T2W Trading Community

Trading - The Tools (Brokers & Systems)

Which brokers do you use and why?
I keep this confidential for my privacy otherwise PR companies start calling me up.

What software do you use and why?
Metastock, Sharescope, plus numerous websites.

Do you have an opinion about trading systems sold to the public?
Not really, haven’t tried them, but you should get a money back guarantee.

Do you feel a good system can compete with a good trader?
Yes.

Trading Experiences

In your trading experience, is there one particular trade that stands out as the most dramatic?
Yes, closing 4 positions and opening 3 and on one of the opening positions added a zero too many on a Nasdaq stock. Moved the market on it, took multiple fills to close the deal. Spotted it a few minutes later and made a small killing in about 10 minutes. Forrest Gump said he was proud of me.

What is the most prominent fallacy in the public’s perception about trading?
That success depends on the right stock

How much of a role does luck play in trading success?
Probability is important. Luck is a function of that.

How important is gut feel?
Experience, not the state of my gut, although the latter expands with the former as the years go by.

Success & Failure

How do you judge success in your trades?
By how much money I have left over after the wife stops spending. Also, by whether I followed my pre-trade plan of entry and exit.

What are the most important elements to becoming a successful trader?
The discipline of a Kung Fu Master.

Can you describe one of your most successful trades?
Every one where I followed my plan, even if I lost money.

Is the joy of winning as intense as the pain of losing?
No. Emotion is the sign of a bad trader. No emotion. Got it. Win or lose, detachment. Imagine you’re Arnold Schwazeneger or the Dalai Lama, or both – and see a shrink if this is not a problem.

Why do most traders lose?
No plan, risk too much money, wrong risk/reward  ratio, no discipline, little humility, overconfidence

When you do hit a losing streak, how do you handle it?
Three consecutive losses and I stop trading, use paper, re-examine what I'm doing wrong, and why I'm out of sync.

Is the ability to accept losses a characteristic of a winning trader?
You betchya bottom dollar matey. It’s as important to a trader as winning in sport is to an Aussie.

What was your worst time trading? What went wrong?
Whenever I did not follow my trading plan.

Can you describe any specific trading mistakes that you learned from?
Don’t press too many zeros when deciding on how many stocks you want to buy.