Compared with the stock, the futures market, the foreign exchange market history is short, but a group of transaction masters have been emerged in recent years. From investment theory and experience, they may be slightly coupled to the stock market, but there is no time to profit. Their annual benefits are calculated. Several foreign exchange masters in this article have large company foreign exchange department, with large fund bosses, and single households. They are naturally known in China, outside the financial sector in the United States, nor to enjoy presence. However, in the foreign exchange and futures industry, as long as one mentioned these people, people immediately respectfully. This is not the length of these people, but they make a lot of wealth from the market, and these wealth is also to earn and seem to earn.
Bill Lipitz:
Bill Lep Shuzu was just 36 years old. Hosted the Solomon Brothers Exclusive Department of Foreign Exchange has earned a huge profit for the company to earn five orders of huge profits. This thirty-year-old man is called "Foreign Exchange Sultan" by Wall Street. He put the scale of the scale, ahead of billion dollars, or even billions of dollars is home to the house. Due to his outstanding achievements, the financial resources he hosted by Solomon Company have a total of $ 80 billion in the world, with a total of 200 billion US dollars in the foreign exchange market.
Interestingly, Lip Shuzuz just started to do foreign exchange, almost equal to zero. In the case of unmanned guidance, he rely with the company's reputation and strength in Wall Street, in a few years. Lip Shuchs originally studied architecture, but when reading graduate students, the stock options have been interested, and simultaneously elect the degree in business administration master, after graduation, they are hired by Solomon. The company manages yourself, anything is only the character, often selection of talents. In 1982, the Philadelphia Exchange opened the foreign exchange option trading. At that time, the foreign exchange department only favorable Procitz made over time, so he was appointed responsible for this business. Lip Shuzs has established a relationship network with the assistance of colleagues. He believes that foreign exchange is mainly relying on news, making big money is people who are accepted by banks. The movement of large households affects the market, and some major news will be able to make money. Of course, most of the news is open, the key is to see how to analyze. The application of information is flexible, and it is necessary to see the market's reaction. Lip Schustz believes that Germany's impact on foreign exchange markets can most explain. When the Berlin Wall falls, the mood of the market is that everyone must vote from Dongde, so Mark has to rise. After a big market, I have to absorb the East Germany to take the time, so I am not wise. How is the market changed? It is nothing more than German Prime Minister's speech, a review of US Secretary of State, Baker, and the high expendant expension of East German, and the excessive expectations of Side, and so on. The investment community began to realize what is easy to reconstruct Eastern Europe. After this idea accounted for the upper air, Mark began to fall sharply. Actually, there are people who hold this point of view, but the market direction often depends on the focus of a certain moment. This requires ventilation with the participants in the market, not everyone wants to think, but everyone's attention can be found. For example, a certain day is concerned with interest rate, and the next day, it emphasizes economic growth.
There is a specific example to see the Kung Fu in the Hollyz to Treatment of Interpersonal Relationship. He did an option to encounter an opponent from ignorant and soft, and he must be a complimentary contract. But there is an exception. That day he found that a foreign exchange trading commissioner of Philadelphia Exchange was 100 points lower than the market price. He went to inquiry, the other party quoted, he immediately bought 50 contracts. Then he asked the other party to quote again, the result is still the same. He is polite to verify the other party, and the reply is still the old, and he has eaten 250 times. Another big company found this mistaken hundreds of it. After a while, Puritz was once again asked, and the careful specialist still did not perceive. Lip Shushz asked him 1,000 single sales without selling. The other party was frightened, and I found myself. At this time, Li Pip Schustz is in hand, telling him that in addition to the first 50 order, the other soke off, the other party is grateful. Lip Schustz explained afterwards, he was completely considered for long-term interests. At that time, the Philadelphia Exchange had just launched a foreign exchange option. If the Commissioner killed it, this new market may also die, and the Solomon Company has nothing benefits. Many years later, the man became a large-end trader of a large household, providing a lot of convenience to Solomon. At that time, another company that took advantage of fire was insisted on to fulfill the opponent, many years later, I often encountered troubles in the Philadelphia Exchange. In the spot market, there is often an important price. As long as you let the other party to verify the other party, you can't repent. The deepest transaction of Lip Schustz imprint is September 1985. Seven developed countries held a summit to identify policies that weakened the US dollar. At that time, he was in Italy Sardinia, and he didn't know anything about the 7th National Peak Meeting.
