Ben Robson goals in this book is to give examples of traders, products, and ways in which you can make money in the FX marketplace, point out the many obstacles that you will face in your pursuit of profits, and give advice on how you can train yourself to think smart and trade smart. One observation he has made in my financial markets experience is that traders both big and small often employ too much risk. Another, more so nowadays, is that they trade too frequently. It is also well documented that the majority of traders are quick to take profits and slow to cut losses.
By committing to a disciplined strategy and sticking to it, you will find that in most cases, trading performance will improve. Understanding the risks and dangers of trading is fundamental to staying in the game. You can beef up your tactics by learning from the Currency Kings. The last point I wish to make is that if you are serious about trading, it is possible to win. As with most things, if you wish to do it well, it requires preparation, time, effort, and dedication. It also requires continuous focus, guts, tenacity, and coolness under pressure. Trading is not a walk in the park. It is the business of making money, and that must be front and center in your mind. If you are at all blasé in your approach, then you will lose.
If the performance metric of winners to losers is to improve, then it starts with adopting a serious attitude. And that means doing the work. Discovering your method of trading will then come naturally to you. By avoiding some of the obstacles in your path you will improve your profitability. If along that path you discover that you have a genuine competitive advantage, then you are well on the way to winning. How much so depends on the competitive advantage and how scalable it is. But always be mindful about the risks you take. There are a lot of very intelligent extraders who have been incapable of managing their risks, and there have been a great many spectacular blowups.
The book Currency Kings, I hope, will act as a guide and an aidemémoire to your trading activities. If the book inspires people to trade with a plan and with discipline, it will have achieved most of its goal; if it helps launch a new Currency King, it will have succeeded beyond my expectations.
- The Four Basic Trading Principles
- George Soros: Global Macro King
- John Henry: Technical Trading Genius
- Urs Schwarzenbach: Writing FX Option Strangles
- Online Currency Entrepreneurs: How the Early FX Market Makers Grew from Pioneers to Billionaires
- Jim Simons: Quant King
- Renat Fatkhullin: Social Trading and MT4
- Caveat Emptor: Tricks and Traps to Avoid When Trading Online
- Top Tips to Improve Performance