Millionaire Tradersit in, and if you’re like me, and sometimes not so finger friendly,
you’ve got to study, buy 10 futures, go.
Q: Most of the contracts that you’re dealing with are still phone-
based transactions, they’re not pure electronic, straight-through
processing?
A: What I find in the foreign markets is that it’s electronic, but
a lot of it seems like an over-the-counter Forex-type thing. Where
you’re also talking to the guys and kind of just booking a deal
through electronically, especially with complex options spreads.
Q : When it’s not simply an outright position, and you have
to do lots of different spreads, is it very difficult to do it purely
electronically?
A:Yougotit.
Q: How do you find these brokers—usually by word of mouth
or do you have connections? This must be particularly difficult in
the foreign markets.
A: You pretty much go there and they get flushed out of the wood-
work. They’ll see you on the screen offering or bidding. They’ll
phone the brokerage firm that you’re trading with. That firm will
contact you and say, “Hey, we’re getting calls from this broker.
They want to do this structure, are you interested?” Yes. So that’s
pretty much it and you go to whatever functions are there, like if
there’s a hedge fund conference. You go and meet all of the people.
If there’s agriculture conference somewhere on a new commodity
exchange, you go. A lot of these exchanges or a lot of these associ-
ations have their annual meeting, where the official business gets
done and then afterwards there is a party. You go to the party, even
though you might not be able to vote at their board or whatever,
you go to the party afterwards, and you meet a lot of the people in
the markets.