1-03-2003 was when the Fed cut rates .50 pt first trading day of the yr. I started trading my own money in 97. I started with 10k. The broker I worked for backed me(Tbill), if I had my own money and didn’t go debit he wouldn’t share in my profit... or loss. Seat leases were $3200
The big NQ was $100 a tick then b4 eminis. I clerked on the floor 10 yrs with 3 off studying to be a Catholic Priest. I got married, had a baby and started trading. Bar tending 6 nights a week to pay the mortgage I was trying to learn to trade.
I quickly learned the skills that made me such a good arb clerk didn’t directly translate into making me a good local(independent) trader. I took the class Mickey Hoffman offered for new or aspiring traders. I learned how to think and battle in the pit like I did on the southside
Mickey Hoffman became my long tome coach. But I didn’t learn to trade still. I had $250 left in my account. 1 bad trade and I was debit. By Gods grace I met my mentor @whitewavetrader that morning. Judd was introduced to me by the broker who backed me. We sat and talked
Judd told me he would teach me to trade a method that I could use in any market any time anywhere in the world on or off the floor. I jumped at it, then he told me 1k a week which floored me but I had nothing to lose as he gave me till the end of the month to pay him.
I had my seat lease coming out in 2.5 weeks & Judd. He told me to meet him every morning at 6:00 am and I had to read the FT front to back before we met. I had to answer his questions or he would leave. I bartended till 2:00 am so I was exhausted. But I learned quickly. No choice
He began to teach me the opening range breakout trade that had been used for decades. It’s the same method I use now only I adapted it for the screens. My career took off. First 6 months I was lost. After working wi Th two great mentors, the last part of my first yr was great
I was in the right place at the right time but I learned fast and I worked hard and my career exploded. I made a lot of money in a few yrs trading NQ. as the pit grew I became a big trader so I didn t get lost in the pit tripling in size.
In year & half I was one of the biggest traders in the NQ. I did great trading the tech rally in 98-00. Then the bubble burst and I was trading big! I came to work late on 1/3/01. We were close to the lows of the day so I started selling. My plan was to push em lower to new lows
Touch of stops make 20k and go to lunch. Instead all hell broke loose. Nobody new what was going on. I bid the market up by 20 pts Susquehanna bid it by 50 pts, I bid it up by 100 pts a crack till 2 brokers tried to buy 200 cars from me at 3100. WHAT? NOO way. I had to get out
All I kept thinking was I have to get out. I can’t sell more. When U have to get out, price is irrelevant. I bought my 18 shorts in at 3100. A trader who was on his last few thousand sold the 200 at 3100, he bought em back 200 pts lower the next trade. That is what I said no too
I had to get out. I had no idea how much I was down. When I got out I went to the Merc Club and smoked a few cigarettes so hard the ash didn’t fall off. I went back asked my clerks how much I was down, “no idea, between 1-10m”! Everyone was rushing on the floor, I walked off
After I found out how much I lost I went home. I went in early the next morning and met with Mick and the other partners in our clearing firm. NY bankers wanted me to clear my d it plus 1m in my accounts. I told em I had to trade that day. Every time something like this happens
There is a borrow story. Apparently I was the horror story. Rumors I lost 10-30M, I HAD to trade the next day. I was debit $650K. Mick and I made a deal with em, I would not trade more the a 5 lot and if I was down $1 I had to leave. I was in the pit to the surprise of many
That was the most important day of my career. I traded ALL f’n day and made 150k trading 5 lots. Closing range bell rang and my clerk looked at me and a compliance officer I befriended did, both gave me the hand signals asking if I was OK!
Looking at them both tears came to my eyes, that was the minutes that I had nothing to fear. The ONLY thing that could beat me is me. The market can’t beat me, other traders couldn’t. Just ME! That was when I knew I would survive anything. Prelude of things to come in 10/11.
Long story I know, but if anyone tells you retail traders can’t make it just smile and walk away. You CAN make it. Odds are vastly against you but if you learn to trade and you know YOU are the key to your success then get after it.... go get it! I did, twice.
