The King of Oil : The Secret Lives of Marc Rich by Daniel Ammann

How to be the TOP commodity trader (without on the wanted list of FBI) ?

kingofoil

A book on how one of the world most successful oil trader – Marc Rich , start from nothing to build the biggest oil trading company in the world and get wanted by FBI and finally pardon by Bill Clinton. Below are some of the lesson i learn from him

Always drive by ambition but not by money

Trade with anyone who will trade with him, dictators or democrats, Communist or Capitalist. trade is trader don’t let the social value of others people stop you the business.

The greatest strengthen he has is he doesn’t give up until he achieve the goal. ” You cant achieve what he do if you work 8hours/day and keep your weekend free.”

Hard-work + Collaborators + Luck

Whatever deal with defeat, cry a little and move on.

In political unstable country, establish contact with quiet, modest style.

A good deal with 2 people laughing together in the same table, that’s how a partnership formed.

Its possible to close the deal, but its means nothing if execution go wrong. Deal might fall and money is lost.

“Get stuck as principle” , is how make Marc rich leave his old company and start his own.

Remember every data in the contact : To be a master of keeping in touch with contact.

3 Things of why he is more successful

  • Take higher level of risk
  • Best people in the industry
  • Develop a system

Although his trading style is aggressive, he also go for long terms co-operation.

Give Respect / trust to young trader, trust also lower the cost of the business.

Rich’s principle ” To perform what i say i sill do .”, and always have long term way of thinking.

As a trader you live on the blade, don’t fall off. Never give up, a “no” is never final.

The key to success for real wealth ” ALWAYS long term thinking. The longer the relationship, the lower the marginal cost, higher potential profit.

Went “the road less traveled”, less competition and higher potential margin.

One of the main trader principle ” Yo give value, you receive value.”

Accept small margin or even losses to break into the market or enlarge market share, prepare to operate against the cycle, hold out during dry spell and invest even hard times.

Future investment : Wind / Nuclear energy, global warming, carbon dioxide emission.

The local code : To know and accept them.

As a trader myself its hard to imagine when i am thinking how to do one company business he is doing the WHOLE country business, the risk he take and the contact he as probably one of the key reason he is the TOP trader

Until next time !

Check out the book yourself >>>>>>>>>>>>>kingofoil

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

Blog at WordPress.com.

Up ↑

%d bloggers like this: