Millionaire TradersQ: Right. You never want to turn a winner into a loser. How often
does that happen? When you add up to the position, it’s always
the danger point of that kind of strategy. But how often does that
happen where you know you’re right, you think it’s going to go, you
add, and then it just viciously turns and the winner becomes a loser?
A: On occasion. The key is being disciplined to scratch it or take
a small loser. All losers start small.
Q: So you basically never let it go below breakeven on average-up
trade, right?
A: Try not to, unless there’s something really big telling me to
hold it, maybe a nickel, 10 cents below my entry.
Q: But really, no more than dime below your entry, that’s your
uncle point?
A: Trust me, it happens, I try and keep that as my goal, breakeven
to a dime and you’re not going to get cut up too badly.
Q: What is your day like now?
A: It’s changed a lot, and it keeps changing as the years go on
because I do something different outside the market. Where I used
to trade from 8:30a.m.and turn it off at 3 and it was great. It was
a good lifestyle. But I’m just trying to do more stuff now.
Q: Do you do some mentoring?
A: Yes, I got into consulting over two years ago. Now, every
other month, I go overseas to China and trade/train for a week.
Currently, I have 85 traders now under my mentorship.