Posts Tagged ‘author’

David Borman interview

Thursday, November 11th, 2010

david borman authorDavid Borman, author of forthcoming book ‘The Everything Guide to Day Trading’ is interviewed by www.tradingdiary.co.uk.

1. Who are you?

I own and manage a company called Chicago Quant Research. I’ve had the opportunity to perform statistical analysis and writing for academic research and financial end users. My current project is to put together a bid for a client who wants data mining done for a trading system he has developed in Ninja Trader. I’ve also written over 100,000 words this year alone on various writing projects including financial and historical research. In the past I’ve held positions in Private Client Wealth Management, Private Client Tax, and the Off Shore Hedge Fund Business. I also Day Trade FX and ETFs for my own account.

2. What is your new book about?

“The Everything Guide to Day Trading” is about getting up to speed to open your first trading account(s) and begin the process of Day Trading as a business. Day Trading as a business is much different than how most people Day Trade. Most people say they Day Trade for profit, but in reality they trade for pleasure. Let’s face it: it’s quite thrilling to Day Trade, but difficult to profit from it (or even make a living at it!). My book is designed to help you anticipate and prepare for trade set-ups. There is also a healthy amount of risk management as well as trading psychology in the book, all with intentions of getting the reader to the point where he is having weekly and monthly average trading gains in his account.

3. There are a lot of day trading book out there. Why did you decide to write one? And why should I buy yours?

the everything guide to day trading david bormanMost of the Day Trading books out there are very technical in nature. Whether they teach Technical Analysis or Fundamentals, the books can be quite daunting to read for the beginner. Also, I’ve noticed that not many of the books speak about what it “feels like” to win and lose at day trading. Believe it or not, that is something that must be experienced firsthand to truly begin the journey of being a Day Trader and Day Trading for a living. That’s where my book is different. Not only have I been witness to hedge funds winning and losing in the market, but I’ve personally had my ups and downs. The book not only includes a healthy dose of technical and fundamentals instruction, it helps the reader with getting to know her thoughts and feelings when she’s have a bad trading day, how she might feel after a huge day in the markets, and the psychology (thrills?) of taking on un-hedged risk: this is why my book, “The Everything Guide to Day Trading” is different.

4. What experience do you have of day trading?

I’ve traded and day traded everything from Mutual Funds, ETFs, Gold, Equities, and FX. I’ve worked in the back office of an off-shore hedge fund administration company that had over 50 Billion USD under management, so I’ve seen every product, market, and hedging style imaginable from the inside. My first trade was buying gold bullion back when it was 510 USD an ounce. Right now I’m focused on the commodity currencies as well as a healthy respect for what is happening to the Swiss Franc.

5. What is your trading style?

I mainly like to focus on overnight holding periods with stops. This way I can wait until the Asian markets open, evaluate, and look for set-ups. Stops are pretty tight, as I’ve learned the hard way that things can happen pretty quickly when you’re not looking. Another thing, I don’t always have money in the market. I might sit on cash for days on end while I look for something interesting to happen. In that respect I am somewhat an opportunist. If the market doesn’t interest me, has no clear direction, or if there is just too much risk I allow myself the ability to walk away and do nothing.

6. Can you give us some quick day trading tips?

Ha! You’ll have to buy the book! Just kidding. Actually, the best advice I can give to anyone who is thinking of getting into Day Trading for a living is that first and foremost your cash is what you want. Don’t get into the situation of being away from your cash for too long. In other words, don’t be in a trade for too long. When looking at trade set ups plan on when you will be getting out of the trade and back into cash AS SOON AS POSSIBLE! Your cash pays the bills, and you can’t pay the bills with a position in an ETF, FX or commodity!

7. Do you worry that you might encourage people to trade away money they can’t afford to lose?

Not really. If done right, and with the proper risk management techniques, losses can be minimized, especially if you master the emotions related to Day Trading. You do need a healthy dose of respect for the markets though. Also, if you think of Day Trading like a business, and each one of your trades as a project to undertake, to “bid on” if you will, your trading business will naturally stay away from the trades that do not have a reasonable expectancy of making a profit.

8. What other finance related books do you like/recommend?

Well to tell you the truth, I’ve read just about every book I could on finance. I’ve read books on M&A accounting, taxation, trading, and financial modelling. The most influential books I’ve read have been Niall Ferguson’s “The House of Rothschild” and the textbook from a class I was taking at Northwestern University on banking and markets. Both gave me the background to look at trading as a business for profit. They also gave me glimpses of how if you treat your financial endeavors as a form of a “financial intermediary” and all of the risks associated with asset transformation, etc., then you will be on the right track to keeping your Day Trading business alive in good times and bad.

