Veteran trader going into the mentor business
Vail, CO, Colorado
AVON ” Russell Rice is usually up at 4 a.m., trading currency on the London market from his Avon home.
Rice, who has more than 30 years experience in financial trading, is doing pretty well in a rough time for the stock markets. He’s keeping his portfolio growing by trading currency, oil and other commodities. Besides his own portfolio, though, he’s decided to share his knowledge of the trading world with a few select clients.
“My thrust is that most people have no idea how the world has changed in even the last five years,” Rice said. “The old models of investing don’t exist any more.”
Rice began his career on the floor of the New York Stock Exchange, passing paper slips between traders to buy and sell stocks and commodities. Today, he trades from home, a bank of computer monitors keeping him up-to-date on the action in the various markets he trades in.
That’s the knowledge he’s offering to clients.
“We’ll cover everything from the global point of view to technical analysis to instruments in the futures markets,” Rice said.
He’s currently trading currencies and their futures.
“It’s a very efficient way to gain access to markets,” he said.
Rice said he’s available to people from across the economic spectrum who want to learn from him, from people with condos in Beaver Creek to folks who work in hotels or restaurants.
Those who Rice works with will be watching him, and practicing with their own money at home. And yes, people can lose money, so those who do start trading, even with a coach, need to be prepared to take a few hits.
But, Rice said, there are ways for investors to cut their losses by putting electronic “floors” into their systems. If a commodity’s price falls below a pre-set amount, the system will get the investor out of that currency or commodity, whether the trader is on-line at the time or not.
“There’s a lot, lot, lot to learn,” Rice said. “And it’s bullet-fast.”
But, he added, “The opportunity is out there now, and it’s available to anybody to get in the game.”
So, how much training does a neophyte trainer need, and how much does it cost?
Rice didn’t talk about his fees in an interview, repeating that he wants to work with a lot of different people. Training is another iffy subject.
“Everybody’s going to be different,” he said. “It depends on what an individual wants.”
Jim Forbes believes anyone who taps into Rice’s expertise will be better off for the experience. Forbes, now with NexGen Software of Houston, has known Rice professionally for more than 20 years.
“He’s a world-class trader,” Forbes said. “And he’s an excellent teacher. He’s mentored people from our firm. People lucky enough to get access to his knowledge are very lucky.”
Rice hopes the people he works with in this venture catch some of his enthusiasm for the trading business.
“It’s a lot of fun,” he said. “And it makes you a helluva lot more worldly, knowing how events elsewhere affect the economy.”