Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game PDF
Preview Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game
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 PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. WileyBicentennialLogo:RichardJ.Pacifico Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedinanyformorby anymeans,electronic,mechanical,photocopying,recording,scanning,orotherwise,exceptaspermittedunder Section107or108ofthe1976UnitedStatesCopyrightAct,withouteitherthepriorwrittenpermissionof thePublisher,orauthorizationthroughpaymentoftheappropriateper-copyfeetotheCopyrightClearance Center,Inc.,222RosewoodDrive,Danvers,MA01923,(978)750-8400,fax(978)646-8600,orontheWebat www.copyright.com.RequeststothePublisherforpermissionshouldbeaddressedtothePermissionsDepartment, JohnWiley&Sons,Inc.,111RiverStreet,Hoboken,NJ07030,(201)748-6011,fax(201)748-6008,oronlineat http://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheirbesteffortsinpreparing thisbook,theymakenorepresentationsorwarrantieswithrespecttotheaccuracyorcompletenessofthecontents ofthisbookandspecificallydisclaimanyimpliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose. Nowarrantymaybecreatedorextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceand strategiescontainedhereinmaynotbesuitableforyoursituation.Youshouldconsultwithaprofessionalwhere appropriate.Neitherthepublishernorauthorshallbeliableforanylossofprofitoranyothercommercialdamages, includingbutnotlimitedtospecial,incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,pleasecontactourCustomer CareDepartmentwithintheUnitedStatesat(800)762-2974,outsidetheUnitedStatesat(317)572-3993orfax (317)572-4002. Wileyalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthatappearsinprintmaynotbe availableinelectronicformats.FormoreinformationaboutWileyproducts,visitourWebsiteatwww.wiley.com. 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 JWBK169-Lien July3,2007 13:27 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 JWBK169-Lien July3,2007 13:27 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
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