Millionaire TradersQ: Really? You don’t even use the candle high/low as your refer-
ence points? It’s only the body of the candle that you’re interested
in?
A: The body, I use the bodies. I love the bodies.
Q: In that kind of a scenario, generally how frequently do you
get stopped out versus you being right?
A: Rarely. I think it’s about an 88 percent of the time, I’m right.
Q: Because you know a three-to-five-tick stop is a sneeze in the
ER. [Authors’ note:The ER or Russell 2000 index can move 200
ticks on average day.]
A: This seems to work. The markets change. You have to go with
what works right now. It might not work six months from now, but
right now it works. I don’t believe in adding. If I’ve got my position
in there and it starts going against me I’m not going average down.
I’d rather have it go down and add more.
Q: How many times a day do you trade? How many round turns?
A: Depending upon the market, but usually I look back and it’s
about one to five trades a day. Today I had four and I was done.
Once I get to a certain number, I usually quit unless the market’s
really, really good. I mean, once that volume tapers off, I don’t like
to trade.
Q: So generally you trade the open?
A: First two hours.