Jednocześnie w odpowiedzi na rosnący popyt i celem zabezpieczenia lokalnych dostaw dla sektora obronnego powstanie nowy segment – chemia dla obronności. W celu zabezpieczenia łańcucha dostaw chemii ciężkiej, w tym niskoemisyjnego amoniaku, zostanie rozbudowana i zmodernizowana posiadana infrastruktura logistyczna w ramach segmentu chemicznego.

Grupa Azoty w nowej strategii celuje w 2 mld zł EBITDA do 2030 r.

Strategia wskazuje, że segment nawozy pozostaje kluczowym dla działalności Grupy Azoty, w oparciu o który rozwijana będzie stabilna organizacja, o skali pozwalającej konkurować na europejskim rynku oraz zapewniającej bezpieczeństwo żywnościowe Polski i regionu. Grupa Azoty, jedna z czołowych grup kapitałowych w Europie w branży nawozowo-chemicznej, ogłosiła nową strategię rozwoju na lata 2025–2030. Spółka planuje osiągnąć roczne przychody na poziomie 17–18 mld zł oraz zainwestować od 3 do 4 mld zł w rozwój, aby umocnić swoją pozycję na rynku i zwiększyć efektywność operacyjną. “Cele w obszarze ESG zakładają utrzymanie sprzedaży produktów o obniżonym śladzie węglowym w obliczu rosnącego zainteresowania rynku zrównoważonym rozwojem” – napisano w komunikacie.

• Likwidacja pięciu niedochodowych instalacji ma przynieść ok. 50 mln zł oszczędności do 2027 roku.
• Spółka planuje rozwijać działalność w czterech segmentach i utrzymać wysoką dyscyplinę finansową przy capeksie rzędu 3–4 mld zł.
• Jej realizacja ma na celu wzmocnienie pozycji rynkowej Grupy Azoty, jej odporności na zmiany w otoczeniu makroekonomicznym, zwiększenie efektywności operacyjnej oraz konsekwentne budowanie wartości Grupy Azoty.
• Segment Chemia zaawansowana obejmie działalność w obszarze alkoholi oxo, plastyfikatorów i tworzyw konstrukcyjnych, z przychodami 3–3,5 mld zł i marżą EBITDA ok. 4 proc.
• („Spółka”) informuje, że w dniu 3 listopada 2025 roku Zarząd Spółki przyjął, a Rada Nadzorcza zatwierdziła Strategię Grupy Kapitałowej Grupa Azoty do 2030 roku („Strategia”).
• Z kolei segment zaawansowanej chemii, zawierający biznesy Oxo i tworzyw konstrukcyjnych, z wyłączeniem projektu Polyolefins, będzie rozwijany w partnerstwie z inwestorami branżowymi.

Jak podała spółka, istotnym elementem strategii jest utrzymanie dyscypliny finansowej, wyrażającej się wskaźnikiem zadłużenia netto do EBITDA poniżej 2,5 razy. W ramach transformacji Grupa Azoty planuje zintegrować struktury i procesy, centralizując funkcje strategiczne w centrali, a produkcyjne – w segmentach biznesowych. Celem jest zwiększenie elastyczności i efektywności działania. EBITDA nie jest szczególnie ambitny, w przeszłości grupa osiągała wyższe rentowności.

Konsekwentnie koncentrujemy się na obszarach naszych przewag i tworzeniu wartości dla akcjonariuszy — powiedział w wywiadzie dla PAP Biznes prezes Skolmowski. Spółka informowała we wrześniu, że jej strata netto za I półrocze br. Wyniosła 878 mln zł i zwiększyła się o 130 mln zł w porównaniu ze stratą zaraportowaną w I półroczu 2024 r. Grupa w I półroczu tego roku osiągnęła skonsolidowane przychody ze sprzedaży w wysokości 3 mld 319 mln zł. Serwis wykorzystuje ciasteczka w celu ułatwienia korzystania i realizacji niektórych funkcjonalności takich jak automatyczne logowanie powracającego użytkownika czy odbieranie statystycznych o oglądalności.

