JWBK169-Lien July 3, 2007 13:56
Man Versus MachineA: That’s the hardest part of trading, and to tell you the truth,
I am not as good of a holder as I could be. I get out of my losers
right away, but I don’t hold winners as long as I could. A lot times
if I am in a stock and it starts to retrace I will try to get out.Q: Since you don’t average down into your losers, do you scale
out of your winners? Or are you doing a single-entry, single-exit
type of strategy?A: I will definitely scale out of my winner. I’ll offer out some—not
all—of my position if starts moving my way.Q: Let’s step back from trading. Could you run through your
daily routine? What is an average day in your life like?A: I’ve always worked out. I was a competitive weight lifter. I
have always been into sports. So, every morning, I will get up at
5:30 and check what the markets did overnight. Then I will go to
the gym 6:30–7:30 Chicago time. Shower, hang out with the family
a little, then get into the office by 8:05, check the news. I will trade
until 3 o’clock. Then I will usually go pick up my son from school,
and if the weather is nice, we’ll hang out. We’ll go to the pool or
the park. Then I’ll do half an hour of work at night and hang out
with my wife. I am in bed by 10 o’clock.Q: When you are trading all day, do you go out for lunch? Do
you have any interruptions?A: No, I don’t eat much. I will have a little coffee, a little oatmeal,
go to the bathroom, and trade all day because I don’t want to miss
anything. It is a relatively short day.