Feel free to email David at Chicago.Quant.Research (at) gmail.com or look him up on the web at www.Chicago-Quant-Research.com.

The Everything Guide to Day Trading will be released during January 2011.


Andrei Knight ‘Trading Forex for a Living’ interview

Friday, September 24th, 2010

Andrei KnightAndrei Knight is a highly sought after speaker and coach for professional traders and individual investors alike. His first book will be called ‘Trading Forex for a Living: A Practical Guide to Achieving Financial Independence with the Foreign Currency Markets’. He is interviewed here for www.tradingdiary.co.uk.

1. How would you describe your job?

My primary focus is on earning the best returns I can for my investment clients, while carefully monitoring risk exposure, and increasingly I’ve devoted more and more time and energy to helping other traders succeed through the Knight Trading Academy and fxKnight.com.

2. What made you decide to write a book?

One of the most frequently-asked questions from visitors to our website is “Can you recommend a good book for me to start out with?” I often catch myself recommending two or three titles, as I cannot think of one which is really ‘complete’. So I set out to write the book I wish I had when I was starting out, one which arms traders with all the tools needed to succeed in the markets. The very same strategies I use to manage my clients’ funds.

3. There are loads of forex trading books out there. What makes yours different?

So many books focus on theory and leave out specific strategies, while others present ‘systems’ which are mostly rules for entries and exits, with minimal mention of money management. I lay this business of forex bare, pointing out the pitfalls to avoid, and help readers create a solid plan for leaving their jobs and transitioning to trading full-time. “Trading Forex for a Living” features not only more than 100 charts and trading examples, but also detailed coverage of the ‘for a living’ part, including topics such as psychology, setting up a home office, trading other people’s money as a business, and balancing work time with family.

4. Your book jacket says that 95% of traders lose. What percentage of people who read your book do you think can be winning traders?

I’ve trained hundreds of traders over the years, and can think of perhaps three or four former Pro members who gave up and went back to their old jobs. In almost every case they left us in favor of jumping into live trading after only a month or two of training and practice, thinking they knew everything. I think anyone can succeed at this if they put their mind to it, devote the time to learn, and the effort to practice.

5. What will your book teach the reader?

How to be a consistent, confident trader. Consistency is the cement which holds everything else we’ve discussed to this point together. It will also show them how to supplement their income with trading, make a full-living as a trader, or even start a business and trade for others.

6. What are the typical trading mistakes that you see people making?

Not sticking to their system and trading plan, and losing all faith in themselves and their analysis the moment the markets tick a bit against them. The cure for this is to do more long-term, scenario-based analysis, and to resist the temptation to jump into or out of trades mid-candle. People don’t realize it, but if you don’t wait for the candle to close it can still change back and forth – so this is like having NO system at all!

7. How did you first get interested in trading?

My father traded the stock markets here and there, and he once told me that if I wished to understand anything which happened in the world I only needed to “follow the dollar”. I am someone who loves keeping up on news and current events, and trading provides me with a way to act on my opinions of what I see happening around me. If the world is indeed a stage as Shakespeare once said, then following the financial markets is like having a front row seat. You know you’re on to something when you catch yourself a bit sad as things begin to wind down on a Friday afternoon, and actually looking forward to the following Monday.

8. What did you have to go through before you realized that you were good enough to be able to give other people advice on trading?

I was more or less pushed into it, and felt far from ready when I first started. People kept asking for help and advice, and so I shared what did and didn’t work for me. Hearing about other people’s success then served to encourage me, and as more and more people used the system and added their experience and feedback, its evolution naturally speeded up. What we have today is the result of more than six years of testing and tuning.

9. Are you still an active trader? Are you placing trades using your own money?

I invest in the fund that I manage, so whenever I make a trading decision with my clients’ money my own is on the line as well. We also employ ‘high watermark’ accounting, so if we ever have a losing month, we don’t consider money earned to return back to break-even as a gain for calculating commission. We only get paid when we make money for our clients.

10. Do you think that that trading automation is making it harder for individual traders?

Only in the sense that it gives them false hope. I’ve seen a bank that I was working for invest $2B in a system to help them calculate and manage risk exposure in real-time; it did not place trades on its own. Banks haven’t fired their human traders. Yet people still believe that a $99 piece of software is going to be the answer to all their problems. Software can help automate some trading tasks, but let any robot run long enough unattended and it will eventually empty your account.

