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Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game Hardcover – September 10, 2007
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From the Inside Flap
Every day, millions of ordinary people around the world wake up, turn on their computers, and try to make a living by trading the financial markets. Some are successful, some fail, but the possibility of hitting it big attracts many to the business.
As currency strategists and traders, authors Kathy Lien and Boris Schlossberg have been active in the markets for more than a decade, meeting many successful individual traders along the way.
In Millionaire Traders, Lien and Schlossberg interview twelve ordinary individuals who have transformed themselves into extraordinary traders. These people aren't hedge fund managers or employees of large money center banks with billions at their disposal, but regular folks who started with as little as $1,000 and turned those modest initial investments into six- to seven-figure fortunes.
The traders you'll encounter come from all walks of life, live around the world, and trade a variety of electronic markets. Some focus on equities and options, while others deal in futures or foreign exchange. Each has a very different style of tradingmany that are even in direct conflict with each otherbut all share the common traits of discipline, persistence, and the willingness to always cut losses.
Some of the individuals who share their experiences in the art of trading include:
Dana "Dan" Allen: the man who buys crashes and thrives on making bids when most other market participants are running for the exits
Chuck Hayes: who breaks many of the sacrosanct rules of trading yet thrives in the chaotic world of e-mini stock index futures, where the difference between fortune and failure can be measured in seconds
Indi Jones (this is an alias): who trades options for volatility as well as directionality, using sentiment and psychology to select his winning contrarian ideas
Roland Campbell: who likes to trade news flow, but only the news that catches the market off guard
While none of the traders highlighted throughout this book were successful from the start, all learned from their early failures and used those experiences to improve performance. Now, with Millionaire Traders, they'll show you how to make serious money in today's financial marketswhether it be through stocks, futures, or forex.
From the Back Cover
Trading is a battle between you and the market. And while you might not be a financial professional, that doesn't mean you can't win this battle.
Through interviews with twelve ordinary individuals who have worked hard to transform themselves into extraordinary traders, Millionaire Traders reveals how you can beat Wall Street at its own game.
Filled with in-depth insights and practical advice, this book introduces you to a dozen successful traderssome who focus on equities, others who deal in futures or foreign exchangeand examines the paths they've taken to capture considerable profits.
With this book as your guide, you'll quickly become familiar with a variety of strategies that can be used to make money in today's financial markets. Those that will help you achieve this goal include:
Tyrone Ball: trades Nasdaq stocks almost exclusively, and his ability to change with the times has enabled him to prosper during some of the most treacherous market environments in recent history
AShkan Bolour: one of the earliest entrants into the retail forex market, he trades in the direction of the major trend, rather than trying to find reversals
Frank Law: a technician at heart, identifies a trading zone, commits to it, and scales down as long as the zone holds
Paul Willette: has mastered a method that allows him to harvest some profits right away, while ensuring that he can still benefit from an occasional extension run in his favor
Top customer reviews
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a tremendous amount of indepth ideas and concepts. So if one just started trading, one's must keep a computer besides one, just to search for unclear points and ideas.
The authors do a great job of capturing the "essence of a winning traders' approach" in this important book, and the variety of traders (and their stories) makes for a fascinating read, complete with behind the scenes details of what makes for a winning trader.
Having trained thousands of traders myself, I can safely say that this book can make a *huge* impact in the trading approach of both new and seasoned traders, because it shares the important insights of trading attitudes, trading technicals, and perceptions for how to manage both winning trades and stops, in a comprehensive "must read" book for all types of traders.
The authors themselves are noted experts and capably lead the reader through the different, often fascinating, looks into a wide variety of trading scenarios that are essential perspectives for all traders to gain.
Superb job, Kathy and Boris - highly recommended book.
Ken Calhoun, Pres
However, I read these types of books primarily for motivation -- if these guys did it, I can do it, too! Read all three "Market Wizard" books first, but you should definitely add this one to your list.
Most recent customer reviews
I am half way through the book and still reading so it still has my interested.