Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game

419 Pages·2007·1.76 MB·English

by  Kathy Lien

JWBK169-Lien July3,2007 13:27
Millionaire
Traders
How Everyday
People Are Beating
Wall Street at Its
Own Game
Kathy Lien
Boris Schlossberg
JWBK169-Lien July3,2007 13:27
JWBK169-Lien July3,2007 13:27
Millionaire
Traders
JWBK169-Lien July3,2007 13:27
JWBK169-Lien July3,2007 13:27
Millionaire
Traders
How Everyday
People Are Beating
Wall Street at Its
Own Game
Kathy Lien
Boris Schlossberg
JWBK169-Lien July3,2007 13:27
Copyright(cid:2)C 2007byKathyLienandBorisSchlossberg.Allrightsreserved
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LibraryofCongressCataloging-in-PublicationData:
Lien,Kathy,1980–
Millionairetraders:howeverydaypeoplearebeatingWallStreetatitsown
game/KathyLien,BorisSchlossberg.
p. cm.
Includesindex.
ISBN978-0-470-04947-1(cloth)
1.Investmentanalysis. 2.Portfoliomanagement. 3.Electronictradingof
securities. 4.Speculation. I.Schlossberg,Boris. II.Title.
HG4529.L5462007
332.64–dc22 2007008852
PrintedintheUnitedStatesofAmerica
10 9 8 7 6 5 4 3 2 1
JWBK169-Lien July3,2007 13:27
Contents
Preface vii
Acknowledgments ix
Chapter1 TheArtofTrading 1
Chapter2 TheManWhoBuysCrashes 9
Dana“Dan”Allen
Chapter3 The100-PipTrader 37
RobBooker
Chapter4 TheCoolestGuyintheRoom 77
ChuckHays
Chapter5 RagstoRiches 111
HoosainHarneker
Chapter6 TheWisdomofExperience 141
FrankiLaw
v
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Contents
Chapter7 TheTreasureHunter 163
IndiJones
Chapter8 TheNewsJunkie 213
RolandCampbell
Chapter9 TheGreatAdapter 243
TyroneBall
Chapter10 SurfingforProfits 279
AshkanBolour
Chapter11 TheAll-AmericanTrader 307
PaulWillette
Chapter12 FXFamilyValues 341
MarcelinoLivian
Chapter13 ManVersusMachine 359
StevenIckow
Chapter14 GettingStartedinTrading 381
Index 391
vi
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Preface
H
ow many times have you heard the often-quoted statistic that
90 percent of all traders fail? Yet everyday, millions of ordinary
people around the world wake up, turn on their computer, and
trytomakealivingbytradingthefinancialmarketselectronically.
As in every profession, there are successes and failures. The same
statisticoffailureexistsintherestaurantbusiness,especiallyinour
hometown, New York City. New restaurants spring up on a near
daily basis, some are successful, most fail, but the possibility of
hittingitbigneverdeterspeoplefromtrying.
Wehavefound12peoplewhohavehititbigtradingforthem-
selves. These are not hedge fund managers or employees of big
money center banks, but regular people who started with as little
as $1,000 and turned their small initial stakes into a six- to seven-
figure fortunes. These people come from all walks of life, live all
over the world and trade a variety of electronic markets. Some
of the traders focus on equities, others on futures or foreign ex-
change. Each has a very different style of trading, some that are
even in direct conflict with each other, highlighting the fact that
therearemanypathstosuccessinthefinancialmarkets.However,
vii