JWBK169-Lien July 3, 2007 13:56
Man Versus MachineQ : Would you say that it is much more important to learn
that aspect—the ability not to sabotage yourself—rather than any
specific methodology of trading?A: I would say they are equal. If you don’t have a methodology you
won’t make any money anyway. But if you do have a methodology,
and you know how to control yourself, that makes you a better
trader. But without the methodology, you have noting.Q: True. There are million ways of making money in the mar-
ket. Every one of them will also lose you money because every
methodology ultimately fails, and the problem is that most people
don’t have the self-control to abandon the methodology when it’s
not working.A: That’s definitely true. You have to know when things change
and you have to change with them. It’s survival of the fittest. If you
don’t change, you are done. But at the same time, you have to have
the discipline to follow your methodology.Q: During the day do you IM anybody? Is there a support group
you hang with?A: No, I do it all myself.
Q: What about once a month, are there meetings you attend?
A: No, I talk to a few of my buddies, but the stocks I am in, there
is only so much to go around and you really don’t want to give them
out. That’s one of the things I like better than trading in big office.
Then you may have a few traders in the same stock and then you
have the problem of who goes first. I’d rather just not know. That’s
what’s so good about electronic markets instead of the pit. You hit
the button. Whoever is first is first. Generally, I prefer to be left
alone. My wife doesn’t even call when I am in the office unless it
is an emergency.