advfntrader
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Successful full-time traders - anonymous interviews for a serious book
Firstly, well done on the book writing. Something i could never do.
So names, accounts sizes and previous occupations etc have been changed to anonimise the interviewees. Did they all really become millionaires or is that just a blurb to attract newbies to buy the book?
Names and some previous occupations have been changed. Account sizes have not been systematically changed, they're just rather vague.
People of this level of wealth are quite reticent about the exact level, even with weak anonymity. However, I believe they are all easily millionaires. I believe five almost certainly have more than £10m.
Apart from what they told me, these five are all named from time to time in announcements of holdings >3% in single companies. I think it implausible that someone will pop up with 5% of company A worth £2m, 4% of company B worth £1m, etc (where company A and B are unrelated) - unless their overall wealth is circa £10m+.
0007
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Available Amazon early May - £10 to your door.
0007
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Just received my copy of this book and had a quick skim read. It really is very good -- the style is somewhat reminiscent of "market wizards". As the author says -- it won't tell you how to trade, but I've found that it gives an excellent insight into the psychology and approach of the subject traders and the biographical aspect I find incredibly interesting.
The book is very well structured and the author's academic antecedents are used to great advantage for the reader. A quick look through the conclusion chapter allowed this paragraph to catch my eye:
"Most interviewees went through a long initial period in which they were largely unsuccessful investors. They either broke even or regularly lost small amounts of money, but not enough to deter them from trying again. ..........
........ We cannot infer that persistence always pays off, because we cannot observe other amateur investors who may have been equally persistent but never became successful. But we can say that an initial period of indifferent results is common, it may last for several years, and it is not inconsistent with eventual success as a full-time investor".
Highly recommended if you are interested in more than just the length of your pin bar. I also note that the author has agreed to donate all his royalties to the United Nations Stop Tuberculosis Partnership. Well worth £10.
The book is very well structured and the author's academic antecedents are used to great advantage for the reader. A quick look through the conclusion chapter allowed this paragraph to catch my eye:
"Most interviewees went through a long initial period in which they were largely unsuccessful investors. They either broke even or regularly lost small amounts of money, but not enough to deter them from trying again. ..........
........ We cannot infer that persistence always pays off, because we cannot observe other amateur investors who may have been equally persistent but never became successful. But we can say that an initial period of indifferent results is common, it may last for several years, and it is not inconsistent with eventual success as a full-time investor".
Highly recommended if you are interested in more than just the length of your pin bar. I also note that the author has agreed to donate all his royalties to the United Nations Stop Tuberculosis Partnership. Well worth £10.
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A few good and thoughtful reviews...
Alistair Blair in Investors Chronicle:
"...a compelling read..."You could learn a lot from this dazzling dozen..."
"...definitely the best investment book that has crossed my desk for some time." Full text here: http://bit.ly/mSUPKL
Stockopedia:
"At last,a true to life account of UK investing...highly recommended reading..." Full text here: http://bit.ly/mORG6X
Motley Fool:
“Something of a future investment classic in my view" Full text here http://bit.ly/iYXyuW
The book is intended to be an easy read, even for people who pick it up not understanding stuff like spread betting and CFDs. But I'm pleased that some readers are noticing that if you want more depth, it's there if you read carefully:
"What makes it a joy to read are the wry observations and aphorisms scattered throughout the book...."
Full text (Amazon review) : http://amzn.to/lypbGT
Alistair Blair in Investors Chronicle:
"...a compelling read..."You could learn a lot from this dazzling dozen..."
"...definitely the best investment book that has crossed my desk for some time." Full text here: http://bit.ly/mSUPKL
Stockopedia:
"At last,a true to life account of UK investing...highly recommended reading..." Full text here: http://bit.ly/mORG6X
Motley Fool:
“Something of a future investment classic in my view" Full text here http://bit.ly/iYXyuW
The book is intended to be an easy read, even for people who pick it up not understanding stuff like spread betting and CFDs. But I'm pleased that some readers are noticing that if you want more depth, it's there if you read carefully:
"What makes it a joy to read are the wry observations and aphorisms scattered throughout the book...."
Full text (Amazon review) : http://amzn.to/lypbGT
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In the interests of balance, I should also record that I've just seen the first crappy review 
"Always sceptical about these sort of books which usually enrich only the author.
I have been investing for 30 years and although a wealthy man by most peoples standards I have found that he market will always trip you up when you least expect it.
Investing is a get rich slowly pastime and publications which indicate otherwise are very misleading in my opinion."
...But perhaps not as misleading as reviewers who don't bother to read the book (or at least, fail to notice that all author royalties are ppledged to charity on page 1) .
"Always sceptical about these sort of books which usually enrich only the author.
I have been investing for 30 years and although a wealthy man by most peoples standards I have found that he market will always trip you up when you least expect it.
Investing is a get rich slowly pastime and publications which indicate otherwise are very misleading in my opinion."
...But perhaps not as misleading as reviewers who don't bother to read the book (or at least, fail to notice that all author royalties are ppledged to charity on page 1) .
isatrader
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Well I just bought a copy as wanted something new to read and saw that some of the interviewees were ISA based. So I'll let you know what I think when it eventually arrives as just noticed it says it isn't going to be delivered till the beginning of June. Are they printed on demand only?
isatrader
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Bought it on Amazon UK.
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!
Sorry for the delay and hope you like the book!
isatrader
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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
Trankuility
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Sounds interesting. Just bought it for my Kindle.
0007
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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.
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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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/Columnists/NoFreeLunch/article/20110503/f41d82da-755c-11e0-b1af-00144f2af8e8/The-dazzling-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.)
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/Columnists/NoFreeLunch/article/20110503/f41d82da-755c-11e0-b1af-00144f2af8e8/The-dazzling-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.)
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.
Would not really be concerned with "serious journalists" -that amazon list says it all.
counter_violent
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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.
WesleyMantooth
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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?
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?
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.
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.