In the past, the central bank had intervened many times when we moved all the way, but it was not good. Thus this time the beginning did not cause much reverberation. Lip Shuchz called the company, I learned about this news, and his assistant Andy was at home. He quickly called Andy. Waiting for the New Zealand market (the earliest opening of the day), Andy will turn to $ 60 million in an entry. This is not a small number for the New Zealand disc. Many banks have not grasp the impact on the peak meeting. There is almost no trading volume, and the purchase price is 200 points (10 o'clock under normal circumstances), Andy is incorrect, and $ 60 million is thrown out of the market price has arrived 600 Click out. Lip Shu Shuzi simply turns on a 24-hour telephone line, contacting Andy and the exchange line straight line, but also made a lot of foreign exchange options. That day, Solomon's foreign exchange department is a big harvest, earns $ 5 million, which is equivalent to 25% of the annual benefits of the Foreign Exchange Department.
Lip Shuzs has almost flipped. In the autumn of 1988, the foreign exchange market was originally calm. He suddenly had a day of the Soviet leader Gorbachev to talk about disarmament issues. The market understands that the United States can also cut the arms and cut the deficit. This is beneficial to the US dollar. The US dollar rose in the New York dish and will soon rise by 1%. Solomon Company is at this time, there are 3 billion US dollars in hand, and the situation is critical. 1% increase is equal to $ 30 million for losses. It was just on Friday. The market trading is not big. He wants to cut a single appearance. He decided to throw $ 300 million, trying to crush the dollar's gains, etc. Drag to the market on Monday to open the market. Who knows that foreign exchange still rises, so fast Soron's loss is $ 90 million. Lip Shuzu quickly reported to the president. The president encouraged him to calm down after ascending the situation, and did it according to the plan. On Monday, the market opened, the dollar did be started, and he patiently waited until the European Panlands appeared, and finally the dead ended, only a $ 8 million. Afterwards, Lip Shushz deeply reflects that he mistakenly estimates the liquidity of the New York market, so that the situation is out of control. Fortunately, it will be dealt with to avoid greater losses.
Lip Schustz himself has a private account, a heritage left by his grandmother, a total of $ 12,000. He made an option for 4,500, but he accidentally lost light at a time. That is September 1982, he used the stock market to fall in the pyramid, but went down on September 23, the stock market was greatly rebounded. Since the amount of imports is too large, he will cover the whole army within 3 days. The lesson first made him recognize the importance of risk control, the second makes him divide himself, concentrate on making money for the company, and thus has a later achievement. About the banking market (foreign exchange spot), Lip Shuzs has a unique insight.
He believes that banks are mainly earned by selling differences in selling. The US Citibank is the most successful foreign exchange, and the annual profit is $ 34 billion. If you only eat the difference, you don't enter your order, you can earn $ 600 million. Citibank does not recognize this estimate. There is also a way to make money: Every time there is a big customer to put the order, it follows the trailing back, and it will be profitable immediately. This is illegal in the futures industry, but it is allowed in the spot market.
Lip Schustz believes that the transaction masters must be smart and diligent. Deductive, smart people may be speculative, the stupid people can hide, but do foreign exchanges must be talented, double effort, some people often ask if he should go to work, when will I get off work? Lip Schustz home has a TV display at any time to observe the price, understand the market, and the intuition is also very important. Lip Schustz dreams do not forget the foreign exchange market. Once he dreamed that the trade deficit number announced the next day was beneficial to the dollar, the dollar rose sharply. He dreamed of the new foreign trade figures, but also dreaming of the number of revisions from last month, then dreaming of buying the US dollar in the next month, the price continued to rise, after a step, he bought a batch, and then buy another step. A batch, after breaking the third custom, he was going to appear, and the result decided to bought a batch. The second day of foreign trade figures appeared in the same number of numbers in his dreams, and later the trend of foreign exchanges is also the same as he dreams. The only difference is that he has not joined him. Afterwards, he explained that the real feeling is to be based on market analysis, and you can't rely on the dream.
Randy Mike
Langdi Mike is fresh in Wall Street, but he has rarely hosted the record in the foreign exchange futures market for 20 years. He started at $ 2,000, earned 70,000 in the first year, and the daily profits of each year exceeded the first year. In the 1980s, McChee's income is more than 1 million US dollars. In addition to their own money, Mike did the family, friends do foreign exchange, the earliest two accounts, starting from 10,000 US dollars in 1982, more than 10 million.
The second grade of the university, the micro-bridge, play cards during the day, and the results of the 6 doors fail. Mike drove from the army and was sent to the Vietnamese battlefield. There, Mike has subjected to strict discipline training and learned to survive protection. He also became a peaceist. After returning to the country in 1970, Mike continued to study, his brother gave him a temporary worker for him in the Chicago Exchange, and he began to contact the futures. Mike was originally to be a psychologist, but he was catching up with the Chicago Exchange, engaged in the foreign exchange futures trading business. At that time, a seat value of the Chicago Exchange was $ 100,000, but in order to attract investors, only $ 10,000 is only sold by the foreign exchange trading hall, and a seat for each existing exchange member is given.
