Millionaire Traderssome key support, you know you need some ammo, and you don’t
want to be sitting there thinking, “Wow, wish I could buy.” So it’s
money management. You have to have that money available at all
times.
Q: So you encourage people to average into winning trades then?
A: Absolutely. If it’s going in your direction and your plan is
working, there’s no reason not to cut those pips down and make it
that much easier to make profit.
Q: Do you feel like you ever compete against yourself or against
others when it comes to trading?
A: I always feel like I’m in competition against the big players
for some reason, that it’s me against the big guy. I’m very cautious,
not to disclose what I’m doing, and it may sound paranoid, but
I just always feel that especially when I have a lot of lots in the
market that someone’s out to get you—gunning for you. I feel
like I’m always competing against someone. Rarely do I put the
pressure on myself and say, well, I have to get this number of
pips.
Q: What kind of pips do you look for on an average trade?
A: I’ll tell you I only need maybe 30 or 40 pips to have a successful
trade because I like to trade larger amounts. I prefer to do that
than to hold something for 100 pips.
Q: You mentioned earlier that you might trade multiple lots, so
do you do any stop management with the different lots?
A: I definitely move the stops up. If a trade is working, I will
take some money off of the table by moving my stops up. As it
moves more into my favor, I’m going to take more off, even if the