Millionaire TradersQ: Does your wife trade as well?
A: She has mini-account. She’s seen me doing this for years and
decided to trade for herself. But she trades a bit differently. She’ll
open and close positions throughout the day and trade little by
little. She does it to make some extra spending cash. She’s actually
been doing quite well, such that she’s taken out an average of
about$2,000 a month, and she’s very happy with that. The best
thing about her trading is the fact that we have something else
to talk about. We can talk about our children, the weather—and
how we think the Forex market is moving. It creates a much more
interesting dialogue, fosters a lot more cooperation. Basically, it
helps to improve our marriage.
Q: Do you ever take opposite trades?
A: No. That never happens, we have a system such that if she’s
trading the British pounds/Japanese yen, then I’ll be trading the
U.S. dollar/Japanese yen.
Q: Do you extract your profits on a regular basis like she does?
A: Well, we don’t necessarily take money out of the account, and
when we do it’s not because we need it, we’ll occasionally just take
money out of the account and buy something for ourselves. More
generally, we’ll aim to take about 12 percent of our total profits out
of our trading accounts, and we take money out one to two times
ayear.
Q: Does your wife also follow your rules of trading, such as only
trading positive carry?
A: Yes, she trades in a similar style that I do.