Mike's brother transferred his free seat to your brother and lend him $ 5,000. Mike deposits $ 3,000 in banks for living expenses, another $ 2,000 to do foreign exchange futures. At that time, Mike had very limited knowledge of foreign exchange. Seeing others to buy Mark. He followed the Swiss franc. When he didn't work, it will play chess, so that you have earned $ 70,000 in the first year.
Mike took a big step in 1976. In that, the British government worried that the value of the pound increased excessive imports, and thus the pound is not allowed to rise to 1.72 US dollars. At that time, the pound was £ 1.6, but she suddenly rose to $ 1.72 after hearing the news. Every time this point is rebounded, but the more the more bounce. Most people are in the case, the British government does not allow the pound to more than $ 1.72, so it should be no risky at this point. Mike is otherwise: This may be an opportunity for a thousand years. Prior to this, Mike only did three or forty orders, but this time I entered two hundred payments. Although it is very confident in your heart, he is also afraid to die, because so many monots will be finished in a little way. Mike slept in a few days, and got up at 5 o'clock in the morning asked the bank. One morning, he heard the bank quotation: £ 1.7250. He thought that the other party was wrong, and I was ecstatic after another verified. He didn't play himself and bought some poundings, and also encouraged relatives and friends to buy, and then comforted the pound to 1.90. After three months, he appeared in order, and threw hundreds of contracts in 1.90, and the results also earned money. This transaction Mac is earned $ 1.3 million. Mike another is proud of the 1980s to leave Canadian dollars, from 85 cents, three years, for a long time, 1,500, and win millions of dollars. In the past few years, although the Canadian government has intervened with the Canadian dollar, it is always half-hearted. The market is reversed here, and Mike also appeared in time.
Mike also has time to take Mai City. In November 1978 Carter announced that the Mike just had a large number of foreign currency payments. But in the past two days, he saw the power of the market from the market in the recession, so flatled all Mark paying, only the pound. On the second day after the news, the foreign currency of the city fell sharply, and the futures quickly arrived. Mike quickly went to the spot market, lost 1800 points, lost $ 1.5 million. There is also a bigger loss, which is also a Canada. At the end of the 1980s, Jiayuan has risen, and Mike chased the bill, and a total of 2,500 聽 聽聽 聽聽 聽聽 聽聽. At the time of the Canadian election, at an debate, the current leader of the leader has a big loss. The public opinion suddenly fell 16 points. As a result, the plus dollar fell sharply. When Mike couldn't stand the pressure, he lost 7 million. Dollar.
The Mac analysis has a unique insight. On the one hand, he is a technical analyst. It is believed that the best way to make money is to look, especially in the middle. On the other hand, he also believes that basic analysis is very tube, which is the basis of strategic decisions. He believes that the beginning of a momentum is difficult because you are not grasp the direction of your situation. It is also difficult to do, because many people have begun to profit, and the market is fluctuated. He believes that this paragraph is best, and it is futile. For basic analysis, Mike is not superstly economic theory, he mainly rely on the reaction of various news to judge the market. For example, bad news does not fall anti-rising, indicating that the market is very optimistic.
Mike feels that the market itself is also changing. The market in the 1970s is better, and it is more difficult to follow into the hundred trials. Each wave of rises is also more obvious, and the intermediate turn is less. Mike believes that this is related to the mass investors at that time. Today's market is getting more professional, and the fake breaks are increasing, and the fantic excessive phenomenon is less than before, so it is difficult to make money. In the past, as long as the direction is judged, it is not necessary to do it. Today, the market is much more complicated, and the direction is right. If you enter the order, you can't earn money. Mike believed that the past judgment accounted for 90%, and implemented only 1%, now judged only 2 to a half, and the implementation accounted for 70%. Although Mike remains unbeaten in 20 years, risk control awareness is still very strong. He believes that if the market is unfavorable to you, we must hurry to prevent the bill, no matter how big the loss is. In order to protect the life, we are injured and more hurt! The advice of Mike gave peers is: Don't let the compensation will be out of control. To ensure that even if you have a continuous error, you must retain some of the money. He entered a single risk generally 5 ~ 10% of the account, if lost, the next time only assumes 4% risk, and then lose to 2%. Mike can not be reduced from 3,000 single order, and then restore the order when it is handled.
