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Adventures of a Currency Trader

Fri, Oct 19 2007, 10:41 GMT
by FXstreet.com Team

FXstreet.com

About the Author

Rob Booker  is a foreign currency trader. He also trains traders around the world to be more disciplined and profitable. He has worked with traders on every continent that sustains life in any meaningful way.

Rob 'practiced' law, printed t-shirts, sold magazines, taught Italian, recruited CPAs, started an advertising firm, ran an e-commerce company and roofed houses before he realized that he was better at getting jobs than he was at staying with them.

Okay, since we're all talking in the third person, I'll let you also know that Rob was fired from every job he ever got.

Consumed with the question of why he was working at jobs that he didn't like -- and how to move past those jobs into a career that brought him true happiness -- and the ability to play video games, watch movies, and chat with people around the world while attempting to build an empire of wealth beyond any mortal's ability to imagine, Rob talked to people across the country and around the world. When he met a group of successful foreign exchange traders, he learned everything he could, until he started a full-time career trading currency.

Rob now maintains a foreign currency advisory practice close to home. He has been called the "Motley Fool of Foreign Exchange" and the "Prime Minister of Pips". His columns are read by over 3,000 people each day.

He lives in Wheeling, West Virginia, with his wife Kristine.

Check Rob's list of sessions at FXstreet.com.

Book Description

Unlike most of the trading books that I have read, Adventures of a Currency Trader, by Rob Booker, is a work of fiction. However, this doesn't mean that its trading lessons are any less worthwhile. The author follows his fictional character, Harry Banes, on his path from a job as a NY law firm file clerk to an independent currency trader. Along the way, Harry makes almost every rookie trading mistake possible, but with the help of mentors learns through his failures.

His interest in trading currencies begins after viewing an infomercial; what a perfect place to start as he begins with a totally skewed view of currency trading and is saddled with very unreasonable expectations! These misconceptions are reinforced when his first trade is profitable because he mistakenly does the opposite of what his new trading system recommends. Of course, Harry has a wife and family, so when he loses his job, the pressure to succeed at trading is magnified. One of the many important lessons taught time and time again in this book is that if you focus on money when you trade you are doomed to failure. This point was illustrated when Harry is told the story of a how the book'S fictional hedge fund manager named George Sisler rode a 100 million dollar profit to a 27% loss. Sisler's trading disaster in the British Pound is also used as a way to teach the importance of money management.

Most of the lessons from this book are conveyed through encounters with experienced traders who gradually get Harry headed in the right direction. Harvey Winklestein plays a pivotal role, by not only providing his own sage advice gained from years as a successful bank currency trader, but also through his introductions to other successful traders like George Sisler, who overcomes his previous mistakes to manage a 3 billion dollar hedge fund. Finally, after an especially disastrous loss, Harvey convinces Harry to stop trading, at least for awhile, and ask for his old job back. This gives him a break from trading which allows him to discover back testing and he works on developing a disciplined trading approach. I won't spoil the rest for those who'd like to enjoy the narrative aspects of this book, but will say there are a few more surprises ahead for Harry.

This book is perfect for someone who has just been bitten by the FX fever (although hopefully not from watching an infomercial), as it will help them avoid many of the common pitfalls. Those who have traded a bit will find that they also share many common experiences with Harry, and may find themselves cringing in the face of past errors. In the end, it was an enjoyable, though occasionally painful, read.

Book reviews

"A truly easy, unique, and enjoyable read! Rob has done it once again to teach us in the funniest way possible how not to make the most common trading mistakes. If you are tired of reading how-to books, this is perfect for you. I highly recommend this book to all traders. Everyone will learn something about themselves by reading this book."
—Kathy Lien, author, Day Trading the Currency Market, and Chief Strategist, www.dailyfx.com

"Adventures of a Currency Trader is a must read for anyone who has ever traded or is thinking about trading in the Forex markets. Rob Booker has a unique way of taking years of market knowledge and transforming it into an educational and entertaining experience. It has quickly become a cult classic in my trading library!"
—H. Jack Bouroudjian, Principal, Brewer Investment Group

"Brilliant! Rob's humor and humanity shine through in this parable about trading and life. Filled with wisdom and wit, it's an exhilarating rollercoaster ride through the peaks and valleys of the learning curve, with many valuable lessons learned along the way."
—Ed Ponsi, President, FXEducator.com

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Published on  Fri, Oct 19 2007, 10:41 GMT

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