JWBK169-Lien July 3, 2007 13:56
Millionaire TradersQ: Of the 20, how many are still in the business?
A: None. I’ve been able to help people who were already suc-
cessful traders in futures or other instruments and show them my
methodology. But someone who was not a successful trader already
I was not able to train. They can understand what I am doing, but
they just can’t follow through.
For example, I had a guy. I’d tell him we are buying
evens—buying stock at the round figure like 101.00 or 102.00—we
are buying evens with the bid. The market is going down. The fu-
tures are going down. It looked bad, but I tell him, “Don’t get out
unless the evens leave.” Well, the guy panics. He sees the market
going down. There is nothing below evens and he gets out. The
market turns. All the 01 offers get lifted, but the trader is not in
the stock. I am in the stock, but he is not because all he could
think about was if the evens leave he can lose money. So we put on
the exact same trade. But he couldn’t hold the position. So I can
tell people exactly what to do. But their emotions get the better of
them. But I have trained people who were good traders to become
better traders.Q: What do you do specifically for those good traders to make
them better traders?
A: Mainly I showed them things about Level 2. Maybe they were
overall market traders or chart traders, and I got them to pay more
attention to price action—more micro stuff rather than the macro.
I showed them how market makers and funds work their orders
and how to capitalize on that.Q: You’ve trained people. But was someone a mentor to you?
A: The guy who got me started, who was a very successful futures
trader, taught me more about how to handle myself, than actually
giving me an idea on how to trade.