Mike believes that successful traders can have different character, and it is a common: they all have found a single strategy for their character. His brother is calm, and since he is not willing to take too much risks, it has been a contractual transaction for many years. On the one hand, he likes to take risks. He uses the courage in this area to form, on the other hand, because traditional conservative family education is very cautious, he will use this in risk control. Some people violate their own personality, take the trading strategy that does not match. For example, some people are good at system trading, but they will arbitrarily veto their own trading systems. Some people tend to do long lines, but because they are not enough or feel that they are not comfortable, the result is always short. Some people are very suitable for doing live traders but becoming a mediocrity investment manager. Some people have spent a great effort to study some viable low-risk set market trading strategies, but finally decided to do high-risk strategic transactions. In summary, the longness of avoiding the shortness of Mike seems to win.
Michael Marcos
Michael Marcos engaged in research. But he is more interested in practical operations. At the beginning, he is sneaking, and then simply quits the high-pay researcher position, full-time engaged in foreign exchange, futures trading. He made traders in a futures company, and in a few years, he earned more money than all other traders of the company. Within 10 years, his company account has increased by 2,500 times! Maccos' success has many factors: first is personal efforts, and he is almost 24 hours in a period of time. The second is that the metac division is guided from the dark to the light. For most transaction masters, early failure seems to be a habit. Marcos is no exception, and he has not made money several times. What is even more, he is not only a full army. This shows that there is a reason that it has been failed to show that you must do it wrong, but it doesn't necessarily prove that you will fail in the future.
Q: What did you have to do with futures?
A: I was originally to be learned. I graduated from Johns Hopkins University in 1969, excellent grades, is the poop in the class. Clark University provides me with doctoral scholarships in psychology. It would be advisable to be very stable. At that time, I met a person named John, and he claimed to help me invest, and it is guaranteed every two weeks. I was already said. I have never investive, so I have never started, I don't ask if he can earn so fast, hire him for investment consultants and 30 US dollars. I took out my $ 1,000 savings to do futures.
The first time I and John to the futures company, I saw that all quotations didn't understand what happened. Some people in the company's loudspeaker suggest buy soy futures. I asked John Shouldn't buy it, and found that he will not pass. But we still have to pay a bill. It's strange, we just entered the market, soybean prices began to fall, just like the market is waiting for me to enter and then go. But I seem to be intuitive at that time, we immediately slashing the list, I only lost $ 100. The next thing is corn, the result is similar to the first. The third thing is wheat, the result is still lost. We spent 3 days to light the money. At that time, we looked in a few days to measure whether we succeeded. One thousand luminos, I fired John. He said that I made a biggest mistake in my life. He went to Bermuda to wash the dish to earn money, then do futures, wait for a millionaire to retire. Since then, I have never heard of him. I later saved $ 500, I did a few silver, but I didn't turn around. I have lost money in my first 8 transactions. Q: Have you ever thought that you are not suitable for futures trading?
A: I didn't think. I have a good grade, so I think it is just an experience problem. My father died when I was 15 years old. He left a $ 3,000 insurance. I don't care about my mother's opposition and fulfill the money. This time I learned, I read a book about wheat and soybeans, and then bought a small wheat contract in accordance with an investment advisor, earned two hundred dollars. I was so excited that I bought a one after the price fell, and I earned it again. The next pure belongs to the big luck: I bought 3 December corn contracts in the summer of 1970, which is catching up with the big insects of that year. I then bought some wheat, soybean contract, after a summer, I earned $ 30,000. In the spring of the second year, there is a widely accepted theory in the market: the locust has been hot and the winter, and it has to harm the crops again.
I borrowed 20,000 pieces to my mother, along with my 30,000 full of wheat and corn futures. I can't get up after entering the market. One day, "Wall Street Daily" published an article entitled "Chicago Exchange Locust than Corn Places".
The corn futures began to fall, and they quickly went down. I suddenly stunned, I wanted to play but I was still silly, I hope the market will reverse it. I looked at it, I watched, I can't do it when I went to the deadline. That night, I thought overnight, I didn't choose to swear the bill. The next morning, I slammed all the list, and I didn't say my 30,000 claims. The mother's money lost 12,000. I am plenty, I decided to find a job.
I went to a securities company as an analyst, and I saw that others were doing a single heart. The company prohibits analysts, but I have borrowed some money from mothers, brothers and girlfriends, and quietly. For confidentiality, I will agree on some secrets with my brokers. "The sun came out" is a meaning, "Tianyin" is another. I still lose money. Losing borrow, borrowed, and repeatedly repeated the same cycle.
