ADVENTURES OF A CURRENCY TRADER in VS .NET

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ADVENTURES OF A CURRENCY TRADER
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was the last week of September, and price had risen to 122.00, and on that day that Anderson sat down next to me, price was nearly exactly at 119.00. ME: And that s how you knew that you should buy CRAIG: Oh, heck yes. For sure. I wanted to put my own money in this trade. I told Anderson all this. He didn t say a word for the entire time. Just listened to me make a speech. He didn t even ask any questions. I love that man. As soon as I finished, he took my keyboard and made the first trade (see Figure 5.1). ME: So you bought it right at exactly 119.00 CRAIG: Well, Anderson did, yes. And then I bought more after that at 119.50. Five million more Euros worth. And then ten million more at 120.00. And then again and again until I had put five hundred million in the trade. I was so sure of the trade that with any pullback, even slight ones, I added to the winning position. ME: Then what happened When did you exit the trade CRAIG: I closed it about two months later. It immediately moved about 300 pips in my direction, and I felt like the smarted guy in the world. Then it backed off a bit and bounced around in October and most of November. Then in the first few days in December, it skyrocketed. My positions were worth millions of dollars, and I nearly threw up on December 2, 2002. It moved 200 pips upward, breaking all resistance. I didn t sleep for four days for more than a couple of hours at a time. I
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FIGURE 5.1
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Craig s first trade.
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glued my face to the charts at work and called in for quotes around the clock. ME: Why were you so concerned CRAIG: I couldn t stand to see all that money in profits and not take it. I had sat on my hands with a trade that was up by a million dollars or so, and then all of a sudden, every trade moved into ridiculous superprofitability. Never before had I seen that much money in one place. I understood that if the currency pair fell down again, I would lose all that money. It was nearly the end of the year and I was thinking about what kind of bonus I could get for having done a ten-million-dollar trade. I had taken some other trades during this whole period lots of shortterm trades, and all of those netted out at breakeven. This was my huge winner. ME: So you closed it CRAIG: Yes. Super yes. They stood up and gave me a round of applause on the floor that day. Everyone except for Anderson. ME: This must have felt really good. My first trade was a winner, too. I remember that feeling. Why didn t Anderson applaud you Didn t this trade make him a ton of money, too CRAIG: Oh, yes, I am sure he looked good for having hired me. But he understood that I had just cut off a huge position that was totally profitable, that had taken me months to build. ME: Seems greedy to me. CRAIG: Getting the most out of your best trades is not greed. It s being smart. You let your worst trades run to a loss. Why not let your best trades run into mad, psychotic profitability ME: You have a point. Did this one go up even further Did you regret closing it CRAIG: You bet I regretted it. I had let my emotions ruin the trade. I had picked 131.00 as my profit target with a round number, and a point of support or resistance that the pair had stopped at in 1997, 1998, and 1999. If it got that high, it would be the first time in three years that it reached that level. It would stop there for sure. ME: Did it get there CRAIG: Damn right it did. If I had held on, I could have made a lot more on that trade. I would have had to hold it for four more months, but I would have made an additional thirty million dollars on this trade alone. Forget a round of applause. I would have been promoted to managing director or something wild like that. It would have been a monster trade. I really stepped on my own foot on that one. Ride your profits, Harry. That s the lesson here. Learn to ride your profits (see Figure 5.2).
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