Traders at Work: How the World's Most Successful Traders Make Their Living in the Markets

Book description

Shortly after most novice traders discover how trading works and begin to realize that they have the potential to make unlimited amounts of money in the financial markets, they start dreaming the near-impossible dream. They fantasize about buying that condo in Boca Raton for their parents or surprising their son with a brand-new car on his 16th birthday. They even begin to imagine themselves opening their own trading firm or milling about the pit of the Chicago Mercantile Exchange, lobbying against other professional traders for the perfect entry into a once-in-a-lifetime trade. But then ... they watch the markets lurch in wildly unpredictable ways, lose their shirts in a few live trades, and then freeze in their tracks, wondering if they will ever be able to consistently trade in a manner that can even loosely be defined as "profitable."

To be sure, becoming a full-time, professional trader, working at a proprietary trading firm, or managing the trading activity of a hedge fund may sound like the perfect career, but it's all too easy for beginner traders to overestimate their trading abilities, underestimate the movements of the markets, and find themselves in a financial hole of epic proportions after a few bad trades. So what does it really take to make a living in the markets? Tim Bourquin, co-founder of Traders Expo and the Forex Trading Expo and founder of, and freelance writer and editor Nick Mango set out to answer that exact question in Traders at Work, a unique collection of over 20 interviews with some of the world's most successful professional traders, from at-home hobbyists who have opened their own firms to those working at hedge funds, on proprietary trading desks, and in exchange pits.

What mistakes did Anne-Marie Baiynd make early in her career? What does Michael Toma wish he had known about trading? What trading strategies work best for Linda Raschke? How does John Carter remain cool, calm, and collected when the markets are sending mixed signals? And how did Todd Gordon make the transition from part-time to full-time trader? Bourquin and Mango ask all of these questions and more in Traders at Work and in doing so reveal insider insights on what it takes to be a successful trader from those who are living that dream. Fascinating, compelling, and filled with never-before-told stories from the front lines of the trading arena, Traders at Work is required reading for anyone who has ever asked themselves if they have what it takes to trade for a living.

What you'll learn

  • How some of the world's best traders became consistently profitable in the markets, quit their day jobs, and made the career transition to full-time trading

  • How to manage the roller coaster of your emotions and make smarter trading decisions in up, down, and sideways markets

  • Daily techniques for minimizing your trading risks while maximizing your profit potential

  • Insider stories from some of the most well-recognized prop desks and hedge funds in the financial industry

  • The most common mistakes leading traders made early on in their careers and how to avoid making them yourself

  • Who this book is for

    Traders at Work is a book for active beginner to advanced retail traders, those thinking about trying their hand at trading, and those with retirement accounts or mutual funds who want to take a more active role in the management of their finances. It will also appeal to readers with a more general and passive interest in the financial markets who want to know how the markets work, how ordinary people can profit from them, and why the trading profession is so enticing to so many people. It is targeted to readers who buy how-to investing and trading books but who are also interested in the lifestyles and unique market experiences of those who trade for a living. Readers of Trading for a Living, Trade Your Way to Financial Freedom, The Way of the Turtle, and Market Wizards will be especially interested in the interviews contained in Traders at Work.

    Table of contents

    1. Title Page
    2. Dedication
    3. Contents
    4. Foreword
    5. About the Authors
    6. Acknowledgments
    7. Chapter 1: Todd Gordon
    8. Chapter 2: Linda Raschke
    9. Chapter 3: Serge Berger
    10. Chapter 4: Alex Foster
    11. Chapter 5: Derek Schimming
    12. Chapter 6: Peter Brandt
    13. Chapter 7: Rob Wilson
    14. Chapter 8: John Carter
    15. Chapter 9: Anne-Marie Baiynd
    16. Chapter 10: Jeff White
    17. Chapter 11: Patrick Hemminger
    18. Chapter 12: Don Miller
    19. Chapter 13: Charles German
    20. Chapter 14: Dr. Andrew Menaker
    21. Chapter 15: Brian Lund
    22. Chapter 16: Michael Toma
    23. Chapter 17: Twenty Habits of Wealthy Traders
      1. 1. Wealthy traders are patient with winning trades and enormously impatient with losing trades
      2. 2. Wealthy traders realize that making money is more important than being right
      3. 3. Wealthy traders view technical analysis as a picture of where traders are lining up to buy and sell
      4. 4. Before they enter every trade, wealthy traders know where they will exit for either a profit or loss
      5. 5. Wealthy traders approach trade number five with the same conviction as the previous four losing trades
      6. 6. Wealthy traders use “naked” charts
      7. 7. Wealthy traders are comfortable making decisions with incomplete information
      8. 8. Wealthy traders stopped trying to pick tops and bottoms long ago
      9. 9. Wealthy traders don’t think of the market as “expensive” or “cheap”
      10. 10. Wealthy traders are aggressive with size when they are doing well, and modest when they are not
      11. 11. Wealthy traders realize the market will be open again tomorrow
      12. 12. Wealthy traders never add to a losing position
      13. 13. Wealthy traders judge their trading success on anything but money
      14. 14. Wealthy traders read about mobs, riots, and human psychology
      15. 15. Wealthy traders see themselves as market makers
      16. 16. Wealthy traders practice reading the right side of a chart, not the left
      17. 17. Wealthy traders have an “edge” in the market
      18. 18. Wealthy traders determine position size based on risk, not round numbers
      19. 19. Wealthy traders buy strong markets and sell weak markets
      20. 20. Wealthy traders play the reaction, not the news
      21. Conclusion
    24. Index

    Product information

    • Title: Traders at Work: How the World's Most Successful Traders Make Their Living in the Markets
    • Author(s): Tim Bourquin, Nicholas Mango
    • Release date: January 2013
    • Publisher(s): Apress
    • ISBN: 9781430244431