Q: Where did you know where you are doing?
A: Ask. I didn't do the principle at all, I didn't do it. In October 1971, I met Aid Skita in the office of the broker, and my success was attributed to him. He just graduated, studied a computer technology trading system. He let me work with him, while doing a single. His knowledge of the market is very rich, and the transaction is also very successful. He is basically a single way. He taught me how to cut a single, how to earn profits. Although there is a guidance of Ed, I still continue to pay money, mainly my own patience is not enough, the timing is not good.
In the summer of 1972, the Nixon government began to relax prices freezes. I earned a lot of money in the plywood market, earning 12,000 from 700. When the printed plate prices rose more than 1 times, the timber market has little movement. I put all the money on the same time as the last corn. At this time, I just caught up with the government to publish a series of speculatives that would like to fight the tremor market, and the futures suddenly fell, and I was in a desperate situation again. I have been in the edge of the whole army for two weeks. I hate myself and made the same mistake. From then, I didn't dare to do it too much. It is also good luck, the government has not controlled the price, and the market began to reverse the two weeks. I turned a lot to profit, and I earned 1 time when I played. By 1973 I have added an account to $ 64,000.
Marcos later made a few years of traders in the New York cotton exchange. The on-site trading has traded his sensation to the market. In August 1974, he appointed a futures company to do traders, starting from $ 30,000, 10 years after 10 years. It is only 100,000 yuan to increase by 100,000 yuan, and the rest of the year is 30% from his account annually. The average annual earnings in 10 years have exceeded 100%, and it was an amazing result in 1979. Gold rose from $ 400 to $ 900 an ounce, Marcos goes out and profits. On the day of the Soviet Union, he first saw the urgent needs on TV, calling Hong Kong to find that the price of gold did not move, immediately bought 200,000 ounces, after a few minutes, the news spread, the price is big, he earned thousands Ten thousand U.S. dollars. So far, Marcos is still afraid to visit the gold travelery when visiting Hong Kong, and people who have a loss still remember him.
For the foreign exchange market, Marcos is more profound, he said: For a while, I have a lot of foreign exchange. For example, in the elected president, the dollar is very strong, I often leave tens of millions of Mark, so that the big amount of progress is not very common. Since the foreign exchange market is running 24 hours, it is very tired. I always look at the market every two hours when I sleep. Australian disk, Hong Kong disk, Zurich disk and the London disk are all at night, and I look at each other, and the marriage is broken.
Q: You look at other markets in the evening. Is it afraid that the New York disk opened?
A: Yes. Although it is not often, it is always alert. This will prevent the loss of jumping. I remember once, probably at the end of 1978, at that time, the dollar was killed. I have a very close to Kefna and talk about the trend of the dollar every day. One day we noticed that the dollar was uniformly strengthened, and there was no news to explain the price of the price. We hurry out all foreign currency payments. That weekend, President Carter announced the support of the US dollar plan, if we waited until the New York disk opened, we have long been finished. That thing proved to have an idea: big players, including the government, always have a small news. If we find unforeseen accidents, we always appear first, then check the cause. I mean, for politeness, the US government will adopt the European Central Bank prior to advance, and they often take action before the US policy is announced. Therefore, the price is always moving in the European disc, although the new policy is proposed here. If it is initiated by Europeans, the price is naturally in the European disc. I think the best trading time is often a European dish.
Q: In addition to early loss of money, what failed lessons?
A: The worst time is the German Central Bank interference market. At that time, I did a good job and bought a lot of mock. The central bank of Germany suddenly decided to enter the penalties. I called the past, I learned that 5 minutes lost 2.5 million, and quickly slashing the bill, not to take 2.5 million losses into 10 million. But all the time fell over again, all over.
Q: What did you follow up?
A: No. I have no fight in that time.
Q: In the future, do you think that the chop is not right? A: Yes. But afterwards, I will go back, and my heart is always uncomfortable.
Q: Do you think a master is it inherently skill?
A: I think it is necessary to be a top master to do inner skills - Tianqi.
This is like an excellent violinist. But doing a competitive money, it is a skill that can learn.
Q: What is the suggestion of the traders who have experienced the defeat?
A: First, each time the risk must not exceed 5% of the principal, so you can be wrong 20 times. Second, be sure to have an etching order, it is necessary to enter the field.
Q: Is it not to give a broker at the same time?
A: Yes. Another point, if you feel bad, if you feel bad, don't be afraid of it, you will appear immediately. I am not in the heart, I will appear, sleep well. I often do that, I am clear the next day.
Q: When you sometimes come back soon, isn't it right?
