I have started a project with MOOLAH.asia to interview successful investors and traders. I was pretty inspired by books like “Market Wizards“, “The New Market Wizards” and “Inside the House of Money” as I have learned a lot by understanding the perspectives and thought processes of different investors and traders. I have already interviewed a couple of them, and will do even more in the coming month. The end product of the project can be an ebook or audio or any other media format. What do you think? Do you think this is a good idea? Would you be interested to read/listen/watch the interview?
The reason why I am posting this is to tap on the wisdom of the crowd to generate more ideas to make the interviews better. Hence, to reward your efforts, I will be giving away 2 copies of “Mastering Your Personal Finance” book. The top 2 contributors will receive a copy each, delivered to your place. This is a super win-win situation: You get the book. Make-a-wish foundation gets a donation when I place an order. I get to improve the interview. You get better interview content.
How to win?
Email me the following (alvin_at_bigfatpurse.com):
[Free Ebook] How should you invest your first $20,000?
We asked 14 Singapore finance bloggers to share what they would do if they could go back in time and invest their first $20,000. They can no longer rewind time, but you can learn from their experience and hopefully start with a better footing.
- How would this interview with successful investors and traders help you?
- If yes, what media format would you most prefer to consume the information and why?
- What questions do you want to ask if you meet a successful investor or trader?
How would I determine the top 2 contributors? Convincing answers for qn 1 and 2. For qn 3, pose as many quality questions as possible that I would eventually adopt for the interview (you would want to see below for the questions that I already have, so you do not repeat them).
The closing date will be 12 Dec 10, 12pm (Singapore time).
Questions that I already have (you notice the qns are trading bias, so it would improve your chances if you tailor some qns for investors):
Please briefly tell us about yourself and how did you get involved with stocks/forex/options etc?
What did you know about stock / forex / options etc before you started trading?
How long did it take for you to become proficient at trading?
What markets do you trade? Is there any reason for choosing them?
On what basis did you make your trading decisions?
Please describe your best and worst trades.
Are you satisfied with your trading performance so far? What is your average % returns?
Do you perform any fundamental analysis or take into account the overall market conditions when trading?
Do you determine a specific risk reward ratio before you enter a trade?
There is a tendency that if you follow a RRR, you may cap your profits with your expected profit taking level. Do you increase the profit taking level to let the profits run during a strong trending market?
Do you practise profit protection? How do you profit protect a winning trade?
In your opinion, what is considered a high probability trade?
How do you describe your trading method? How much percentage is mechanical and discretionary?
Entry and exit, which is more important?
Please describe your thought process when entering a trade.
How do you remain objective and not let emotions get in the way?
Some say that managing a portfolio is all about managing risk. How will your risk management strategy differ for a portfolio that is (i) doubled and (ii) halved?
What do you do when you are not trading well? Do you take yourself out of trading altogether?
Do you keep a trading journal and review them from time to time?
Will you have pressure to make money every month, week or day?
By trading full time, you depend on a constant stream of income from the markets. And we know the market returns are not regular; hence, do you find it stressful when returns are less than desirable.
How do you determine your position sizing?
Do you go aggressive when the trend is strong, or do you always take a consistent approach to position sizing?
Do you spread your money across different trading instruments besides stocks/forex/options etc? If yes, please share with us how you diversify your portfolio?
Do you have any emergency funds or additional funds to cater for your livelihood?
FULL TIME TRADING
How long have you been a full time trader? What do you like about being a full time trader?
Can you tell us more about the transition from your previous career to a full time trader? In particular, what were some of the obstacles faced?
What is one thing you wish you have learnt when first starting out to be a full time trader?
Aspiring full time traders always like to ask how much capital is needed to begin trading full time. What is your view on this?
Did you ever have a moment of self-questioning if you are on the right path as a full time trader?
What are the qualities or traits you believe that a person should possess to excel as a trader? Do you think trading is for everyone?
If you have to disclose one secret about the success to trading, what would it be?
What advice do you have for a novice trader?