Successful full-time traders - anonymous interviews for a serious book

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Old May 11, 2011, 2:32pm   #31
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Re: Successful full-time traders - anonymous interviews for a serious book

rgthomas started this thread I have looked into this. A shipment of books has gone to Amazon this week and there is another next week, which should cover all existing orders. Bottom line is that notwithstanding Amazon's "beginning of June" advice, your order should be shipped around 20 May.

Sorry for the delay and hope you like the book!
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Old May 11, 2011, 2:42pm   #32
 
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Re: Successful full-time traders - anonymous interviews for a serious book

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I have looked into this. A shipment of books has gone to Amazon this week and there is another next week, which should cover all existing orders. Bottom line is that notwithstanding Amazon's "beginning of June" advice, your order should be shipped around 20 May.

Sorry for the delay and hope you like the book!
Thank you. I'm sure it will be a very interesting read based on the comments I've read so far on it. Good on you for doing it
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Old May 11, 2011, 2:59pm   #33
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Re: Successful full-time traders - anonymous interviews for a serious book

Sounds interesting. Just bought it for my Kindle.
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Old May 13, 2011, 9:19pm   #34
 
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Re: Successful full-time traders - anonymous interviews for a serious book

Just had a couple of nights away in the Lake district with the pleasure of no TV at night which gave me a chance to read Guy Thomas's book in a bit more detail -- and time well spent it was indeed!

It's a great book to explore -- and explore is what you need to do in my opinion, although you can read it from cover to cover. But if you examine the introductory chapter you can dip into the parts of the book that will be initially of most interest to you, but if you're like me once you get going you will end up reading the lot. I am now even more appreciative of the work done by this author who has done extremely well to investigate and extract the thought processes and philosophies of his 12 subjects.

I found a little bit of myself in more than one of the 12 subjects and see no reason why this should not apply to other readers also. In my opinion, one of the main things that comes out of this well researched work is that there is no Holy Grail of investment methodology: it comes down to the individual and his/her ability. "No new lessons here" I hear you say. But the subjects of this book are so diverse in temperaments and methodology that it becomes obvious that there aren many ways of being a successful investor/trader and thus it's the person rather than the methodology that is important. (These guys -- no ladies -- use anything from spread betting and CFD's to actual holdings, with holding periods from minutes to years and trading frequency from 30-40/day to "every now and then".

Another thing that is very apparent about these highly successful investors is that they are all clever people even though some are not particularly well qualified academically [but some are though]; they are all also highly individualistic and able to make their own decisions, sometimes contrarian but always in their own furrow. This I think, is another key to successful trading: not surprising really, if you look at any highly successful person from composer to sportsman to entrepreneur -- they all do their own thing because they have that extra "something"which makes them stand out from the crowd.

Another interesting trait apparent in some of them was their satisfaction with a simple and sometimes even frugal lifestyle (doesn't Warren Buffett drive a really old car?) despite being men of real wealth. This was typified by the guy who had a fairly small but adequate house with a magnificent view: his philosophy -- why have a larger house than I need when I have such a magnificent view? All these successful investors -- some of whom originated from humble financial and social backgrounds -- appear to have come to terms with themselves and their lifestyles and appear to be in equilibrium: even though some of them have unenviable medical histories.

The more I read this book the more it fascinates me and in that respect it seems to be like the classics of Livermore, Wizards, Loeb -- every time you read it another little gem of information or idea becomes apparent. The author deserves credit for extracting and presenting in non-jargonistic terms (though he does include some very useful technical explanations for those wanting them) so much useful philosophical as well as financial discussion. This book is not only very readable, but for those who have acquired a basic knowledge of investing/trading and wish to move to a higher plane I consider it should be high up on your reading list.

Thoroughly recommended and a credit to its author who has donated his proceeds to charity.
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Old May 14, 2011, 7:51pm   #35
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Re: Successful full-time traders - anonymous interviews for a serious book

rgthomas started this thread Thank you 0007.

I tried to make the book easy to read, but at the same time deep. It's a source of some frustration to me that in the first month since release, very few people seem to have noticed the depth! But maybe more will, given time.

Anyway, it's selling quite well - No 1 investment book at Amazon UK for the past week - so maybe I should be content with that.

What would really help is a larger number of serious reviews. The publishers have approached all sorts, but so far the only print publication to take it seriously is the Investors Chronicle, which published a detailed review http://www.investorschronicle.co.uk/...ling-dozen.jsp.

Something in the weekend broadsheets would make a big difference. It probably helps to know journalists, and unfortunately I don't. (Any leads greatly appreciated.)
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Old May 15, 2011, 7:32pm   #36
 
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Re: Successful full-time traders - anonymous interviews for a serious book

Excellent work Guy. Read it cover to cover in one go and look forward to dipping into it again at a slower pace this week. One of those rare books that appeal to beginners and seasoned traders alike.
Would not really be concerned with "serious journalists" -that amazon list says it all.
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Old May 15, 2011, 7:52pm   #37
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Re: Successful full-time traders - anonymous interviews for a serious book

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Originally Posted by rgthomas View Post
Thank you 0007.

