Three Traders by Don Bright
What makes them successful? What makes them fail? Hereís
how these three made it through the good times and the bad.
When things are good, we often forget what
the bad times were like until they hit again.
When the bad times do hit, itís those who
are diligent, persistent, and flexible who
thrive. Impatience has no place.
In past articles I examined the
differences between professional, proprietary traders, and
customers of a retail brokerage firm. This time, I would like
to take you through the real-life experiences of three traders
I know. Youíll see what it takes to survive.
I met a gentleman in Denver three years ago, in 1999. He was
in business for himself reselling frequent flyer tickets from
the airlines, and was looking for something more challenging
(and rewarding). He and I hit it off, and we stayed in touch.
He was well-educated and very intelligent (which can be a
positive or a negative in a new trader!). He was 32 and had
$25,000 in starting capital. He started trading around August
that year, and immediately started making a little money
employing basic techniques such as opening-only plays,
market-on-close imbalances, and momentum. By year-end,
he had made a profit of approximately $25,000. This is a great
achievement for a brand-new trader, since it usually takes a
year or longer to become proficient in trading at this level.
Not only that, he started trading near the end of the bull rally
and made a considerable amount during the market correction
of 2000. He surrounded himself with successful people and
gained the confidence necessary to put his trading strategies