Two Interviews with Industry Veteran Jay Norris
For a formal interview with Jay Norris go to: The Entrepreneurs Show
For a more informal Q&A:
T-U: What do you think will be the biggest changes for Forex account holders on 10/18 due to the regulatory changes?
J.N. From the client’s standpoint – those who are with overseas branches – it’s going to mean they are going to make sure they aren’t put on a higher spread when they get moved back”.
T-U: What do you mean?
J.N. When a broker changes an account to a different run, which is what’s happening here, there’s always the temptation for the broker to widen the spread a touch, make a little more money. It’s the nature of the beast.
T-U: Wow…
J.N. “Yeah the broker in that corner office did not get there because he’s a nice guy…”
T-U: Thanks. Not to change the subject…but, what other changes could occur?
J.N. For registered brokers like me not much. We’ve always been regulated meaning anything we do which is held out to the public needs to be approved by a compliance specialist, if not reviewed by the NFA themselves. Ideally brokers would focus on education more but as good as that sounds the brokerage industry is still run by sales managers…
T-U. What about your plans? I know you put in a lot of hours on education.
J.N. I do, thank you for asking. I’m just finishing up the 2nd book for McGraw-Hill…it was nice to be able to have gotten the first one out of the way, so I could get into a little more advanced material in the new book…which won’t be available till into next year. And as you know I work with an IB here in Chicago, and the thing I’m most proud of is our “Live Trading Exercise” which is still free for clients. And #2 we have some leeway in getting clients tighter spreads. By saving the clients money up front, and providing the educational services, ideally everyone benefits.
T-U: What is “Live Market Exercise?”
J.N. I get together with the clients/traders in a Go-to-Meeting room and I call out set-ups and signals in the live markets on the London / U.S. overlap…and we talk about what’s going on in the market that day…and I demonstrate how to manage the trades. I basically demonstrate how we would trade it.
T-U: And you do this for free?
J.N. Yes it’s still free…eventually we will formalize it, and make it for clients who have our courses, this way we can use it to teach more than demonstrate, but I like the informal format now…and if I teach more I can’t trade as much, so I’m for leaving it as is as long as they let me. I’ll probably lobby for keeping it open to all clients during the London session and then making it more of a formal school during U.S. hours…it’s obviously better fishing during London anyway…talk less, trade more.
T.U. Speaking of fishing why do they call you Trout?
J.N. Because I was signing up on a trading forum and I needed a moniker, a nickname..I had no idea what to use and I happened to have hooked a nice trout that morning at the mouth Of Diversey Harbor so I just wrote Trout. I kind of wished I just put Jay Norris
T-U: Thank you Jay I look forward to doing this again
To get in touch with Jay e-mail jnorris@brewerinvestmentgroup,com or sign up for an informal one on one tutorial with him at One on One Tutorial
Jay Norris is the author of Mastering the Currency Market, McGraw-Hill, 2009 which is the text book for the intermediate level trading course offered though Trading-U.com see: Trading Courses To schedule a complimentary, interactive tutorial with Jay on determining market direction and hear more about “Live Market Exercise” go to One on One Tutorial Jay’s second book Mastering Trade Selection and Management, McGraw-Hill will be in book stores in 2011
DISCLAIMER: Forex (off-exchange foreign currency futures and options or FX) trading involves substantial risk of loss and is not suitable for every investor. Risks include the potential that changing political/economic conditions may substantially affect the price/liquidity of a currency. Investors may lose all or more than their original investments. Any charts shown here represent market conditions at a particular point in time. Such conditions may not be replicated in the future. Past performance is not indicative of future results.