Quote from Hedge22:
I have to interview a person in a career for class, and was not able to get a floor trader in person, so I am hoping one of the career traders here would be willing to answer these questions for me real quick. Thanks a lot.
How do you deal with the high stress and emotion each day?------>>> In the beginning I had to use a lot breathing techniques and meds from my doctor. After you're in the game for a while the stress goes away. If you find yourself in a stressful position on any given trade it means you shouldn't have taken the trade. Get out.
How do you deal with such big monetary losses and gains without it affecting you?-------->>> You don't let big ones happen. Losing is just a part of the game. If you are taking big losses you are doing something seriously wrong. You treat a loss like it is a cost of doing business. It's no different than paying the utilities each month. It's just a cost.
How did you bounce back from your biggest loss?----->>> Took a week off and got right back in the saddle and didn't change a thing. Suffered more significant losses and began keeping very detailed stats on each day and measured risk religiously. You don't fully turn the corner until you understand the relationship between risk and reward.
What made you decide to be a trader?------>>> It's just what I always wanted to do. I feel like I was born to trade. I didn't choose the profession, it chose me.
How long have you been a trader?--------->>> 10 years
How did you get your start on the floor?(if applicable)----->> Never traded on the floor but took a job on 3rd shift so I could trade. I eventually quit that job and started studying finance so I could hook up with a hedge fund or mutual fund. Had the opp to watch the markets and trade even more and I just woke up one day and new what I was doing. It felt as though someone just turned on the switch and I started making consistent money. It was actually a process that took many years but it felt like a "big bang."
What interests lead to trading? Sports? Strategy games such as chess?------->>>> Anything that requires you to think strategically is good for trading. Anything that fosters competitiveness such as athletics is good for trading.
What traits make someone successful at trading?----->>> Persistence, discipline, and above all, patience.
How do you get ready for trading each day?----->>> News radio is my alarm clock. I listen to the news for about 15 min's in bed. After that I flip the switch and watch how the futures traded during the night. Then I watch how the futures behave after the 8:30 economic reports. The behavior of the market after these numbers sets the tone for the day. After that I just wait for my triggers.
How long is the average trading career? Do even profitable traders burn out fast?-------->>> The burn out rate is very high. I've seen seasoned veterans blow up and never come back.
How do you feel about online trading taking over pit trading?----->>> Shouldn't make any difference to me.
Do you have a favorite trading day? A historic day where an event moved the market?-------->>>> I'll never forget 9/11 (I was short) but my most memorable trading day was the first day I traded futures. I made $100 and $81 of it went to the broker. I booked $19 and made my goal of finishing up. After that I went for about 2 months without a trading loss. There were many peaks and valleys the first year but I never looked back past that first day. It was a pivotal day in my trading career.
Thanks a lot to anyone willing to help out, I appreciate it.
