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are such people, but what about the people you don't hear about? They fold up their tents and move away because they've lost it all. People who want to trade off the floor need to be watching every single market, whether it's gold, sugar, cocoa, orange juice, crude, soybeans, or Swiss francs, because you're always looking for that market that's making a breakout. You can't do that by limiting yourself to watching the bonds or the S&Ps because all the contracts trade in a trading range until they move up or down with a major move. |
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Neal: You're absolutely right. |
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Sid: Coming back to the question you asked about the characteristics of a trader. I think it has to be the kind of person who has a degree of self-assuredness, but not arrogance. The market will always make you pay if you come in with arrogance. We all talk about being disciplined, but you really test your mettle on the floor and discover if you're really disciplined. Another characteristic, and I will describe it politely, is this: If you buy into your own b.s. or excuses, you won't succeed. The floor doesn't let you make excuses. "Because the broker jammed me," "I couldn't get out," "I lost my count"these are all excuses. You can always get out. Those who say otherwise are just unwilling to pay up, unwilling to take the loss. Their egos won't allow it. Or you play a game with yourself: "I swear, if it goes down one more tick, I'll get out." |
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Neal: Like the floor went for my stops. |
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Sid: Right. People want to be right, and they want to make the market wrong. |
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Neal: Is it possible to have a losing day and still call yourself a good trader? |
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