A: Yes, it is often the second day. You can't think about it after entering. After the appearance, you can think clearly.
Q: Do you have any advice to novices?
A: Perhaps the most important principle is to hold a win single, cut the output. Both are equally important. Win the single want to be unsolved, the listing will not be lost.
To do a single according to your own judgment. I have many friends who have talented masters. I often remind yourself, if you blindly follow them to make money. They have a good fortune, but the bill will be guarded too much; some people have a quick single, but winning will come quickly. You insist on your own style, it is good, bad. If you go to learn other people's style, the result may catch you on both sides.
Q: What is the easiest to make people?
A: You think that the advice of experts must be reliable. It is really a special expert to help you. For example, if you are the hairdresser of Paul Jones, and he just talk to you, let me listen. Generally speaking, the so-called "expert", you don't do a single. A general broker will never be a transaction master.
Listening to the passing through the classics, the most easily lost money. Doing a single need to personal efforts to do your own homework.
Q: Is there any other illusion?
A: There is an idea that is stupid: the market is conspiracy. I know many major traders in the world, I can say that the market is bigger than anyone in the market, sooner or later will go to the place where it is going. Exception is yes, but it continues.
Q: How important is it in the order?
A: It is very important. Master is intuitive. The courage is also very important: you have to trial, dare to defeat, dare to win, don't stay in time.
Q: What should I do when you encounter continuous money?
A: I have tried plus order in the past, but no matter. Later, I decreased as much as possible, if it was too bad, I didn't stop it. But it is often not bad to go.
Q: There are very few people like you are so successful. Do you think you have any differences?
A: My brain is very open. I can't accept the feelings, as long as I think the correct information is accepted.
Q: Do you record your actual capital every day?
A: I have made records in the past. This is useful. If your capital has a decline, it is a signal to reduce the number of reassessments. Or you find that you have lost your own faster, it is also a warning.
Q: How much is there in the market and the market? For example, can you do foreign exchange and bonds like a corn?
A: I think one passer. The principle is the same. Making a single feeling is a sense of public: greed and fear. It is a matter under any circumstances.
Bruce Kovina
Bruce Kovina is engaged in foreign exchange deals for more than ten years, and the record is amazing, and the average annual income will be nearly double. In 1978, it has been investing in 1,000 US dollars to him, and it has become a million dollars in 1991. Copner scholar is born. After graduation, Harvard graduated in Harvard and Pennsylvania University. He likes to teach, but it is not too enthusiastic about his career. At the beginning of the 1970s, he began to work in the country, first helping others, and intend to come to the campaign. Due to lack of funds, he is not willing to climb slowly from the committee, so I have to give up the political plan. Kova explores the direction of career, and finally decides its own political and economic backgrounds that are ideal for financial markets. Once the goal is clearly struggling, Kefner buried in the financial literature, and the books can be found all over. He is particularly interested in interest rate issues, and the hard work in this area is very good for his future foreign exchange transactions.
The first transaction of Kefner is based on the change in interest rate. The result is as expected, earn a small money. If he made a method, he made two differences between the two markets, but the entrance is too early, and the result will be lost. Two transactions are slightly surplus. It tries to start with the third transaction. In 1977 he found that soybean supply will appear shortage. Recent futures have begun to rise, but the long-term futures did not follow the next song. He uses this difference to make a settlement, starting from a pair of contracts, after the profit, the pyramid is added, and it will be added to 15 pairs of contracts, floating more than 40,000 US dollars. At this time, he missed the persuasion of the broker and saved the recent contract for greater profit. Results After 15 minutes, the broker came to the phone to tell him that the big events were not good, the market began to fell quickly, and they had until the deadline. He yelled quickly. It is still possible to go in a timely manner, during the short period of the rebound rebound, he sent a smooth departure, the original 40,000 US dollars left only half. Although the account has doubled, Kefna is still the mistakes you have made in the last moment, can't eat rice in a few days.
He has two deep experience. First, futures trading risks are as big as the benefits, and the money earned will be inadvertent and will pay back. Second, we must always keep reason, do not trust the people to take action.
After a month, Coven resumes the transaction, and the account will increase to $ 40,000. He went to a company to enlighten a transaction assistant, a few weeks after the interview, the subject Michael Marcos called him to the company: "I have good news and bad news. Bad news is the position of the assistant can't give you. Good The news is that we want to hire you to do traders directly. "Marcos became a teacher of Kefna. Kefna admits that many important things have been learned from him. First of all, he let Collfna build confidence, as long as it is handled, the entry will act in accordance with the principle, and earn $ 1 million is not difficult. He also made Kefna realized that we must be brave enough, as long as it judge wise, it is wrong, it is wrong, re-cut, then wrong, and then break, and then double profit.
