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Neal: You've just given me an idea, Sid. When is your next seminar? |
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Neal: Duncan, would you like to watch? (Duncan Robinson was my trading assistant for that quarter. He is a graduate of Indiana University and is currently an options trader.) |
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Duncan: Sure. I'd love to. |
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Sid: I think another dimension has to do with the financial situation of the person. We have quite a few of our newer traders trading in the MidAm. I tell people that the MidAm is like AA ball. It's a step up from the seminars. Real money is at risk. However, there are some inherent difficulties with that market. You can't buy a membership for $10,000 and think you've bought a $500,000 membership or a $675,000 membership, but it is a great place to learn to trade. On the other hand, let's say Duncan came to me and said, "I've been very fortunate. I've always wanted to trade. I've got this $250,000 inheritance and I've always wanted to trade S&Ps." I would explain to him the exchange requirements, the rent of a membership, and I would start him on an intensive training program. Some people say, "Well, what about night bond trading?" We've never had anyone who has succeeded at trading night bonds. My fear is that a person will learn bad habits, and I would rather not have a person trade in a market where there is opportunity to learn bad habits. |
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Neal: Just as an aside, in my last book, I wrote about a character called "the Vampire." He went through your training program. He was a MidAm bond trader. He now has a yellow badge. The Vampire only trades at night. The skills that he has learnedthat you taught him as a floor traderforemost of which is the ability to scalp, make him an excellent living trading with a computer. I |
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