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Misc

Things took a quick turn

directions

So a funny thing happened on the way to making my next major life transition in May. I had to start making it at the beginning of February! That’s why things went a bit quiet on the blog.

I was supposed to be in Sweden at least through April per the coaching contract I talked about in my New Year’s post. Rather abruptly, though, the club told me at the start of this month that they were terminating my contract. My coaching friends were stunned – even the ones in Sweden (maybe especially them). I was told “differences in coaching philosophy”. Some suggested the real reason was probably money, but in the end it doesn’t really matter. I was getting ready for a transition at season’s end. It just came a bit sooner than expected.

Unfortunately, because things happened this way I hadn’t really begun a proper job search. I was thinking I’d probably need to wait until at least the end of February to do that given likely time lines and expectations for when I’d start a new job.

So now I’m back in the States. I did have one poker in the fire before all this happened, so it might not be long before I have a new job. Or not. We’ll have to see.

The one thing that doesn’t change, though, is my intention to produce a revised version of The Essentials of Trading and to share with people my observations about the reality of trader performance based on my PhD research.

Oh, by the way. I’m now officially Dr. Forman. I found that out about two weeks ago. Everything has been approved and ratified and I’m now a full-fledged PhD. If you haven’t already had a look, here’s some details about my dissertation and how you can check it out.

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Misc

2015, a new beginning

Happy New Year!

Been a while since my last blog post, but I’ve not been completely out of touch. For most of the year I was writing weekly pieces of the Currensee blog, which I’d been doing for a couple of years. Alas, that’s is now gone. OANDA bought them up, then eventually shut the program down. These things happen.

Of course I’ve also been working diligently (mostly) on my PhD, which focuses on the performance of retail forex traders. Believe it or not, I’m nearly done! In the next couple of days I expect to have a full draft of my dissertation pulled together. That, of course, won’t be the end. I’ll no doubt have some revisions to do before I finally hand in my initial submission, hopefully within a couple of weeks. After that I’ll have my defense (viva) within 3 months, and then probably one last round of revisions before final submission. If things go to plan, I’ll have earned my doctorate by Summer.

Doing the initial submission of my thesis will mark the end of the real heavy lifting where the PhD is concerned. That will let me transition into working on new things, and once more (most likely) pursuing some kind of gainful employment. Where my path with take me is anyone’s guess at this point. One this I definitely do want to accomplish, though, is writing a new book on trading. I’ve done a couple of pieces (here and here) related to the research that’s gone into my PhD, but there’s much more I can explore. There’s very little real trader performance information out there. I can change that, and very much want to do so.

Beyond that, I do plan on getting back to posting on a regular basis again. There’s a lot of interesting stuff going on in the markets and in trading that I’ve kind of had to leave off to the side as I’ve been working on my research. I definitely want to get back into it all as my bandwidth starts to become more available.

What’s interesting, satisfying, and humbling is how much readership the site continues to attract despite my having only done a handful of posts in the last couple years. During 2014 there were over 32,000 visitors and over 50,000 page views. I actually have it in mind to revise the site in a few ways.

So in other words, keep your eyes on this space. There will be some interesting new stuff for 2015! 🙂

Categories
Misc

iPad3 Drawing in a Couple Days

At the end of the month I will have drawing open to my newsletter subscribers where I’ll be giving away three prizes:

First Prize: A new 16GB iPad 3 ($579 value)
Second Prize: 4 hours of 1-on-1 coaching with me ($400 value)
Third Prize: 2 hours of 1-on-1 coaching ($200 value)
(I’m open to substitutions if the winner wishes to pick something else of comparable value)

The only requirement for eligibility is that you be a subscriber to the newsletter on April 30th. Signing up is quick and easy. Just go to www.theessentialsoftrading.com/nl

As an added incentive to sign up, there is also a referral feature subscribers can take part in to increase their chances to win a prize. Details will be sent once you’ve signed-up.

Let me know if you have any questions.

PS: An archive of my past weekly newsletters can be found at here.

