Monday, 1 April 2013
Zak Mir Interviews Vince Stanzione Part 1
This month Zak interviews self proclaimed spread betting guru Vince Stanzione.
Zak Mir: There are cynics out there (including our beloved editor!) who suggest that those who can
trade do, and those who can’t “advise”. Do you agree with this and are there any financial markets
gurus you follow or respect?
Vince Stanzione: I agree 90% of those who offer seminars, tip services, advising etc. cannot trade or invest themselves and are getting rich off the “how to” bandwagon. It can be argued that I fall into that camp as I wrote my first course on spread betting in 1997. I was however already wealthy at that point, both from other businesses and investing. Most of the people I respect are dead, but Ralph Acampora and David Tepper I follow today.
Zak Mir: Much is said about trading for a living, but is it really worth it given the anecdotal evidence of a failure rate for most people of over 90% and so the risk reward ratio doesn’t stack up? What can those who do, in the face of seemingly insurmountable odds, decide to embark on this pursuit realistically expect to make?
Vince Stanzione: I would never just be a full time trader; my experience is that the more time you spend trading the more you lose. My style is trend trading and so I can be in a trade for weeks, months and even years. It means that I don’t have to watch a screen all day.
I trialled a Bloomberg terminal a few years ago and gave it back as it was simply too much information!
My experience is those desperate to make money never do, that is why having a second income helps.
The majority of my students are over 50 years of age and are already fairly wealthy — I don’t deal with the unemployed or last chance hopers!