The News JunkieQ: Do you find that you spend a lot time trying to keep yourself
out of trades?
A: Oh that’s a problem [laughter]. I have to pull myself away
from the computer on Fridays, especially NFP. I’ll have locked in
$5,000 to$10,000 for that day, and I literally have to turn off the
PC. Otherwise I’ll try to jump on another move. One thing that I
love is to go into the weekend on a winning streak. Today was one.
It gets you really energized for Monday’s trading. If you go out
with a poor trade, you spend the whole weekend thinking about
things and you come back Monday in general as a negative trader.
Q: Do you hold positions over the weekends?
A: I try not to, actually. I don’t mind holding it over night. But
over the weekends I prefer not to.
Q: What’s the most humbling trading experience for you?
A: Wow. I would say probably either that pound trade or another
trade where I got a bad entry, and didn’t pay attention to what
the market was trying to tell me. I was trying to fight the market.
I thought I was right, and I would just say, “Well I can buy 10
more lots or I’ll buy 20 more lots.” I’ll force the market in my
direction—and once you realize that you’re not moving the market
one bit, then it’s very humbling.
Q: So what’s your number one rule of trading?
A: My number one rule is don’t overleverage yourself. Don’t get
into a position to the point where you’re margin is called. You need
to always have some ammunition on the side because you never
know when that trade is going to start turning in your favor and a
lot of times that’s a great time to add to your trade. You’ve been
down 50 to 60 pips, now all of the sudden you’ve broken through