By Rob Booker
In a sequence of insightful and interesting vignettes, Rob Booker teaches either the amateur and the skilled dealer a few tough received truths concerning the foreign money marketplace. it is a needs to learn booklet written by way of a man who survived the trenches and went directly to prosper within the greatest and best monetary marketplace on this planet
Read Online or Download Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing PDF
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Extra info for Adventures of a Currency Trader: A Fable about Trading, Courage, and Doing the Right Thing
Already I knew that I wanted to trade. Already I knew that I had the talent to do it—but this trading floor, this mass of chaotic buying and selling: This is what I wanted to do for the rest of my life. There could not have been a more ridiculous thought at the time. I had taken just one trade of my own. I was a file manager in a New York law firm, with ninth-grade math skills and a diploma from Ben Cardozo High School. Surrounding me at that moment were men and women educated at some of the finest universities in the United States—I probably was standing among more than a hundred Harvard Business School graduates.
That made sense. That meant that I was using leverage, too. I started to remember something about getting 400-to-1 leverage at my dealer. I decided that Craig didn’t need to know this. “At Ernest Wellington, we might use 2-to-1 leverage. That’s it. We don’t mess around with crazy leverage. We’d all wash up. qxd 12/20/06 2:02 PM Page 35 Lessons Learned 35 I didn’t know how to reply to this, so I said nothing at all. Talking about trading, even the dangers of it, wasn’t worrying me. It was making me want to get back to the office to make some trades.
CRAIG: Luck had nothing to do with it. This was all purposeful implosion of my trading capital. In the next 13 trades, in January 2003, I lost the ten million. And then some. By February, I had dug myself a fourteenmillion-dollar hole. qxd 12/20/06 2:02 PM Lessons Learned Page 39 39 ME: What? CRAIG: Yep. I got bold when I should have sat on my profits. Think about how I made the money in the first place: I planned a trade using all sorts of research. I planned the entry with knowledge of important support and resistance areas.