The 100-Pip Traderthe month. Meaning they’re able to produce a consistent amount
of profits on a regular basis, not 1,000 pips a week but something
reasonable. For example, there’s one individual who does between
400 and 600 pips a week. There’s another individual who I worked
with in New York, she recently discovered that she was really a 20
pip a week trader and consistently since early summer this year,
every single week, week in and week out, counting the losses and
wins every week, she comes out net 20. She’s absolutely positively
consistent with that and has been able to increase the size of her
trades to make 20 pips worth more money. Then there’s a group of
people in the 30 percent range that are still struggling at breakeven
or up slightly better or slightly worse. These are individuals who
work full time, who have external pressures, who are new to the
training, and who don’t have a background in trading at all and are
having a seriously difficult time working with the terminology or
just the fundamentals. Finally, there’s the remaining group that for
a variety of reasons, because my training isn’t adequate for them
or because they simply weren’t as serious about it as they thought
they were or because they’re impulsive or because of whatever
other reasons, they’re still losing money, or because I am not help-
ing them in the way that they will respond to. I’m making some
changes to the way that I train people to do a better job of con-
quering some of the deepest trading problems that some of this
group have. I have flown unsuccessful students out to my office
and put them up so that I can work with them personally. I haven’t
been able to make every single trader a hedge fund manager, but I
have done a good job of laying the groundwork for a lot of people.
Q: Is there any strong characteristic of a person that gives you
a sense that they’re not going to make it? Or is not cut out for
trading?
A: I don’t know the right way to put this, and I guess I can be
as immodest about this as I need to be to explain it, and I don’t
mean it to be that way. But I can generally tell from the beginning
if someone’s goals are somewhat outlandish, meaning if someone