didn't know how to cover 100 lots.
But the trade worked out for you?
Oh yes. Well, actually, the word got out that this small trader had done a 100-lot. So I had to go up to the
office to talk to the clearing firm after the close.
How long had you been trading at that time?
Six months.
That was pretty early on. I assume your capitalization was really inadequate to handle 100 lots?
Right. I had probably made $100,000 by then. Maybe not even that.
Even at $100,000, that wouldn't cover you for much of a move.
Yes, only 1
point.
[In bonds, 1 point equals 32 ticks (the smallest price movement).] I told them, "Look, I just
thought it was a great trade at the time, and I'll probably never do it again."
How long was it before you traded 100 lots again?
Two days.
You just never thought about the risk side of it?
No, if a guy bids 25 for 100, and I think that it is a great trade, I just say "Sold."
Is there any element in your mindset as a trader that says: I had better be careful that I'm always
in the game?
That came later.
Are you always in control, or are there days when you have lost control?
There were days when I've lost control.
Any that stand out?
A couple. You have to say that about any day you lose a couple of million dollars.
Were those days one-way street markets?
Yes, one-way streets. Because I'm a market maker, I take the other side of the trend. So, if the market goes
one way for 50 ticks, I can guarantee you I'm going the wrong way, and at some point, it is going to be a loss.
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