the same amount of money trading, it would have been a much more traumatic experience. Is that because your ego wasn't attached to these other ventures? Yes, I'm sure that's true. I always felt that, at least, I was smart at one thing. I feel like trading is the only
thing I am really good at. If not for that, I probably would have wound up shining shoes.
Do you think being a great trader is an innate skill? I think to be in the upper echelon of successful traders requires an innate skill, a gift. It's just like being a
great violinist. But to be a competent trader and make money is a skill you can learn.
Having been through the whole trading experience from failure to extreme success, what basic advice could you give a beginning trader or a losing trader? The first thing I would say is always bet less than 5 percent of your money on any one idea. That way you can
be wrong more than twenty times; it will take you a long time to lose your money. I would emphasize that the 5
percent applies to one idea. If you take a long position in two different related grain markets, that is still one idea.
The next thing I would advise is to always use stops. I mean actually put them in, because that commits you
to get out at a certain point.
Do you always pick a point where you will get out before you get in? Yes, I have always done that. You have to.
I would imagine in your case you can't actually put a stop in because your orders are too large. Yes, but my broker can hold it.
When you place an order to get into a position, is it accompanied by an order to get out? That's right. Another thing is that if a position doesn't feel right as soon as you put it on, don't be
embarrassed to change your mind and get right out.
So, if you put the trade on and five minutes later it doesn't feel right, don't think to yourself, "If I
