Millionaire Traders How - Everyday People Are Beating Wall Street at Its Own Game by 0470049472

Author:0470049472 [0470049472]
Language: eng
Format: epub
Published: 2011-01-07T03:23:47.346000+00:00

JWBK169-Lien

June 28, 2007

22:13

The Treasure Hunter

Q : Now that you’re trading by yourself, do you ever have people that you speak to on a daily basis? Or are you pretty much doing it on your own?

A : I always try to talk to a lot of different people in the markets.

Q : Every single day?

A : Yes. People whose opinion I respect, and also there’s the proverbial dumb money. I think it’s valuable information. You want to talk to as many people as you can and decide whether you’re going to trade or fade these guys today, It gives you a huge amount of information. For example, if the markets first rally today because a crop report came out and it’s looking good, and you’ve talked to four people, two really good traders—who say, “Yeah we’re bullish, we’ll get long today.”—and two guys who are slow behind the curve—and they also said it’s obvious that it’s going higher today—and all the sudden the market starts acting really bad at the end of the day, that might give me the guts to go short or to bet against these guys or to squeeze it on the downsize.

Q : So a lot of sentiment work goes into your analysis?

A : Yes. I want to talk to people in the market every day. You try to pick the people who you think are the most sophisticated traders, but you also get sentiment from a broad spectrum of people.

Q : It sounds like most of your strategies are in and out, in and out, do you ever carry anything overnight?

A : Yes.

Q : Is it in a different portfolio, same portfolio, and/or different broker?

A : Yes. I’ll describe it as briefly as I can. I have one limited liability company that I set up for my aggressive trading. That’s 195

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