Jak wskazano, strategia ma na celu odbudowę po okresie spadku wyników finansowych oraz dalszy rozwój firmy. Grupa chce zwiększyć swoją odporność na zmiany makroekonomiczne i skoncentrować się na budowaniu wartości firmy. W odpowiedzi na rosnący popyt i zabezpieczając lokalne dostawy dla sektora obronnego, powstanie nowy segment Chemia dla obronności. Segment Chemia zaawansowana obejmie działalność w obszarze alkoholi oxo, plastyfikatorów i tworzyw konstrukcyjnych, z przychodami 3–3,5 mld zł i marżą EBITDA ok. 4 proc.

W średnim terminie najistotniejszą kwestią dla grupy jest sposób dalszego finansowania zewnętrznego grupy – zobowiązania finansowe przekraczają 10 mld zł. W najbliższych miesiącach należy się liczyć z restrukturyzacją tego zadłużenia – potencjalnie zawieszeniem na pewien czas spłat rat kredytowych, zamianą części zadłużenia na akcje spółki i emisją nowych akcji – skomentował Dariusz Nawrot, analityk Noble Securities. Stale rozwijamy portfolio specjalistycznych produktów nawozowych i rozbudowujemy kanały sprzedaży, łącząc nowoczesne technologie z precyzyjnym odpowiadaniem na oczekiwania rynku – komentuje Andrzej Skolmowski, prezes Grupy Azoty. Jak podała spółka istotnym elementem strategii jest utrzymanie dyscypliny finansowej, wyrażającej się wskaźnikiem zadłużenia netto do EBITDA poniżej 2,5 razy. Strategia Grupy Azoty do 2030 roku zakłada skoncentrowanie się na czterech segmentach, z głównym akcentem na nawozy i wzmacnianie swojej roli w segmencie obronnym. Grupa zapowiada marżę EBITDA przekraczającą 10 proc., 3-4 mld zł inwestycji oraz utrzymanie dyscypliny finansowej.

Grupa Azoty, lider polskiego rynku z ponad 50-proc. Udziałem, zakłada 11–12 mld zł przychodów i marżę EBITDA na poziomie 9–10 proc. Grupa Azoty przedstawiła strategię do 2030 roku, zakładającą osiągnięcie 17–18 mld zł przychodów i 1,9–2 mld zł EBITDA. Spółka planuje rozwijać działalność w czterech segmentach i utrzymać wysoką dyscyplinę finansową przy capeksie rzędu 3–4 mld zł. Roczne przychody tego segmentu do 2030 roku mają być na poziomie powyżej 0,6 mld zł przy marży EBITDA powyżej 30 proc.

• Etatów i uzyskała 53 mln zł z tytułu sprzedaży aktywów niekluczowych.
• Konsekwentnie koncentrujemy się na obszarach naszych przewag i tworzeniu wartości dla akcjonariuszy — powiedział w wywiadzie dla PAP Biznes prezes Skolmowski.
• Efektywną alokację nakładów inwestycyjnych, optymalizację zatrudnienia, dezinwestycje w obszarach niezwiązanych z podstawową działalnością Grupy, a także wyłączenia niedochodowych instalacji.

Pełna treść Polityki prywatności, zawierająca wszelkie informacje wymagane na podstawie przepisów ogólnego rozporządzenia o ochronie danych, dostępna jest pod adresem grupaazoty.com/polityka-prywatnosci. Program naprawczy Azoty Business przyniósł dotąd 300 mln zł oszczędności z zakładanego 1 mld zł do 2027 roku. Etatów i uzyskała 53 mln zł z tytułu sprzedaży aktywów niekluczowych. W całym okresie obowiązywania programu planuje pozyskać 250 mln zł z tego źródła. Chemiczna grupa w najbliższych latach chce odbudować przychody i powrócić do generowania wysokiej EBITDA.