11. What Japanese martial arts were you studying? How did studying them help you in the financial markets?

Bujinkan Taijutsu. The main thing it taught me is patience. Let the opponent show you their intention. Miyamoto Mushasi, perhaps the greatest swordsman in Japanese history, once said, “he who moves first often loses”. Another really useful skill is flexibility – not being trapped in a single, rigid line of thinking but being open to clues from the environment around you and being able to adapt your strategy as required.

Trading Forex for a Living is being published by Harriman House and will be released during January 2011. For more about Andrei Knight you can visit his website at fxKnight.com.


Robbie Burns ‘The Naked Trader’ interview

Monday, June 28th, 2010

robbie burns the naked trader Robbie Burns is a successful trader and author of the best selling The Naked Trader book. His new book The Naked Trader’s guide to spread betting will be out in August 2010.

1. How would you describe your job?

What job? It’s more like a hobby I love that also brings me in some money!

2. Your first book ‘The Naked Trader’ has been very successful and
soon your second book ‘The Naked Trader’s Guide to Spread Betting’
will be released. What is going to be different in your new book? As I
already have your first book, why should I buy your second?

You should only buy my spread betting book if you really think you might like to give spread betting a try. If you’re not interested in spread betting there is no need to buy it! Spread betting can be extremely dangerous and there wasn’t much room for it in my last book. I wanted to show people more in depth how it should be done but also point out how easy it is to lose a lot of money doing it. I didn’t think any current spread betting books really spelled out the dangers. As I use spread betting a lot I’ve learned what works and what doesn’t and in particular how to avoid losing money in silly ways like setting stop losses too close. I wanted to pass on everything I learned. I also wanted to show some of the conspiracy theories surrounding spread betting are nonsense!

3. You are very open on your website about exactly how much money you
are making from trading shares. Is this still your main source of
income, or are the books and seminars now the big earners for you?

Actually, none of these are the main source! The only guaranteed source of income for me is residual income which comes in every month from sales of mobiles, phones and energy I made years ago. So I am very lucky. However tax free gains from trading I use to fund big ticket items such as paying for my child’s school fees for the next 7 years, and also for buying a house. Book income is surprisingly low and that’s because I only get about 50p from book store sales and £1.70 odd for internet ones.

4. At your seminars you must get to speak to a lot of wannabe traders.
What do you learn from them?

A lot! At every seminar I usually pick up at least one or two good ideas from delegates. I also learn a lot from the mistakes they make which we discuss, mistakes I also still make and try to eradicate. I also learn time and time again that the biggest mistake made by traders is not to cut losses quickly. I hear so many stories of losses not taken which end up building into massive losses.

5. Has the credit crunch affected your style of trading?

Not really except that during the last recession I used spread bets to short the FTSE and covered warrants to short it in my SIPP. This enabled me to make money from the downside. I also sat on some cash too.

6. Have you ever considered moving from being an individual trader to
setting up your own fund to trade with other people’s money?

No I would never do that. I get approached a lot from people wanting me to run their funds. I would hate to do that – I don’t mind if things go wrong and I lose my money but I would feel terrible if I lose someone else’s money and would not be able to cope with the guilt. That’s also the reason I haven’t become a “tipster”. While I’m told I could make a fortune from becoming one, I wouldn’t be able to.

7. Do you ever worry that you might be encouraging people to become
trading gamblers who could lose a lot more than they can afford?

Yes. That’s why all my books emphasise time and again not to gamble but invest and not to play with money that isn’t there, especially when it comes to spread betting. If someone has a gambling problem the markets can bring it out in them. I have heard stories of gamblers losing their houses from spreadbetting. My new book points out the signs of a gambling problem and suggests Gamblers Anonymous as the place to go and that trading activity should cease. If I get emails from people and suspect they have a problem I tell them so straight. In the end I hope my activities don’t encourage people to gamble. It’s the reason I don’t put up most of my spread bets on my site.

8. Although day trading can make money, some people will never make
it. What advice could you give for knowing when it is time to give up!

Well first off I would tell people NOT to daytrade. Having visited some of the spread betting firms I know more than 90% of day traders lose. I would say if someone has tried trading for a year and lost badly they should consider giving up. And if they realise they have a gambling problem they should stop all trading activity immediately and never go back.

9. What is your favourite financial 1) blog, 2) book and 3)
website?

1 – Don’t read blogs – 2 – I like the book by on Market psychology by Jason Zweig “Your Money and Your Brain“. 3 –Advfn.com.

