Millionaire TradersSo do you occasionally trade the Asian session and sometimes the
U.S. session?
A: Actually, I trade mainly the U.S. session and the European
session. I usually won’t trade the Asian session because that’s the
time of day I would already be done with trading. If I’ve traded
the morning session, I should be done by then and just be living
my life in a sense. I don’t want to be trading all day, 24 hours
a day.
Q: It’s an occupational hazard in FX.
A: Yes, it is. I think you have to define yourself in this market. If
you don’t, you could lose yourself over the 144 hours that the mar-
ket’s open during the week. I know this because I think everyone
who trades FX has been through it. There are the nights you’re up
all night. I learned that I don’t want to do this.
Generally I’ll be up at 3:30a.m.or 4:00a.m.West Coast time
and I’ll start my day then, at 4:30. Say I want to trade that 5:30
number, I’ll make sure I’m awake an hour ahead to have every-
thing up and running and watch the news, absorb everything that’s
happened for an hour before that number comes out, and then
when it comes out, I’m ready to go and I’ve already got a game
plan.
Q: If you’re starting at around 3 or 4 or 5 o’clock West Coast
time, when will you finish trading? What time do you knock off for
the day?
A: I’ll have a goal in mind of what I want to accomplish moneywise
or tradewise for that day. I’ll know what that is. Maybe because
of something that’s going to happen—I think the market is going
to be very volatile—I’ll say, okay, I think because of the volatility
I’ll get two good trades off it and accomplish that for my day. I’ll