Kefna is mainly engaged in foreign exchange transactions, and futures spot is done, and no matter which country currency, as long as there is a chance to enter, it is often reaching billion dollars every day. His deep politics, the economic context made him a thorough insight to the foreign exchange market. He has a technological analysis, which is neither relying, nor will it be discarded. Coven's profound opinion on the market can peek it from a special interview. He is extracted below to partial conversations with interviewers.
Q: You are one of the most successful traders around the world, very few people can match you. Where is your difference?
A: I don't think it's hard to tell why it is a line, some people can't. I personally, I have two important factors: First, I have imagination to the future of the world, I can see the future and reality differences. For example, I think the dollar fell to 100 to 100 (he said this time $ 1 $ 150 yen). Second, I can maintain reason and abide by principles under pressure.
Q: Do you teach the trading skills?
A: There is a certain limit. Over the years, I trained about 30 people, but only four or five have become a good hand. Q: What is the other 25 people?
A: All changed. This has nothing to do with intelligence.
Q: What is the obvious difference between successful and failed apprentices?
A: The success of the success is strong, independent, the idea is different. They are courageous when others are unwilling to enter. They are strict, and they will be moderate. Too greed is always smashed. Some people who have a very aura earned money to be fortunate. I have a colleague smart and easily, and I have a good idea. The market is also selected. If you know, he is more understandable than me, but I have earned money to hold, he always can't.
Q: Where is he wrong?
A: The entry is too large. I am doing a single, he does 10. Every year, he always doubles the book, but it is still flat a year.
Q: Do you always analyze the basic analysis when you do your entry?
A: I basically always make orders based on market judgment, not only technical analysis. I often use technical analysis to guide, but if I can't get the reason for the market, I don't enter.
Q: Is it necessary to have a basic reason for each single?
A: You can say this. I have to add that technical analysis often makes basic analysis. I will give an example: In the past 6 months, I think there is a lot of reasons for Canada, and there is a lot of reasons, I can't figure out which kind of explanation is correct. It is necessary to take a gun forcing me, I may choose "falling".
Then the United States and trade agreements were announced, the market broke through. In fact, the negative dollar is already rising when the negotiation is close to the end. At this time, I fully understood that the market choosing is on, not the next. Before the agreement was announced, I felt that the Canadian dollar came to a mountain top, I don't know if it is going to fall back or continue to climb. From the basic analysis, the US trade agreement has a positive side of the Canadian trade, and there is also a negative side. From the technical analysis, the Canadian dollar broke through. In other words, more people think that the positive is greater than negative, so I bought the Canadian dollar.
Q: This example is not an explanation that when a major event occurs or a basic factor is formed, the initial reaction of the market indicates long-term trends?
A: Just this. The market is always guided, because there are always more than you know more.
For example, the Soviet Union is very good. Q: What is it? A: Doing foreign exchange, food futures are also good.
Q: Is this a bit conflict? The Soviet economy made a mess, but foreign exchange did a good job. why?
A: Open a joke, they may really peek to see our letters. But their intelligence is indeed very fast. They have the most developed spy news system in the world, often stealing business newsletter. Therefore, some big dealers are often using the anti-catappery when talking on the phone. I mean a lot of mechanisms that are difficult to understand will guide the market, often when the average person is not known.
Q: Is that the basic principle of technical analysis?
A: I think the technical analysis is somewhat being reasonable, some is a Mongolian. Some technical analysis claims that the future will prevail, and there is no exaggeration. Technical analysis is tracked, but not predicts the future. You have to make a conclusion of your own brains, see if the activities of some traders can reveal future traders' movement.
I personally think of technical analysis like a thermometer. Those basic analyticists who claim to be seen from the views are like a doctor say he does not give the patient's temperature temperature. If you have a serious attitude towards the market, you should understand the current situation of the market - is hot or cold, is moving or hysteresis. Technical analysis reflects the voting of the whole market, so there will be a strange phenomenon. In definition, any new graphics appear unusual. Therefore, the detailed changes in the study price are very important. Look at the picture, you can make me alert, explore potential changes.
Q: What should I do when I am going to go with you? How to distinguish between small rebounds and bad? A: As long as you enter the field, I always set up the corrosion in advance, only if I sleep. I knew where I came to play. The scale of entering the field depends on the abduction, and the etius is determined by technical analysis. For example, the market is moving in a price, and the causing position cannot be set within the price, which is easy to encounter. I always stop the cavity after a technical barrier point (resistance or support). If the location is selected, it is generally not easy to encounter.
