Millionaire TradersQ: Will you initiate a trade, let’s say based upon your short-term
bias? But then if that trade becomes profitable, will you simply
hold on to part of that trade and then even add to it and turn it into
a longer-term trade?
A: No, I wouldn’t change it into to a long-term trade. If I was
trading a short-term trend and I felt that it was over, I would take
all my profits. Hopefully, I’m also in that trend with a long position.
I’m riding that long position in a sense already. A good trader never
changes the timeframe that they initiated their trade in, only bad
traders do this when their trades are going against them. They
will usually change a short timeframe to a long one when in a bad
position.
Q: So on occasion you will have essentially two of the same
position? One position will have a short-term target and the other
one may have a longer-term perspective—is that correct?
A: Yeah, I’ll do that, definitely.
Q: So they may be at the same price essentially, or relatively
close, but it’s literally two separate positions in the same direction?
A: Right, exactly.
Q: Let’s go back to your start in the business. You were brokering.
You were trading. You were getting exposed a little to options. Did
you trade options actively, or was that more on the side while you
were brokering?
A: We did trade options actively, and I learned to trade in my
own account. Basically I had some clients who were very active. So
it evolved from me brokering with them and then again having a
mathematical mind and wanting to try new things. Having higher