Millionaire Traders
to pay the bills by doing things like delivering pizza and unloading
trucks.
Q: You are much older now, so has your perspective changed on
that?
A: Well, I’ve been fortunate now where I built up capital and
what I’ve done is compartmentalized my life. So I put stuff in trusts
or charitable foundations, things that I can’t touch, things that you
can’t sue me for, things that, if I blow out trading, they can’t get. I
now have stop-losses on my life in terms of assets, which are better
than working at UPS or delivering pizza. That will deliver me at
least a living if I go out tomorrow and totally screw something up on
a few hundred lots or few thousand lots or miscalculate something
and then lose everything. I’ll still be able to live.
Q: Do you have a goal in terms how much you’re looking to earn
every day?
A: No. I just think it’s crazy when people always say, for example,
“I’m going to aim for$300 a day.” “I’m going to make a billion
dollars this year.” You know, to me that’s nonsense, I mean, we live
in an uncertain world you cannot quantify these things. You’re not
selling encyclopedias door to door in a market. You’re not selling
Amway products. I mean you don’t know what’s going to happen
in the markets. You don’t know what opportunities will be given
to you and whether you can capitalize on them. What I’ve seen
in the markets is this: We live in an uncertain and ever-changing
world, and it’s been like that ever since I got into trading and even
now it is. What I have found out is that opportunities come along
from time to time. Some of them you’re able to capitalize on and
expand your capital. What I try to do is the Million Dollar Baby
thing: protect my capital at all cost. Analyze it, check the worst-
case scenarios, check the risk/reward ratio, try to set yourself up
so you’re not committing more than 5 percent of your capital on