The All-American TraderQ: What about the last hour of the market?
A: It depends if I’ve got a hunch, or just how I’m trading that
day. It just depends on circumstances. But the first two hours is
really my bread and butter.
Q: What do you do after 11 o’clock East Coast time? Once you’ve
done your trades, do you watch the markets?
A: I watch, yes. I watch. I do a lot of homework at night. I go
back and look and I spend about two hours every night and look
and see why I did something wrong, what happened. I don’t like
to lose—period—in anything. I like to win in everything that I do.
I get frustrated even if I have one small loser. I don’t want that. So
I go back and do homework.
Q: Do you always enter every trade with a stop?
A: Most of the time, but not always. I have a mental stop in my
head.
Q: If you’re trading with such tight stops, let’s say three to five
ticks, which is nothing in ER—where is your mental stop? Do you
say, “I’m never going to give up more than a point”?
A: Yes, 1.2, 1.3, I think. If it goes beyond that, I think the market
is telling you that you are wrong.
Q: Did you ever have a hard time bailing out of position?
A: Admitting I’m wrong?