Kalendarium rynku NewConnect 2025-11-07

W celu zabezpieczenia łańcucha dostaw chemii ciężkiej, w tym niskoemisyjnego amoniaku, zostanie rozbudowana i zmodernizowana posiadana infrastruktura logistyczna. W odpowiedzi na rosnący popyt i zabezpieczając lokalne dostawy dla sektora obronnego powstanie nowy segment Chemia dla obronności. Długoterminowa wartość segmentu Zaawansowana Chemia będzie budowana również w oparciu o partnerstwa z inwestorami branżowymi. Istotnym elementem strategii jest utrzymanie dyscypliny finansowej i zakładany spadek wskaźnika zadłużenia netto do EBITDA poniżej 2,5.

Strategia uwzględnia również zmiany w otoczeniu rynkowym, takie jak stabilizacja cen gazu i energii na wyższym poziomie niż przed 2020 r., wdrożenie dyrektywy RED III, utrzymanie ceł na nawozy z Rosji i Białorusi oraz rosnący import chemikaliów z Chin, Afryki i Bliskiego Wschodu. Spółka prowadzi również program naprawczy Azoty Business, który ma zakończyć się w 2027 r. W jego ramach Grupa ograniczyła już koszty operacyjne o 300 mln zł z planowanego 1 mld zł oraz zmniejszyła zatrudnienie o 1,8 tys. Przychody ze sprzedaży aktywów niezwiązanych z podstawową działalnością wyniosły 53 mln zł.

Andrzej Skolmowski p.o. prezesa Grupy Azoty

W przypadku wyrażenia przez Państwa zgód marketingowych, mogą Państwo wycofać zgodę w każdym czasie poprzez kontakt z Administratorem w sposób wskazany poniżej, przy czym wycofanie zgody nie ma wpływu na zgodność z prawem przetwarzania dokonanego przed jej wycofaniem. Grupa Azoty jest drugim producentem nawozów azotowych i wieloskładnikowych w UE. Melaminę, kaprolaktam, poliamid, alkohole oxo i biel tytanową, które znajdują zastosowanie w wielu branżach przemysłowych. Skonsolidowane przychody ze sprzedaży w 2024 roku wyniosły 13,04 mld zł. – Trwale poprawiamy rentowność naszej działalności, realizując ambitny plan naprawczy oparty na systematycznym podnoszeniu efektywności operacyjnej, kosztowej i inwestycyjnej.

Growth stocks on the other hand tend to perform well under stronger economic conditions. There are also opportunities for day traders to take advantage of volatility in the markets, both prior to the announcement and immediately afterward. The interaction of all of the Fed’s policy tools determines the federal funds rate or the rate at which depository institutions lend their balances at the Federal Reserve to each other on an overnight basis. The Committee adjusts interest rates by setting a target for the fed funds rate.

What is the FOMC (Federal Open Market Committee)?

The members Bonus forex vote on whether the Fed should buy or sell more securities, such as Treasury bonds, on the open market, and how much to buy or sell to meet its target interest rate. The FOMC has eight regularly scheduled meetings each year, but they can meet more often if the need should arise. There are 12 Federal Reserve districts, each with its own Federal Reserve Bank. In addition, during times of inflation and high interest rates, many investors and traders shy away from tech stocks as they opt for safe-haven assets instead. The FOMC typically meets eight times a year to discuss monetary policy and make decisions about interest rates.

A percentage of the Fed’s SOMA holdings are held in each of the 12 regional Reserve Banks; however, the Federal Reserve Bank of New York executes all of the Fed’s open market transactions. Securities bought by the FOMC are deposited in the Fed’s System Open Market Account (SOMA), which consists of a domestic and a foreign portfolio. Treasuries and federal agency securities, while the foreign portfolio holds investments denominated in euros and Japanese yen. The FOMC is a branch of the Federal Reserve System that governs the country’s monetary policy.

