Millionaire Tradersforevermore and I will never see another losing week. Well, usually
that’s right after the market’s ranging in exactly the way I like and
then it’s going to break out into a trend the week after and just
savagely beat me to a pulp. So I try to say never trade the last trade,
only trade the opportunity that is in front of me. Once I reach my
weekly goal, I either stop trading or reduce the size of the trades
so far that I can’t possibly do any damage to my account. The
overarching goal for me is to protect the account, then all I have
to do after that is make money every week and build the account
bit by bit. The most amazing financial discovery in the history of
humankind is the principle of compounded gains. I tell this to
every new trader: If you can build your account, bit by bit, you
will realize spectacular profits over the long run, even if it doesn’t
look like much in the short term. I might be overemphasizing this
point. But it has been important for me to remember that making
money as a trader means that I grind out regular profits, over and
over again, and focus on consistency, not on the big score or a huge
lottery-type payoff.
Q: Let’s talk a little bit about your trading tactics. Do you typically
make your first trade more of a probative trade or do you go all
into the position?
A: It depends on which trading system I’m going to be employing.
If I’m taking a short-term trade based on the 15-minute chart in
the New York session, which I call aNew York–session box trade,
I’m all in on the first trade and all out at the exit point, meaning
that it’s a point-A to point-B trade. It’s not based on a news event.
It’s not based on a spike that’s created by any fundamental analysis
necessarily. But it’s basically a support-and-resistance system that
triggers an entry and triggers an exit that is very well defined and
I’m all in from the start. On my long-term trading I am much more
likely to initiate a position with between 30 percent and 50 percent
of my total available position size for that trade and then add to
the position as it goes in my favor and is proving to be the right