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think it's fascinating that the on-the-floor skills you taught him help him to trade off the floor. |
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Neal: Sid, you talk a lot about discipline. Can you incorporate money management into your philosophy, or is that a separate issue when you talk to young traders? |
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Sid: I think it's more of a separate issue because we're starting with someone who might be a brand-new trader, but the discipline leads to money management. As a matter of fact, that's really what we're doing, trying to help you manage your money by not giving it back. If you come in with $50,000 and every trade you make, you lose 5 or 10 ticks, you have to ask why. We want you to look at what's going on. Why are you losing this kind of money? That would be part of money management: learning to take the small loss and learning to take the small profit, at least until you become more professional. |
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Neal: I think one of the reasons your firm is so successful is that your traders know that they have to answer to you at the end of the day. There are no excuses, unlike many of the public traders I know. |
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Sid: That's one of the strengths of SMW. We really do take a personal interest in our traders. When people are doing poorly, we want to meet with them and try to help them. I do everything I was trained to doas a coach, as a principal, and as a counselor. A lot of times, talking with traders, going over what they're doing, gives them the psychological boost they need to get over the bad periods that do occur. |
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Neal: So you will help people lease a seat? |
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