• The Board chair serves as the Chair of the FOMC; the president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chairman of the Committee.
• However, the decision hinges on whether economic data—especially inflation and employment—shows sufficient weaknesses.
• Ultimately, the FOMC’s action underscores its commitment to sustaining employment and stabilising inflation, though the full impact of this policy shift will unfold in the months ahead.
• The Federal Open Market Committee sets U.S. monetary policy, mainly through interest rate decisions that affect borrowing, spending, and inflation.
• Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Key Points

Day traders in particular might adapt their strategy to maximize the shifts that occur both before and after the meeting. The FOMC no longer has a definitive target for the natural rate of unemployment. Before the 2020 recession, unemployment was historically low without triggering inflation. Instead, the Fed now reviews a broad range of information rather than relying on a single unemployment rate target. The FOMC ultimately seeks to stabilize the economy by raising or lowering interest rates.

• Share prices may be pushed down in the case of rising interest rates, meaning that US indices are subject to movements from speculation.
• That boosts economic growth by increasing the money supply and lowers rates to spur economic growth and reduce unemployment.
• Traders can also analyze the tone of the FOMC announcement to determine whether there are more hawks than doves among its members and whether that balance has changed since the last meeting.
• The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations.
• This article will provide an overview of the FOMC, its purpose, and how it affects traders and the economy.

Gold’s Historic Rally Meets Fed Uncertainty: Your Week-Ahead Trading Roadmap

Since the US economy is the largest economy in the world, the repercussions of the FOMC’s decision can be felt worldwide. Traders across the globe pay attention to the decision as an indicator of global economic trends, and an insight into how other central banks around the world might adjust their inflation policy. Using a wealth of economic data allows the committee members to evaluate whether they want to drive or slow inflation in relation to the money supply and the target inflation rate of 2 percent. In addition, it may be worth noting that the Fed’s decision can have a notable impact on stocks, in general, and on tech stocks in particular.

How often does the Fed meet to change interest rates?

The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System, consisting of 12 members including seven Board of Governors and five Reserve Bank presidents. If the dollar is strengthened by higher interest rates, this may cause gold’s value to decline. Traders could flock to gold if the FOMC’s outcome suggests a negative outlook for the US economy because it is seen as a stable asset that holds its value throughout periods of turbulence. The Board chair serves as the Chair of the FOMC; the president of the Federal Reserve Bank of New York is a permanent member of the Committee and serves as the Vice Chairman of the Committee. The presidents of the other Reserve Banks fill the remaining four voting positions on the FOMC on a rotating basis.

The Federal Open Market Committee has oversight and the power to take steps to contract or expand the U.S. economy depending on market conditions. The Federal Reserve has scheduled its next FOMC meeting for September 16-17, 2025. For this reason, a demo account with us is a great tool for investors who are looking to make a transition to leveraged trading. Share prices may be pushed down in the case of rising interest rates, meaning that US indices are subject to movements from speculation.

If the FOMC decides to increase interest rates, demand may increase, and the value of the dollar is likely to rise. Given his status as the Federal Reserve’s chairman, Jerome Powell’s speeches are highly esteemed and can even shift the markets. The Federal Reserve Bank of New York’s president, since 2018, John C. Williams, is a perpetual member of the committee. Four of the remaining eleven regional Federal Reserve Bank presidents also serve on the FOMC in one-year rotations to ensure representation from all regions of the United States.

The Chairman holds a press briefing after each FOMC meeting to discuss the FOMC’s policy decisions and to provide context for those decisions. The Chairman also discusses the economic projections submitted by each FOMC participant four times each at the press conference following the last scheduled FOMC meeting of each quarter. Open Market Operations are the sale and purchase of government-backed Treasuries and securities on the market. The Federal Open Market Committee (FOMC) is an arm of the Federal Reserve Board and is responsible for the direction of monetary policy through the open market operations of the Fed. The committee consists of 12 members who meet at least eight times per year to set a near-term target for the federal funds rate.

