WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS – PART 4
“When I encounter traders who lack enthusiasm for
trading, I know their foray into the financial markets will be short lived.
They seem puzzled that their mediocre efforts, and a tendency to be
pessimistic, haven’t led to a bank account full of gold.” – Louise Bedford
Name: Greg Coffey
Date of birth: April 25, 1971
Nationality: Australian
Occupation: Trader and fund manager
THE WIZARD OF OZ
Greg Coffey is a London-based Australian trader. He obtained
a Bachelor of Actuarial Science from Macquarie University. As a trader, he
initially worked at Macquarie Bank, Bankers Trust, Deutsche Bank AG, Blueborder
Partners (a fund related to George Soros), Bank Austria and GLG Partners.
He didn’t bother to continue working at GLG Partners (GLG),
where he was enjoying a brilliant career, forfeiting about $250 million
compensation plan. He then worked at Moore Europe Capital Management (a
subsidiary of Moore Capital Management); as co-chief investment officer. He’s
been so good at trading that he was dubbed “The Wizard of Oz.”
Recently, he earned £170 million in a single year. He bought
a 12,000-acre sporting estate on the island of Jura in Scotland in
2008 when it was on the market for £3.5million. A source says that the hunting
estate includes several houses and cottages, prolific red deer stalking, ten
miles of coastline and seven private islands.
Greg is worth $743 million; and he’s happily married with
children.
What You Need to
Know:
- I can’t emphasize this enough: The
best thing is to start trading as early as possible, because one would
reach financial freedom early. Think of Anton Kreil, John Arnold, Kenneth
Fisher, etc. After 20 years of his trading career, Greg Coffey announced
his retirement at the age of 41. He’s become so rich that he felt he’d
need to retire and do what he likes, rather than working continuously to
please investors. It’s interesting that someone retired himself at the age
of 41 when many far older people are sweating over pensions. This is one
kind of freedom trading offers.
- While many people stick with one
monotonous job for life, a great skill could make you to be one of the
most highly sought-after experts, like Greg, who had short stints at
several big institutions and firms. He turned down an extremely lucrative
offer of $250 million from his then employer, hedge fund GLG Partners,
because he didn’t want to continue working for them. He worked for another
firm with a very good pay package. He eats what he likes, lives where he
likes and wears what he likes. There are many people doing poorly paid
jobs, and yet they beg their employers not to fire them. What a pity! By not looking for trading mastery,
using it as a means of self-liberation; many people condemn themselves to
a lifetime of slavery. To make the matter worse, they have nothing to show
for their labor of a lifetime.
- How much do you think Greg made
per annum when he was still trading professionally on a full-time basis?
He was making an average of 22% per annum. Unlike those who want to make
22% per week. Can you see the difference? Great trading geniuses don’t
double their accounts every week or every month or every quarter: they
simply make 20% profits or more or less per annum. Isn’t that good? That’s
around what you need to make per year so as to become rich at last,
honestly speaking. You can even make far less or far more than this in a
year, but you’ll be fine as long as your account is safe.
- Greg knows that there’s life
outside trading and therefore, he keeps trading in its proper perspective.
Whenever he went on holiday he would have his trading terminals
deconstructed and flown to his hotel. More importantly, he retired himself
from trading because he wanted to spend time with his wife and children.
He also wanted to go back to his native land – Australia. Trading is
great, but there are some other things in our life which are more
important than trading, so we need a balanced view of everything. If
you’re so rich and you decide to retire as a trader, that’s fine. If you
think trading is a passion of a lifetime, that’s fine.
Conclusion: One
prolific author says without being patient in a storm, he’d never learn how to
protect himself and he’d never learn to recognize the signs of new storms
approaching or leaving. Potential blessings often pass by while we fail to take
advantage of them. Just because potential blessings, like trading, doesn’t
present themselves in the most agreeable way to our mind, doesn’t mean they
can’t help us achieve our dreams in life.
This piece is ended with the quote below:
“Why would we believe that if we lack discipline in our
day-to-day lives that we would suddenly become disciplined in our trading?
That’s just deluded thinking… But the reality is that without discipline all
the market knowledge in the world will not help you become consistently
profitable.” - Gabe Velazquez
Source: www.tallinex.com
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