Читать книгу The Guts and Glory of Day Trading - Mark Ingebretsen - Страница 12

And that brings up a key question: Are the results claimed by the traders in this book consistent with what an average trader might achieve? Are these traders unique, in other words? Granted, locating the 12 traders wasn’t done using anything like a scientific search. Most came to me through referrals from colleagues whose help I am grateful for. But it’s worth noting that finding traders who’d make $1 million or more wasn’t especially difficult. Before settling on the list here, I amassed a much lengthier pool of candidates.

I should mention a couple of additional points concerning the methodology used to complete this book. Once a trader agreed to be included, the actual interview took place by phone. In all cases, I relied on the traders themselves to supply the details of their trading history. In no case were their accounts audited. In several instances, traders felt uncomfortable naming specific amounts of money. When that happened, I referred to things like the value of their portfolio in broad terms. Also, two of the traders (they’re noted in the relevant chapters) requested that their real names not be used. In those instances, I recreated pseudonyms and changed other personal details, out of respect for their privacy.

But again the question: Is this a representational group? My answer to that would be No and Yes. No, because all likely would be regarded as successful in whatever area they chose to focus their energies. Oliver Velez manages several companies that are outgrowths of his success as a trader. Five other traders in the book manage Web sites where they advise other traders. And their subscribers pay anywhere from $25 to $250 per month for the privilege of receiving their advise in real time. Then there are those who juggle demanding jobs. Bob Martin – the covered call writer – is a trial lawyer representing companies in product liability cases. Scott McCormick – the designer of AI trading software – is a top-level manager at a tech firm. In other words, they and several others in the book prove they can succeed at business as well as the markets. And in that sense they are exceptional people.

It also must be said that the time period during which this book was written was an exceptional one for the markets. Throughout the latter half of the ‘90s, NASDAQ tech stocks in particular rose to unimaginable heights. That record breaking bull run went parabolic during the fall of ’99 and continued into the early months of 2000. And indeed, it was in January and February 2000 that many of the 12 traders saw their accounts top the $1 million mark.

Then, of course, came one of the steepest corrections in recent memory. The best – or maybe it’s the luckiest – traders were those who somehow saw the crash coming and were able to preserve their capital. What led them to correctly predict that the sky was falling and how they reacted during the scary days of March and April 2000 can hold some valuable lessons for any trader or investor, as markets have continued on a choppy course ever since.