A veteran trader is inviting 10 apprentices to trade the markets alongside him for a year, using his own capital to fund their trades...
Mike Baghdady, the world authority on stock market price behaviour, wants 10 newcomers, who can keep a cool head in the face of big market swings, to trade for him for 12 months from January, keeping a percentage of the profits they make.
The programme – estimated to cost a cool £100k per head - rivals an experiment run by legendary Chicago trader Richard Dennis in the early 80s, who set out to prove that successful trading can be taught to anyone who can follow a set of rules.
Dennis placed an advertisement in the New York Times stating ‘prior experience is not necessary’ and took on apprentices including actors, security guards and blackjack players.
After four years, Dennis was up an astonishing $175m on his initial investment. His most successful ‘turtle’ trader was Curtis Faith, 19, who made a personal $31m profit on his initial $1m stake.
“The secret of their success was their ability to keep calm and follow the rules given to them by an experienced trader,” Baghdady explains.
A stocks, commodities and currency trader of 34 years, Baghdady has developed 21 trading rules – and the only system of its kind in the world – to be based purely on price behaviour (exploiting the trends and human emotions). He won last year’s live trading competition in Frankfurt and financial institutions including Deutsche Bank and ING use his Training Traders software (http://www.trainingtraders.com) to trade in any market, in any conditions.
“Because the Price Behaviour system is completely rule-based and captured in proprietary software, it can be used as the foundation to accelerate the training of novice traders,” Baghdady explains.
“Our unique methodology creates advantages to the trader. We are prepared to fund this claim to make history with our trading model,” he adds.
Watch a video about the Apprentice Programme featuring an advertisement and interview with Mike Baghdady, here.
Notes to Editors:
Mike Baghdady is a key market analyst, syndicated magazine columnist and commentator for financial television stations.
Mike previously worked for Salomon Smith Barney before reaching the pinnacle of his professional career as Head Trader on the New York Board of Trade. He was apprentice to Alan Shaw, widely considered to be the father of modern Technical Analysis learning.