Jean-Paul Dezutter My money and my world
I am an entrepreneur in the first place and have been mainly involved in projects involving Logistics and Supply Chain Management.
‘My world’ currently evolves around Dubai an interesting place in the sandpit of the globe. I moved to Dubai from Belgium a couple of years ago with my wife and two girls and I have a love/hate relationship with Dubai, especially in the summer when temperatures reach fifty degrees centigrade it’s the hate part that prevails. It is an interesting place though, in thirty years time it has grown from so called barasti (bamboo like) dwellings and clay houses alongside it’s creek to a cosmopolitan city with megalomaniac projects where everything is described with superlatives as ‘biggest’, ‘tallest’, ‘ most expensive’ etc…
The city boasts a growing multicultural population of 1.2million of which about 20% are local Emiratis, the rest is made up by expatriates; Asians, Indians, Westerner, etc… but one of Dubai’s, and he UAE in general, major assets must be the safety and security which it offers to its residents. Crime is fairly low compared to other cosmopolitan cities like London, Paris or New York. Dubai is also trying hard to become the financial centre of the region, its Stock Exchange got rebranded Nasdaq Dubai revealing the close ties with Nasdaq OMX. This brings us to ‘My Money’ The Nasdaq Dubai is something I don’t touch, I have little or no affinity with the companies traded on Nasdaq Dubai and to me it still lacks institutional investors which makes the market very prone to retail actions and erratic behavior.
I started trading last year on Nasdaq and OTCBB in August last year and haven’t been doing so bad. I mainly trade penny stocks or stocks below $15 a share. I haven’t been doing so badly, in October 2008 I was up 49% but dropped drastically in November after trying to use leverage through options trading ETFs. So for the time being I am back at trading penny stocks. And up about 20% for the month of December. I primarily use technical analysis, every now and then I would use news as well, especially when it concerns pharmaceutical stocks, but that is rare. All in all I’ve been doing well but my dream is to trade full time. Now if you think my performance is great you should look at the guy who actually inspired me to start trading; Timothy Sykes (www.timothysykes.com ) Tim is up 252% since November 2007! He keeps an open and transparent log of all his trades; for about $30/month you get his trade alerts, daily watch lists when he is taking or closing certain positions, etc… I was very skeptical in the beginning but my skepticism soon disappeared as my profits started to rise in tune.
Do you need a degree in Finance or Economics? Absolutely not; good common sense, sticking to the general trading rules I do some homework on technical analysis. A work of reference that will really help you there is Brian Shannon’s Technical Analysis Using Multiple Typeframes which is available from his website (www.alphatrends.net ) every day trader should read this! Being based in Dubai and with the time difference this means the predominant factor here is time, the time difference between the US and Dubai. Dubai is eight hours ahead of NYC.
In some ways I experience the difference as an advantage; I get the usual early morning alerts in the afternoon here (Dubai time) allowing me to do all of my due diligence prior to market opening at 6.30pm local time. But this also means that on a typical weekday I am more or less glued to the screens for the entire evening until market close at midnight. Friday is a day off here, so the weekend here is Friday and Saturday. So yes Dubai is not a bad place to trade from, only left for me to do now is to tap into that oil money