The Best Traders You've Never Heard Of
12/17/2008 12:01 am EST
Tim Bourquin, co-founder of The Traders Expo, moderated this panel of three successful traders who are not employed by any trading-affiliated company. Opening the panel, Mr. Bourquin described the goals for the session:
1) Learn how successful traders approach the markets and find profitable trades even in volatile markets.
2) Discuss what factors led them to success, and lessons learned along the way.
Danil Faust, the winner of The Traders Expo/WallStreetSurvivor.com Equity Trading Challenge, described how he generated over $400,000 in paper profits in just one month by using simple technical analysis and studying the behavior of a basket of stocks. By watching each stock regularly and getting familiar with its behavior, Mr. Faust was able to execute short-terms trades based on intraday moves he recognized. Mr. Faust was hopeful he could duplicate his success in the trading challenge with his real trading account which he has been trading with for just over a year.
The second panelist, Geoff Wong, discussed his background as a Goldman Sachs options trader and how he transitioned to trading his own portfolio after retiring several years ago. Mr. Wong discussed trades that were profitable as well as trades that were not, including a recent trade in Lehman Brothers before the company declared bankruptcy. Mr. Wong’s message focused on finding a style and market that fits your personality so that you can find a method that works for you. Furthermore, he emphasized that education is key and traders should do everything they can to soak up the information available at events like The Traders Expo and other traders that are around you.
Wrapping up the panel, Raymond Firetag, discussed how he started less than a year ago trading Forex, after leaving the real estate mortgage business. Initially he lost his entire account, but then bounced back to achieve tremendous success in the past nine months. He told the audience how he uses fundamental analysis and news events to make trading decisions. He then described a profitable trade made around a European bank interest rate announcement that netted his account $45,000.
All of the panelists fielded questions about their specific trading method from the audience throughout the session. A common theme among each of the traders was that although they each have different backgrounds and trading styles, they found strategies that worked for them and duplicated the discipline over and over to achieve consistent profits.