10. And finally – what is your secret for making the perfect toast?

Don’t burn it!! I used to own a café and had a great cook. Except she always burnt the toast, used to drive me bananas. My favourite marmalade is Tesco’s Finest. I get through three jars a week!

You can visit the Naked Trader website for trading advice and news from Robbie Burns.

Geraint Anderson Cityboy interview

Thursday, June 3rd, 2010

Whilst working in the city Geraint Anderson was the anonymous author of the Cityboy newspaper column. In 2008 he published his first book “Cityboy”: Beer and Loathing in the Square Mile.

1. How would you describe what you currently do for a living?

Geraint Anderson CityboyI’m a writer / free lance journalist as well as travelling surfer wannabe. After 12 long, hard years in the City I’m now essentially doing exactly what I want to do with my life… what I’ve always wanted to do.

2. Because of the recession I only have enough money to buy one of your two books. Which one should I get and why?

Oh, without the slightest doubt ‘Cityboy – Beer and Loathing in the Square Mile‘. It’s rammed full of decent gags, insights into the loony bin I used to work in and, what’s more, it’s a true story about how greed and egotism (and biblical amounts of ‘rage powder’) can turn an almost decent human being (i.e. me) into a world-class, copper-bottomed tosspot. I may be completely disillusional but when historians come to study the recent crisis I hope that as well as all the sensible accounts by Hank Paulson etc, they read my book to understand what really made the Square Mile tick.Geraint Anderson Cityboy - Beer and Loathing in the Square Mile book

3. Is there going to be a third book? If so what will it be about?

Yep, just finishing it now in my fiancé’s caravan in Kerry, Ireland between surfs. In fact, this interview is f*&king stopping me working / surfing! The next book is a novel about a bloke who writes an anonymous column for a London-based newspaper. He’s doing too much gak and gets paranoid about being discovered (I don’t know where I get my inspiration from!) His fears make him break into his boss’s computer where he discovers a major crime. It’s a thriller with some romance and lots of humour. God-willing it will be in bookshops within 5 months.

4. You were a utilities analyst for many years. If you had to go back to a life of working in the city, what job would you choose?

Oh, hedge fund manager without a doubt. Join up, take some ludicrously huge gambles that if they come good will earn you millions within a year and then bugger off back to some tropical beach (having given half my ‘winnings’ to a charity of course).

5. Ironically the credit crunch seems to have increased people’s interest in living a ‘cityboy’ lifestyle. Lots of people are having a go at day trading. Do you think most of them are just wasting their money?

The ironic tragedy of my first book (that was partly a warning about the pointlessness/destructiveness of a City lifestyle) is that most of the emails I receive from readers ask me about how to get a job as a merchant banker! Perhaps that has something to do with the protagonist (me) earning 1/2 a bar after 7 years in his job, having vast amounts of food/booze/strippers paid for my expense account and having nubile, Eastern European gold diggers throw themselves at me (as if!). Most day traders are wasting their time because they lack an informational advantage over the insiders.

6. Do you do any trading in shares, forex or other financial instruments?

I did buy £30K’s worth of FTSE 100 blue chips in late October 2008. I looked like a right dingbat for 5 months but now things have come good.

7. What advice could you give our readers to help them become richer, (and avoid losing it all in the next crash!)?

Don’t have kids and stay off the marching powder.

8. What could be done to prevent another crash?

All the usual crap I’ve been spouting off about for the last 2 years – tighter regulation, tougher scrutiny, changes to bonus culture, splitting casino activities and normal lending etc.

9. If you were chancellor what would you do to reduce our massive deficit?

Christ – you obviously haven’t read my book! I succeeded through partying hard and ruthless office politics. I haven’t got a clue about economics and all that crap (I did history at uni). Whilst I’d be well able to provide some clichéd bulls**t answer after about 3 minutes on Google, I don’t want to insult your readers’ intelligence by doing so.

10. And finally is Hugo Bentley a real person? Will you ever reveal who it is?

All the characters in the book are based on real people (though a couple are amalgams). I have to be very careful what I say re: Hugo as he’s richer than me and could drag my bony arse through court for defamation if he so desired (if he were a real person that is).

You can keep up to date with what Geraint is doing at his www.cityboy.biz website.

Geraint Anderson’s books “Cityboy”: Beer and Loathing in the Square Mile and Cityboy: 50 Ways to Survive the Crunch are available now from Amazon and all good book shops.