Q: Talking about the etching, because your trading volume is very large, I speculate that your cavitation is just, there is a number in my heart, right?
A: This is said: I put the life arrangement, let the stopper will always be implemented in time. They don't enter the disk, but it is definitely not psychological and causing, and it must be performed when in place.
Q: You are now much bigger than before, is this added additional difficulty?
A: It can have enough liquidity to make me a lot of markets. For example, copper futures, I really like it, but the market is too small and the liquidity is not enough. I also made it like a coffee market, earn millions last year. But millions of people have nothing to do with me, but it consumes a lot of energy. So I mainly do foreign exchange.
Q: You are responsible for operations, probably more than any other traders in the world. If you caught up with your stay in a period of money, how do you deal with mental stress?
A: The psychological burden is indeed, and I am likely to lose millions of people. If you look too heavy, you can't do it anymore. The only worry is that the funds are not good. Every time I will have a certain transaction to pay too much. But I have never been a problem with the money, as long as I pay clearly, and I will act at the trading skills. I will learn the risk from the experience in the experience. But every day's earning and compensation does not affect my emotions.
Q: Do you have a year of paying money?
A: Some, I lost 16% in 1981.
Q: Do you do foreign exchange is spot or futures?
A: I only do spot unless I sometimes eat the price of spot and futures.
The bank's peer market (spot) has much fluidity, and the transaction cost is also much lower, and it is 24 hours transactions. This is very important to us because we do 24 hours a day. We do any foreign exchange, all European currencies. Including Nordic currency, all Asian and Middle East main currencies. Cross trays are also good. Futures are more troublesome due to the fixed payment of the contract amount. In the spot market, the whole world is based on the US dollar, and even the cross disk is no exception.
Q: Are you doing a lot of transactions outside the US disk?
A: Yes, first of all, there is no way to have a monitor screen, home, country villa, is everywhere. Second, my man is 24 hours a day. I will call me immediately. Each of our currency has a call price. I have a helper to deal with the phone. We joke and said that he only woke up from home a year. He may receive a three or four calls per night. He can handle itself due to prior plans.
I usually define my trading time at 8:00 pm to 6,7 o'clock. The Far East market is very important, open at 8 pm, Tokyo morning to 12 o'clock in the night.
If the transaction is very active, I will do it. After 12 o'clock, I slept for a few hours, then got up and opened the opening. The market is like this. I have a relationship around the world, so the news is very simple. This is a very exciting game. Throwing the transaction and making money, one of the main reasons for this line is because I am very fascinated by analyzing the world's politics and the economic situation.
Q: Listen to you, it seems that the whole process is like playing games, not doing.
A: It doesn't feel like you live, unless you lose, you feel very hard. For me, market analysis is like a multi-diverse board, and the fun is purely spiritual. Q: You talk about the importance of controlling risks, talking about the confidence of the single, how big is your transaction?
A: First, I tried to do any of the risks of any transaction to do not exceed 1% of my account. Second, we check if the list is related every day. If there are 8 kinds of lists are highly correlated, although it is divided into 8 kinds, it is actually one, but only 8 times the risk.
Q: Does this mean that if you are optimistic about Mark and look at Swiss Franc, then you only choose one.
A: This is true. But more importantly, in a market, do a long time, try to choose a market that can do short. For example, although I am doing the dollar, I still do a moisture when I have a long time.
Q: Is it like you to do Mark B yen? Is it more slow than doing a single money?
A: Not necessarily. Sometimes you can make big money.
Q: Your trading style is a combination of basic analysis and technical analysis. If you want to choose, which one do you choose?
A: This is like asking the doctor, he likes to see a doctor relied on diagnosis and see a doctor.
No one can be less. It is easy to make money by technical analysis during the 1970s. At that time, the fake clearance is much less. Nowadays, everyone is an image, and the technical trading system is flooding, I think this is unfavorable to the technical division.
Q: Do you think there is a special talent?
A: The super master should be a very small number.
Q: Do you have a single successful day and your efforts?
A: It is possible to become a master without hard work. Some people may have a short-term, but it will not always work. I have just heard that some people have earned 2,7 million in copper futures last year, but they quickly lost.
Q: Do you have any advice to novices?
A: First, we must recognize the importance of risk management. The second advice is, less, do less, and do less. No matter how much you think you should enter, first reduce half. In addition, novices often make market people. The most common mistake is to treat the market as a personal opponent. In fact, the market is completely super off, it doesn't matter if you are winning or lose money. If a trader said, "I hope" or "hope" how, then he can't concentrate on analyzing the market, which is harmful.
