Millionaire TradersQ: How long were you holding them for?
A: Usually from all day to maybe a couple or a few days. At times
I held them for a few weeks.
Q: How big were the runs? Let’s say it was a$3 stock, how big
would it run in two to three weeks?
A: Anywhere from 3 to 7 to 10 bucks or something.
Q: So you had a chance to sometimes triple your initial stake?
A: Yes. I probably went from somewhere in the ballpark of a
$30K account in 1999 to$120K by February 2000.
Q: And was this primarily based on holding positions in these tiny
biotech stocks that really started to run and were able to quadruple
your equity?
A: Right. That was a big chunk of it and some tech stocks. Better
guys trading around me held 15 to 30,000 shares by just holding it,
and I’m like, “If they can hold that much, I can surely hold 3,000.” I
might make a few points on it, which at the time was huge. So that’s
kind of how I fit in the game. I still had no business being a trader.
Q: That is a good story, you hit the lottery.
A: Small lotto.
Q: Now you are very decently capitalized. You’re at $120K.
We’re in February, but we are on the precipice of the largest dive
in Nasdaq history. So what happens?
A: Yeah, it was high times, I was walking tall. I even started giving
my roommates some rent money [laughter].