Millionaire TradersQ: When you’re away from the market for two weeks and you
come back to screens, do you ever get rusty? Or does it just come
back like riding a bicycle?
A: It’s kind of like riding a bike I would say. Although when I’m
not trading I like to watch the news and kind of absorb it. We
went on a trip to Brazil last year, and during the time I was there,
for about one month, I didn’t trade. But I watched the news and
I’d get the quotes, every day, throughout the day, just watching
Bloomberg at the hotel. Although I didn’t actually trade, I was
watching the news and position trading in my head. I would say,
based on all this, I would be buying dollars and then I’d wake up
the next day, was I right, yeah, the dollar got strong by a penny. So I
mentally keep myself in the game, keep a pulse on what’s going on.
Then when you come back, you do have to do some extra work, be
a little more cautious in the beginning. I always suggest you come
in with a lighter leverage at the beginning. Just knock off a couple
trades and get comfortable again and then you can start stepping
it up and hopefully you’re on another two-week, three-week run
of making money.
Q: While you are physically away, you’re never really mentally
away from the market—that’s how you stay sharp?
A: Right, exactly. And during those times I try to get caught up
on my reading. I’ll study some more technical analysis or I’ll read
a book about trading. Even though you’re away from the market,
there are always things to do that can help you become a better
trader. I get caught up on my candlestick reading.
Q: Are candlesticks your primary technical tool?
A: I use them to find tops/bottoms and reversals, but I use
different algorithms and different functions that are written by me
and my associates.