The All-American TraderQ: Once it fell into the support level, did you turn it back around
and go long?
A:No.
Q: You were done. What makes you stop? Is it a money target
for the day?
A: It’s kind of a money target. I don’t like giving it back to them.
I’ve done that too many times where I overtrade and start giving
money back. I had my plans for the day and that was to trade the
FOMC and fade it. It worked accordingly and then I didn’t really
have a plan after that. That was it, bears make money, bulls make
money, and pigs get slaughtered.
Q: So it was almost like a one shot, one kill, kind of a deal.
A: Yes. And that’s kind of what I did this morning. The big move.
My honest opinion is there’s really only two good moves during
the day. Why does a guy need more than that? One to five trades
a day to make some bread and you are done.
Q: What’s your general target for the day? Do you set a morning
target for yourself?
A: Yes, 3,500.
Q: And generally are you trading 10 lots? How much leverage
do you allow yourself to trade?
A: Oh, I’m trading anywhere from 2 to about 25 depending upon
what the move looks like or what my plan is—what I saw the night
before I decided how many I’m going to trade. I traded that FOMC
with 24 contracts.