Millionaire TradersQ: That is a very long time for most people, so how often do you
end up adjusting your trades?
A: I never really change trades because I’ll have a trade and I’ll be
in that trade as long as it takes to achieve a certain goal or position.
I never trade to make myself rich over night, for instance, because
one day that may work, but the next day it won’t. I really look at
my yearly performance to see exactly how I’m doing.
Q: What was your worst trade ever?
A: My worst trade was with the euro/U.S. dollar sometime ago.
I was trading the euro/U.S. dollar and U.S. dollar/Japanese yen
and I was making some very good trades. I had it with this bank
that then decided there was too much risk exposure in my account
and started arbitrarily closing positions such that I ended up losing
about$700,000 because the bank took it upon itself to close out
these positions. Meanwhile, had those positions been left open, I
would have made money in three or four months’ time. But in the
end I had two options. I could have gone to the courts or I could
have just gone on my way and learned from this. I’m a person who
avoids conflict so I really decided just to leave it be.
Q:$700,000 in losses, that’s a lot of money. What kind of leverage
do you use?
A: Two percent, or 50 to 1.
Q: Can you tell us a little bit about how trading has impacted
your family?
A: I am a big believer of teaching my children the value of letting
your money work for you instead of sitting dormant in the bank. In