The committee’s sixth meeting of 2025 began on Tuesday, 16 September, and concluded on Wednesday, 17 September. It was followed by a press conference and a speech by Fed Chairman Jerome Powell. A looser money supply means it’s easier to borrow, and interest rates decline. The FOMC is made up of 12 members, including the seven members of the Federal Reserve Board of Governors, the president of the Federal Reserve Bank of New York, and four presidents of the remaining 11 Federal Reserve Banks. Our blog post and interactive graphic show which Federal Reserve districts’ presidents are voting members for a given year, in addition to members of the Board of Governors. The FOMC can hold these securities until maturity or sell them when they see fit, as granted by the Federal Reserve Act of 1913 and the Monetary Control Act of 1980.

The Committee may also hold unscheduled meetings as necessary to review economic and financial developments. He noted a shift in the balance of risks between inflation and employment, justifying a cautious rate cut. In times of economic strife, the FOMC tends to recommend buying securities in order to support economic growth; the inverse is true when the national economy seems to be on more stable ground. However, given that economic judgments are not always objective, there can sometimes be disagreements within the FOMC.

What Does the Fed’s Federal Open Market Committee Do?

The term “monetary policy” refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. Although the FOMC sets a target for the fed funds rate, banks actually set the rate themselves. The Fed pressures banks to conform to its target with its open market operations. In return, it adds to their reserves, giving the bank more fed funds than it wants.

Powell stated that the risks between inflation and employment have moved closer to balance, justifying the 25 basis point interest rate cut. Eight times a year, or more depending on necessity, the committee holds a meeting to decide on the course of federal monetary policy in the near term. Second, higher interest rates mean investors will demand higher returns from stocks since they could invest in invest in bonds or certificates of deposit and earn a strong return. As such, the discount rate investors place on future earnings and cash flows from a business increase, sending the value of the stock lower. That compounds the potential for lower company earnings as a result of higher interest rates affecting consumer behavior.

Because monetary policy determines the inflation rate over the long term, the FOMC can specify a longer-run goal for inflation. In the statement, the FOMC reaffirmed its analysis that a 2% target inflation rate was the rate most consistent with its statutory mandate. The Federal Reserve possesses the tools necessary to increase or decrease the money supply. This is done through OMOs, adjusting the discount rate, and setting bank reserve requirements. The Fed’s Board of Governors is in charge of setting the discount rate and reserve requirements, while the FOMC is specifically in charge of OMOs, which entails buying and selling government securities.

The FOMC uses the open market operations of the Fed as the tool to change interest rates. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies. The first step is to be fully informed about what exactly is at stake in the FOMC meeting, and what kind of opportunities may arise from the talks.

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So far, users can make single-item purchases from domestic sellers on online marketplace Etsy, as well as some merchants on Shopify’s e-commerce platform. The company also unveiled an open-source technical standard called Agentic Commerce Protocol for merchants to build integrations with ChatGPT, essentially making their products available for purchase within the chatbot. Following the addition of agentic e-commerce and easy checkout features, OpenAI partnered with Walmart, the country’s largest retailer to enhance digital shopping experiences. Through the partnership, ChatGPT users will be able to find products sold by Walmart and complete entire purchases without leaving the chatbot’s interface. The company also partnered with PayPal, one of the largest payment processing services in the world, to let users pay for their shopping directly within ChatGPT. In August 2025, OpenAI released GPT-5, its fastest and smartest model to date, and the current language model for ChatGPT.

