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

[MadMarketScientist 11]

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 trading—many that are even in direct conflict with each other—but 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 markets—whether it be through stocks, futures, or forex.