Millionaire TradersQ: On those occasions when you got stubborn, what’s the worst
loss you took?
A: Doing regular scalping probably a grand or two. I did get
stubborn with overnights sometimes—that I would do on the side
after I had built up my account. Those were my worst trades. I
endeduplosing10or$20K, on some overnight positions.
Q: So you would give back, sometimes, a week’s worth of work
on an overnight trade?
A: Yeah, and I would ask myself, “What am I doing?” I can make
money every day, why am I doing this overnight business? And a
few months later I find myself in another one,
Q: What was the thing that attracted you to the overnights?
A: I think it was just the charts were so beat up and had these
huge ranges, and I tried to go in and bottom-pick some stuff.
Q: Except they kept going down. Did you average down on those
trades?
A: I would on occasion. But most of them were smaller-price
stocks, around 20 bucks. If they were at$150 and they came down
to$20 or so, I thought, “Wow, how much how lower can they really
go?”—and I found out [laughter].
Q: You found out it can go to zero [laughter].
A: I never held something to zero. But I held stuff definitely way
beyond where I should have got out.