A Brooklyn-based 3D display startup Looking Glass utilizes ChatGPT to produce holograms you can communicate with by using ChatGPT. And nonprofit organization Solana officially integrated the chatbot into its network with a ChatGPT plug-in geared toward end users to help onboard into the web3 space. Changes to ChatGPT’s code base suggest that Operator will be available as an early research preview to users on the $200 Pro subscription plan. The changes aren’t yet publicly visible, but a user on X who goes by Choi spotted these updates in ChatGPT’s client-side code. TechCrunch separately identified the same references to Operator on OpenAI’s website.

Edit, Translate and Summarize Content

The company says this dynamic approach helps the model outperform GPT-5 on key https://traderoom.info/fortfs-overview/ coding benchmarks, including bug fixes and large-scale refactoring. The update comes as OpenAI looks to keep Codex competitive in a fast-growing market that now includes rivals like Claude Code, Cursor, and GitHub Copilot. OpenAI launched Instant Checkout in ChatGPT, letting U.S. users purchase products directly from Etsy and, soon, over a million Shopify merchants without leaving the conversation.

OpenAI will discontinue its largest AI model, GPT-4.5, from its API even though it was just launched in late February. Developers can use GPT-4.5 through OpenAI’s API until July 14; then, they will need to switch to GPT-4.1, which was released on April 14. Open AI introduced a new section called “library” to make it easier for users to create images on mobile and web platforms, per the company’s X post. Questions have been raised regarding OpenAI’s transparency and procedures for testing models after a difference in benchmark outcomes was detected by first- and third-party benchmark results for the o3 AI model. OpenAI introduced o3 in December, stating that the model could solve approximately 25% of questions on FrontierMath, a difficult math problem set.

• It costs twice as much as OpenAI’s GPT-4.5 for input and 10 times the price of regular o1.
• In September 2025, following the suicide of a 16-year-old, OpenAI said it planned to add restrictions for users under 18, including the blocking of graphic sexual content and the prevention of flirtatious talk.
• But considering the ways ChatGPT can fall short, the results are possibly cause for alarm.

The official app by OpenAI

• The feature enables ChatGPT to retrieve information across users’ own services to answer their questions.
• That’s a problem when you’re using it to do your homework, sure, but when it accuses you of a crime you didn’t commit, that may well at this point be libel.
• With new healthcare-focused hires, it aims to simplify access to fragmented medical data — an area where Big Tech has struggled — through its conversational AI approach.
• Advanced voice mode becomes available on web browsers — before, it could only be accessed on mobile and desktop formats.
• By January 2023, ChatGPT had become the fastest-growing consumer software application in history, gaining over 100 million users in two months.

In February 2023, OpenAI launched a premium service, ChatGPT Plus, that costs US$20 per month. According to the company, the paid version of the website was still experimental, but provided access during peak periods, no downtime, priority access to new features, and faster response speeds. OpenAI later introduced the subscription plans “ChatGPT Team” and “ChatGPT Enterprise”.

ChatGPT is a chatbot created by OpenAI that can process text, image, audio and video data to answer questions, solve problems and more. Here’s how it works, its use cases, how to access it, its limitations, notable updates and future outlook. In late March 2023, the Italian data protection authority banned ChatGPT in Italy and opened an investigation. Italian regulators assert that ChatGPT was exposing minors to age-inappropriate content, and that OpenAI’s use of ChatGPT conversations as training data could violate Europe’s General Data Protection Regulation. OpenAI said it has taken steps to effectively clarify and address the issues raised; an age verification tool was implemented to ensure users are at least 13 years old.

Stanford researchers reported that GPT-4 “passes a rigorous Turing test, diverging from average human behavior chiefly to be more cooperative.” ChatGPT gained one million users in five days and 100 million in two months, becoming the fastest-growing internet application in history. OpenAI engineers said they had not expected ChatGPT to be very successful and were surprised by the coverage it received. In March 2023, a bug allowed some users to see the titles of other users’ conversations. OpenAI CEO Sam Altman said that users were unable to see the contents of the conversations.

What companies use ChatGPT?