I tried to make the book easy to read, but at the same time deep. It's a source of some frustration to me that in the first month since release, very few people seem to have noticed the depth! But maybe more will, given time.

Anyway, it's selling quite well - No 1 investment book at Amazon UK for the past week - so maybe I should be content with that.

What would really help is a larger number of serious reviews. The publishers have approached all sorts, but so far the only print publication to take it seriously is the Investors Chronicle, which published a detailed review http://www.investorschronicle.co.uk/...ling-dozen.jsp.

Something in the weekend broadsheets would make a big difference. It probably helps to know journalists, and unfortunately I don't. (Any leads greatly appreciated.)
Have ordered a copy this weekend. 5 day delivery so will get back to you. I would'nt worry about the publicity...if it's good and sells well, then it will create it's own momentum.
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Old May 15, 2011, 9:02pm   #38
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Re: Successful full-time traders - anonymous interviews for a serious book

Guy, congratulations on finishing the book - I've heard from many what a grueling process it can be. I wouldn't worry about the media exposure to start with and as has been mentioned above, these things tend to gather momentum. Also, as I'm sure you've found out already it's surprising who you find reading these boards but not necessarily posting!
I look forward to reading it, once I finish the other five books I have on the go at the moment!

How did you find that writing the book and meeting your interviewees has affected your own trading/investment?
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Old May 15, 2011, 9:11pm   #39
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Re: Successful full-time traders - anonymous interviews for a serious book

whats going on with galleon holdings plc?
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Old May 17, 2011, 3:23pm   #40
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Re: Successful full-time traders - anonymous interviews for a serious book

rgthomas started this thread Thanks to all for the feedback.

How did you find that writing the book and meeting your interviewees has affected your own trading/investment?

I tried to largely suppress my own judgment / prejudices about the relative attractions of the different strategies. I genuinely believe the optimal choice of strategy depends a lot on your personality.

But there's a very important and carefully considered sentence in Owen, chapter 9, p179:

"Because of this economical use of time, his approach is the one in this book I most wish I could emulate."

That's Owen the closed-end funds activist. He is extraordinarily focused on his niche of investment trusts / listed hedge funds of funds / listed private equity funds trading at a discount. Being so focused allows him to ignore a lot of things I spend time thinking about.

So I've tried to pay more attention to that niche myself. But it's harder than it looks. Owen's been doing roughly this for 20 years or more. So when he goes back to the listing document for a fund (for example), he knows exactly what he's looking for. When I try to do the same, I'm lost in 200 pages of small print.
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Old May 17, 2011, 3:29pm   #41
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Re: Successful full-time traders - anonymous interviews for a serious book

rgthomas started this thread 'whats going on with galleon holdings plc? '

It's an interesting punt on their business in China. But a very small proportion of my assets.

The irony of the 3% disclosure requirements is that it's my smaller positions which get all the attention!
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Old May 18, 2011, 6:38pm   #42
 
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Re: Successful full-time traders - anonymous interviews for a serious book

Guy

Have ordered your book a long time ago and am itching to read it when i go on holiday next week - sun lounger - good book (very good from the reviews i have seen) what else can you want? Am hearing on some boards that Galleon’s china gaming business is booming although not sure what to believe on some boards....! Interesting punt - will watch and see.

Any thoughts on QE2 coming to an end in June and impact on small caps?

Doc
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Old May 18, 2011, 10:06pm   #43
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Re: Successful full-time traders - anonymous interviews for a serious book

rgthomas started this thread
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Guy

Any thoughts on QE2 coming to an end in June and impact on small caps?

Doc
I actually try not to have thoughts about things like that. I agree with what one of the people in the book said:

"Focus on things which are knowable - that is, things where research can plausibly give you superior insight - for example, the microeconomic advantages of a particular company. Ignore things which are not knowable, for example, general macroeconomic predictions." (page 95)
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Old May 22, 2011, 6:27pm   #44
 
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Re: Successful full-time traders - anonymous interviews for a serious book

Guy

Any idea on when Cellcast are releasing their full year numbers? I have emailed Andrew Wilson but no response yet. Also any ideas on how Cellcast Asia are trading? I keep picking up a few shares here and there at around 3.8p. Hoping for some good results. Best wishes. Doc
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Old May 23, 2011, 1:57am   #45
 
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Re: Successful full-time traders - anonymous interviews for a serious book

There are so many so called full-time traders. But those who are really good at (mostly luck) would just hire a writer and make loads of money off of it.
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