In 2006 Paul Redmond became an elite member of the Traders Daily list of the top traders aged under 30. At the time he was 28 years old and making a killing trading DAX futures.
Working for Rooster Trading, he would typically trade around 4,000 lots a day in the DAX futures market. DAX is the German Stock Market stock index. DAX futures are highly volatile, and so provide plenty of opportunities for the knowledgeable trader to make a substantial profit. On a typical day, the price range can be around 80 points. However, as with all leveraged futures markets, there is a high level of risk, especially for anyone who misreads the signals or has failed to do their homework.
That was not the case with Redmond. As one of the regular bunch of London traders, he was particularly good at reading the signals and getting them right. He quickly acquired legendary status.
Redmond grew up in Iraq and subsequently moved to Ireland. In September 2001 he took up a position with Geneva Trading in Dublin, Ireland. Geneva Trading is now a global company with offices in Dublin, Chicago, Illinois and Singapore. It was while working there that Redmond gained a great deal of experience trading in listed derivatives markets. When he joined the firm almost twenty years ago, it was a very different organisation from what it is today. The company was founded in Dublin in 1999, and in 2001 it had just opened its Chicago office.
It has to be said that while working for Geneva Trading, Redmond gained a reputation for exuberance. Some of his fellow traders considered him to be a little over-confident, so much so that it wasn’t too long before he gained a somewhat less than flattering nickname. They called him “The Rooster” on account of his apparent cockiness. However, what some people might see as ruthlessness, others would describe as ambition, and there is little doubt that Redmond scored highly on the confidence stakes.
Redmond specialised in trading the equities markets which in 2001 following the September attacks on The World Trade Centre was somewhat hectic. Following the attacks and in anticipation of ensuing market chaos, there was panic selling and massive loss of value. The New York Stock Exchange and Nasdaq closed down and did not reopen until a week later on 17 September. On the first day of trading, the NYSE dropped by 684 points (7.1%); by the end of the week, the Dow Jones lost 14% of its value.
Redmond remained undaunted throughout this crisis and handled the situation with aplomb. It was during the following year that he moved to London and began trading DAX with Rooster Trading. He started with trading four lots a day which he fairly rapidly grew to 4,000, which by any measure is exceptional progress. He added other traders to his team, creating a three-member firm which was raking in up to $20,000 a session.
Redmond also had a passion for training young traders, particularly in the art of managing high levels of risk associated with significant positions. He believes that handling high risk is something that comes much more naturally to younger traders who only have themselves to consider. “After all”, he says, “when you are young you have nothing to lose. You’ve got no kids. You can start again.”
Redmond isn’t young any more and doesn’t still enjoy the larger than life profile he did in his earlier days. The last we head of him was in 2012 when he ran Richmond Capital Markets, but the firm dissolved in 2014. Redmond certainly made more than enough money to retire very comfortably.
You may not be able to make millions trading like Paul Redmond, but you can check out the Winning Trading Systems we have tested out live here on the site and that all made a healthy profit in our reviews.
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