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Misc

Essentials of Trading 6th Anniversary

Six years ago tomorrow (Saturday) my book The Essentials of Trading was released upon a world of traders eager for knowledge and understanding. Since then, the book and the blog which developed from it have been used by tens of thousands of traders in their quest to tackle the markets effectively.

It’s kind of a humbling thing, now that I think about it.

I like to do something special to mark important dates. This anniversary is no different. So here’s what I’m going to do.

Between now and Monday (April 23), anyone who owns the book can enroll in the supporting course for only $37, which is a MASSIVE discount. The course is an excellent complement to the book, and includes a fair amount of additional bonus and supporting material.

If you already own a copy, all you need to do is send me a photo of you holding the hard copy version of the book, or if you have the Kindle edition, a picture of you holding your device with the cover page of the book showing to author @ theessentialsoftrading.com. When I get it I will send you a special discount code to sign up for the course.

Now, if you don’t already own The Essentials of Trading, have no fear. If you purchase a copy online between now and Monday and send me a copy of the receipt, I will send along the discount code, so you can get in on this as well.

Nice and simple. Right?

I look forward to seeing your photos!

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Misc

Getting ready to start answering some trading questions

Of course I’ve already answered a lot of common trading questions in Trading FAQs, which has received rave reviews – like being compared to Market Wizards. In this case, however, I’m talking about digging into the real numbers to see if I can drill down on individual trader performance.

One of the first questions I want to answer is just how many traders win in the markets. There have been figures like only 5-10% bandied about for years. The data reported to the CFTC by US forex brokers indicates that about 30% of accounts make money in any given quarter, but that doesn’t give us enough to go on for a proper success rate.

Last week I acquired a big data set that will help me answer that question (or at least move well in the direction of doing so), and no doubt many others. I’ll keep you posted.

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Misc

Celebrating 6 Years of Trading Essentials

I didn’t post this yesterday for fear of running into April Fools issues. 🙂

This month of April marks the 6th anniversary of the release of The Essentials of Trading, the book from which this blog takes its name. I’ve got a few things lined up to celebrate that, the first of which is a drawing open to my newsletter subscribers. It’s a drawing that I will be holding at the end of the month to give away three prizes:

First Prize: A new 16GB iPad 3 ($579 value)
Second Prize: 4 hours of 1-on-1 coaching with me ($400 value)
Third Prize: 2 hours of 1-on-1 coaching ($200 value)
(I’m open to substitutions if the winner wishes to pick something else of comparable value)

The only requirement for eligibility is that you be a subscriber to the newsletter on April 30th. Signing up is quick and easy. Just go to www.theessentialsoftrading.com/nl

As an added incentive to sign up, there is also a referral feature subscribers can take part in to increase their chances to win a prize. Details will be sent once you’ve signed-up.

Let me know if you have any questions.

PS: An archive of my past weekly newsletters can be found at here.

Categories
Misc

Doing a PhD to study all you crazy traders

Over the last couple of years I have been researching PhD programs with an eye toward taking that final step in my academic career (having already done an MBA). I’ve had a former professor of mine pushing me in this direction just about ever since I finished my undergraduate studies oh so many years ago. I resisted for many reasons, but a couple years back it occurred to me that one of my major excuses – lack of shareable experience to bring into the classroom – wasn’t really valid any longer. That started the process.

This week I was offered a PhD studentship by the business school at the University of Exeter in England and have accepted. I still have to be offered and accept admission by the university proper, but that is just a formality and should happen shortly. The business school wouldn’t offer me the funding if they weren’t going to accept me, after all.

That means I’ll be leaving my current position as a professional analyst, but it most certainly doesn’t mean I’ll be leaving the markets or trading. In fact, that will be the focus of my dissertation. My research proposal for admission was on the subject of individual retail forex trader profitability and performance. It fits into the general area of Behavioral Finance, which is basically the counter-point field to classic efficient markets theory.

I’m really looking forward to delving into the data (I’ll be using a big set of trader transactional and performance data for my studies) and the sort of results that come from it. As much as this will be academically oriented work, I see lots of opportunity for it to be applied in the practical arena.

Do you like Doctor of Trading or Trading Doctor better? 🙂