Randy Mack: find a single strategy that suits your personality, from 2000 to 1 million

Randy Mack is rarely known on Wall Street, but few of his 20 years of success in the foreign exchange futures market can match. He started his home for $2000, earning 70000 in the first year, and he made more than the first year in each year. Mike's annual earnings in the 1980s were more than $1 million. Besides making money, Mike also makes foreign exchange for his family and friends. The first two accounts started in 1982 from $10000 and more than one million in 10 years.
In the second grade of college, Mike was fascinated by bridge and played cards in the daytime and night, and failed six subjects. Mike dropped out of school and was sent to Vietnam. There, Mike has been trained strictly and has learned to survive. He also became a pacifist. After returning home in 1970, Mike continued to study, and his brother found him a temporary job at the Chicago Stock Exchange, and he began to contact futures. Mike was supposed to be a psychologist, but before graduation, Mike was catching up with the Chicago Board of exchange to open a new exchange to engage in foreign exchange trading. At that time, a seat on the Chicago Board was worth $100000, but to attract investors, the seat in the exchange office sold for only $10000 and gave each existing exchange member a seat free of charge. Mike's brother transferred his free seat to his brother and lent him $5000. Mike deposited $3000 in the bank for living expenses, and 2000 dollars for foreign exchange futures. At that time, Mike had limited knowledge of foreign exchange. When he saw someone buy mark, he followed up to buy Swiss francs, played chess when he was ok, so he made 70000 dollars in the first year.
Mike made a big step in 1976. The British government, worried about the pound's appreciation, increased imports too much, and announced it would not allow the pound to rise above $1.72. The pound was originally hovering between $1.6 and unexpectedly jumped to $1.72 after hearing the news. Every time I get to this point, I rebound later, but the less I play. Most people are thinking that the UK government will not allow the pound to exceed $1.72, so it should be risky to be short at this point. Mike has another idea: since the British government is clearly unable to hold the pound up, it means that the internal demand is very strong, and the exchange market is actually a trading stop. It could be a chance in a lifetime. Before that, Mike made at most three or forty bills, and this time he got 200 bills. Although he was confident, he was afraid to die, because so many single people would go back and go to an end. Mike was out of bed for several days and nights, and got up at 5 a.m. and asked the bank for a quotation. One morning, he heard the bank quote: £ 1.7250. He thought the other party had reported the wrong, and was ecstatic after checking again. He not only bought some pounds, but also encouraged his relatives and friends to buy them together, and then he looked comfortably at the pound rising to $1.90. Three months later he came out flat, and dropped hundreds of contracts at 1.90, and made money. Mike made a net profit of $1.3 million in the deal. Mike's other favorite work was to throw away Canadian dollars in the early 1980s, from 85 cents to $67, which has been in the past five years, with 1500 single receipts and millions of dollars in profits. During the past few years, although the Canadian government intervened many times to support the Canadian dollar, it was always half hearted and half hearted until one day Canadian Prime Minister marroni said angrily: we can't let the speculators in Chicago decide our currency value. The exchange market has since reversed, and Mike has also appeared in time.
Mike has time to go to Mecheng. When Carter announced the plan to save the dollar in November 1978, Mike had a lot of foreign currency bills on hand. But the first two days he saw gains in recession from the strength of the currency market, so he flattened all marks and left only pounds. The next day after the news, the foreign currency fell sharply at the beginning of the market. Mike rushed to the foreign exchange market to flat the bill, losing 1800 points and losing $1.5 million. Another big loss is Canadian dollars. Canadian dollar rose all the way in the late 1980s. Mike went after the bill, and he had 2500 bills, which made $2 million. At a debate, the current prime minister, who was already far ahead, suffered a big loss. The poll suddenly fell 16 points, resulting in a sharp decline in Canadian dollars, and when Mike could not stand the pressure to cut off the single appearance, he lost $7million. Mike has a unique view on foreign exchange analysis. On the one hand, he is a technical analyst, and believes that the best way to make money is to keep up with the trend, especially in the middle. On the other hand, he thinks that basic analysis is very useful and is the basis of strategic decision-making. He thinks it's hard to start a momentum because you're not sure where the momentum is going. It's also hard to end, because many people start to take profits and the market is volatile. He thinks the middle section is best to catch, the bottom of the pocket and the top is futile. For basic analysis, Mike is not superstitious with economic theory. He mainly depends on observing the market response to various news to judge the market trend. For example, bad news goes up without falling, indicating that the market intrinsic factors are very optimistic. Mike thinks the market itself is changing. The market in the 1970s is better to do, and it is not easy to follow up 100 tests after the clearance. Each wave of rise or fall is also obvious, with less middle cycle. Mike thinks it was more about the mass investors at the time. Nowadays, the market is becoming more and more professional, and the phenomenon of fake clearance is increasing. The phenomenon of excessive enthusiasm is less than before, so it is more difficult to make money. In the past, as long as the direction is right, it doesn't matter how to make a list. Now the market is much more complex, the direction is right, the timing of the single entry and the issue is not right and can not make money. Mike thinks that 90% of the past judgments, 10% of the implementation, only 20% of the judgments are now made and 70% of the execution is performed. Mike has been invincible for 20 years, but he still has a strong sense of risk control. He thinks if you find the market is bad for you, you must cut the list quickly, no matter how much the loss. In order to save life, which one is hurt more than one! Mike's advice to his peers is: never let the claim slip go out of control. Make sure that you have to keep some of the money even if you are wrong for 20 or 30 times in a row. He takes risks for a single time, usually 5-10% of the account. If he loses, he will only take 4% risk the next time, and then reduce to 2% if he loses. Mike can reduce from 3000 to 10 when he doesn't make a single, and then he can recover the amount of the order when he does.
Mike thinks successful traders can have different personalities, but one thing is common: they all find a single strategy that suits their own character. His brother was calm in nature and never wanted to take too much risk, so he had been doing hedging business for many years, and his performance was good. He likes to take risks on one hand, and he uses the courage to make a single contribution. On the other hand, because of the conservative family education and the caution, he uses it in risk control. Some people violate their own personality and adopt trading strategies that are not in line with their own. For example, some people are good at system trading, but they arbitrarily reject the suggestions provided by their trading system when making orders. Some people tend to do long-term lines, but because of the lack of patience or discomfort in the entrance, they always take short lines. Some people are good at being a real-time trader but they tend to be a mediocre investment manager. Some people spend a lot of effort to study some feasible low-risk market setting trading strategies, but finally decide to make high-risk strategic transactions.