These issues have led to its use being restricted in some workplaces and educational institutions and have prompted widespread calls for the regulation of artificial intelligence. ChatGPT is a generative artificial intelligence chatbot developed by OpenAI and released in November 2022. It currently uses GPT-5.1, a generative pre-trained transformer (GPT), to generate text, speech, and images in response to user prompts. It is credited with accelerating the AI boom, an ongoing period marked by rapid investment and public attention toward the field of artificial intelligence (AI). Text-generating AI models like ChatGPT have a tendency to regurgitate content from their training data. But OpenAI recently disclosed a bug, since fixed, that exposed the titles of some users’ conversations to other people on the service.

Can ChatGPT be detected?

The new features also provide enhanced analytics referral links if they enable their robots.txt files to interact with OpenAI’s site crawler. The release of GPT-5 provides a sizable update to previous models, at least on paper. For example, the new model doubles its context window from 128,000 tokens in GPT-4o to 256,000 tokens in GPT-5.

OpenAI says it collects user posts from the subreddit and asks its AI models to write replies, in a closed environment, that would change the Reddit user’s mind on a subject. The company then shows the responses to testers, who assess how persuasive the argument is, and finally OpenAI compares the AI models’ responses to human replies for that same post. According to a new report from VC firm Andreessen Horowitz (a16z), OpenAI’s AI chatbot, ChatGPT, experienced solid growth in the second half of 2024. It took ChatGPT nine months to increase its weekly active users from 100 million in November 2023 to 200 million in August 2024, but it only took less than six months to double that number once more, according to the report.

Shortly after the bug was fixed, users could not see their conversation history. In July, OpenAI released ChatGPT agent, an AI agent that can perform multi-step tasks. It also inherits from Deep Research’s ability to gather and summarize significant volumes of information.

For example, you can ask ChatGPT to remind you when your passport expires in six months, and the AI assistant will follow up with a push notification on whatever platform you have tasks enabled. The feature will start rolling out to ChatGPT Plus, Team, and Pro users around the globe this week. OpenAI has begun testing a feature that lets new ChatGPT users sign up with only a phone number — no email required. However, users who create an account using their number can’t upgrade to one of OpenAI’s paid plans without verifying their account via an email. OpenAI launched ChatGPT Gov designed to provide U.S. government agencies an additional way to access the tech. ChatGPT Gov includes many of the capabilities found in OpenAI’s corporate-focused tier, ChatGPT Enterprise.

OpenAI has released two new reasoning models, o3 and o4 mini, just two days after launching GPT-4.1. The company claims o3 is the most advanced reasoning model it has developed, while o4-mini is said to provide a balance of price, speed, and performance. The new models stand out from previous reasoning models because they can use ChatGPT features like web browsing, coding, and image processing and generation. An issue within OpenAI’s ChatGPT enabled the chatbot to create graphic erotic content for accounts registered by users under the age of 18, as demonstrated by TechCrunch’s testing, a fact later confirmed by OpenAI. “In this case, a bug allowed responses outside those guidelines, and we are actively deploying a fix to limit these generations.” OpenAI has released a post on the recent sycophancy issues with the default AI model powering ChatGPT, GPT-4o, leading the company to revert an update to the model released last week.

ChatGPT is frequently used for translation and summarization tasks, and can simulate interactive environments such as a Linux terminal, a multi-user chat room, or simple text-based games such as tic-tac-toe. ChatGPT’s training data includes software manual pages, information about internet phenomena such as bulletin board systems, multiple programming languages, and the text of Wikipedia. By January 2023, ChatGPT had become the fastest-growing consumer software application in history, gaining over 100 million users in two months. As of 2025, ChatGPT’s website is among the 5 most-visited websites globally, and has over 800 million active weekly users. It has been lauded as a revolutionary tool that could transform numerous professional fields. At the same time, its release prompted extensive media coverage and public debate about the nature of creativity and the future of knowledge work.