Stocks & Commodities V. 27:8 (44-51): FXEducatorís Ed Ponsi by J. Gopalakrishnan and B. R. Faber

Stocks & Commodities V. 27:8 (44-51): FXEducatorís Ed Ponsi by J. Gopalakrishnan and B. R. Faber
Item# \V27\C08\152INTR.PDF
$3.95
Availability: In Stock

Product Description

FXEducatorís Ed Ponsi by J. Gopalakrishnan and B. R. Faber

As an experienced professional trader, Ed Ponsi, the president of FXEducator.com, has advised hedge funds, institutional traders, and individuals of all levels of skill and experience. He has made numerous appearances on Cnbc, Cnn, Bbc, Fox, and ForexTV, and his dynamic and humorous style sets him apart from the suit & tie crowd. In addition, Ponsi is the author of Forex Patterns And Probabilities, a top-selling book on currency trading.

Stocks & Commodities Editor Jayanthi Gopalakrishnan and Staff Writer Bruce Faber interviewed Ponsi via telephone on June 8, 2009.

ED how did you get started in trading?

My first exposure to trading was with a summer job I held at the Philadelphia exchange (Phlx). It was a clerical job, not on the floor, but it was perfect for a teenager. The trading floor of the Phlx was right down the hall. I didnít know anything about the markets or trading, but I was close enough that I caught the trading bug. I started reading everything I could get my hands on about the subject. The first book I read was How To Buy Stocks by Louis Engel.

Later, I worked as a musician at night and I owned a business that allowed me to finish work very early during the day, so I had time to trade during market hours. I started trading stocks in the afternoon during the Nasdaq bubble of the 1990s ó trading tech stocks out of my basement on an old Compaq using a 14.4K dial-up modem, strictly Level 1. I also had a Quotrek, one of those pre-Pda portable quote devices they used to advertise on Cnbc. So Iíd point this device toward the sky, looking for the radio signal that carried the quotes. I remember running down the boardwalk in a beach town in New Jersey, trying to find a pay phone so I could buy 3Com! I was clueless.

The market was very forgiving then ó you could buy the wrong stock at the wrong time and it would still go up, so trading was easy, provided you werenít short. I built up a track record and parlayed that into an entry-level trading job at a Wall Street boutique firm. I think they hired me because I was willing to travel 100 miles to get to work every day. That was when I really learned how to trade.

JG: What attracted you to the forex markets specifically?

I was working as a trader in New York, and someone I used to trade with started trading forex. When he told me about the liquidity, the leverage, and the other advantages of currency trading, I didnít believe him. Even now, when I talk to stock traders about the advantages of forex, they seem to have a hard time grasping that Iím using 100:1 leverage and collecting interest on the trade at the same time. They are used to paying for everything, including leverage.

The other attraction was the strong trending nature of forex. I was already a trend trader in the stock market, and it only seemed natural that I should take that style and apply it to the market known for long trends.




FOR THOSE ORDERING ARTICLES SEPARATELY:
*Note: $2.95-$5.95 Articles are in PDF format only. No hard copy of the article(s) will be delivered. During checkout, click the "Download Now" button to immediately receive your article(s) purchase. STOCKS & COMMODITIES magazine is delivered via mail. After paying for your subscription at store.traders.com users can view the S&C Digital Edition in the subscriber's section on Traders.com.




Take Control of Your Trading.
Professional Traders' Starter Kit
All these items shown below only $299.99!
  • 5-year subscription to Technical Analysis of STOCKS & COMMODITIES, The Traders' magazine. (Shipping outside the US is extra. Washington state addresses require sales tax based on your locale.)
  • 5 year access to S&C Archive
  • 5 year access to S&C Digital Edition
  • 5-year subscription to Traders.com Advantage.
  • 5-year subscription to Working Money.
  • Free book selection.
  • Click Here to Order