Bonus Post

This blogger skimmed the ebook, “Adventures of a Currency Trader” by Rob Booker, published in 2007.

This fable describes fictional characters who were doing currency trading in the early 2000’s at New York City offices. It is about human nature. People are loss-averse and lazy, but love gambling.

It is difficult to say whether readers will actually heed the lessons in the story because it has many unrealistic elements; among them: a) the newbie-trader protagonist had a major mentor who cared about him even though he impulsively disobeyed his mentor from the get-go; b) the protagonist influenced an entire trading floor of seasoned traders; c) the protagonist had access to all the resources that significantly accelerated his learning curve.

The moral is that those who realize they are passionate about currency trading– before they actually start trading with highly leveraged real money– need to understand what they are getting into and do their homework– develop on paper, a trading system that is statistically profitable in the long run.

Read the book to get an overview of currency trading, including the risks, and the mentalities of different traders.