How did you first get interested in trading?
I had taken some classes in commodities in graduate school. I wanted to trade, but I didn't have the money
to buy a seat. In 1982, 1 found out I could lease a seat, and that's when I began.
Did you always want to trade as a local as opposed to any other type of trading?
Yes.
How did you learn to trade?
One lot at a time. I always had an opinion. All day long I stood there and developed an opinion. As I came to
see that my opinion was right, I was reinforced, even if I didn't make the trade. Then when I traded, I knew from
standing there six hours a day, every day, that most of the time I was right. I would see the same scenarios develop
over and over again.
Are you talking about market patterns or traders doing certain things?
Both. Market patterns would occur over and over again, or market players would do the same thing over and
over again, and you just trade it.
What were your first few months like? Were you profitable initial-
I think the most I was ever down was 19 ticks, so I pretty much started out profitably.
Coming to the pits with no background, what was it that gave you enough of an edge to be right
on the market?
I worked hard. I stood there six hours a day, all day, every day.
But you didn't have any experience to fall back on.
You don't need it. You don't need any education at all to do it. The smarter you are, the dumber you are. The
more you know, the worse it is for you.
For your type of trading—that is, scalping—when you put on a trade, what are you looking for?
To get as much as I can get out of it. I've taken full points or just 1 tick out of a trade. You just never know.
You have to watch the market, get a feel for it, and if you are in the right position, just go with it.
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