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Neal: So if I were to hold onto a trade beyond the point that I told myself I would and it paid off, that would be merely a lucky trade, whereas if I had gotten out of it when I should have with a loss, I would have been a better trader because my discipline would eventually catch me a streak. |
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Sid: Exactly. And as you begin to become more sensitive to the nuances of the pit, more able to see and hear what's going on, and more able to take your emotions out of it, then you will be able to build the base you need to be successful. Some of the best days I've had were days when I would be down 20 ticks and at the end of the day just be down two. I consider that a very good day. |
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Neal: Is there any one book on floor trading that you would recommend to the reader? |
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Sid: I really can't recommend any specific book. This is experiential. It has to do with your emotions, your personal makeup, and being truly disciplined. |
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Neal: So if I want to become a Chicago floor trader, I just better put my shirt and pants on and come to Chicago and talk to you? |
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Neal: Who's the oldest trader on the floor who's been through your training program and said, "I want to do this." |
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Sid: We've got a gentleman trading in one of the pits who is in his late fifties or early sixties. Now I'm not saying he's setting the world on fire, but I have said to people, "If you have the opportu- |
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