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It's interesting how he contradicts himself in the article, recommending and NOT recommending scalping at the same time... a flexible thinker.
Some favorite quotes:
"... I would say trading is not really for humans."
"You must really like scalping to do it. It never affected my heart rate, but I did have some digestive problems after a while."
"Sometimes I would sell at the low and someone would laugh at me for doing that, but I actually gained information, maybe by seeing there was big demand at that level. If they lifted a big offer of mine then I knew someone wants to buy and then I would try to go long. So it was very different thinking to what these guys thought I was doing."
"I think it is even more stressful if you're a longer-term trader because you hold the positions that might be wrong and not going your way. Something can happen over-night, and I think you need stronger nerves."
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
I think everybody would say it is the discipline and money management, which is actually very hard.
When I was trading on my own I didn't have the benefit of that person enforcing discipline.
If you have someone to do that then it is fantastic because it is very important. Some days nothing works. And next day you come in and everything is fantastic.
It's easy to pass over the interview in the mode of 'I know all that'... but anyone who traded a million contracts a day and never blew up has got my attention.
He seems like a nice, humble, and down to earth guy. No pretensions and no bullshit, solid advice and thoughts.
You are never in the wrong place... but sometimes you are in the right place looking at things in the wrong way.
Anagami. Thanks for posting this. I learnt about Paul Rotter from John Grady's course material.
Agree that he sounds 'down to earth', and with the quote about trading not really being for humans. I think most people have been guilty of stopping early on winning days and carrying on when losing. I certainly have and it is a hard one to crack.
