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200801-01In many ways, the elements of good and bad decision making in trading are very similar to those that apply to decision making in general

200801-02Was that when you decided to become a trader?

200801-03He had no experience in currencies. His idea was to get a bunch of bright people together, figure out how this foreign exchange stuff worked, let them trade the product around

200801-04I realized that holding him to the trade would put him out of business-a development that would be bad for the exchange and terrible for the product

200801-05Are there any other trades in your career that stand out as particularly memorable?

200801-06One particularly interesting element of the trade was that one market maker was on the opposite side of about twenty thousand lots of the spread position

200801-07I had developed and practiced the basic trading skills that had landed me at Salomon Brothers and that I had a tremendous amount of fun in the process

200801-08I couldn't figure out how the banks could hire all those kids right out of school who could make money as traders

200801-09What do you believe are the characteristics of the truly superior traders?

200801-10Although the futures markets had their origins in agricultural commodities, this sector now accounts for only about one-fifth of total futures trading

200801-11Im afraid we got off on a bit of a tangent Before I interrupted you, I had asked how you became a trader

200801-12But the most important thing about that trade was that it propelled me into being a hundred-lot trader

200801-13It doesn't matter at all where the market is trading

200801-14Are there any specific trading mistakes you made that provided valuable lessons?

200801-15I was the one who bet Dennis that trading skill could not be taught. William Eckhardt: The Mathematician

200801-16The same principle applies to trade selection

200801-17At this stage of the game, computer trading systems are rote algorithms

200801-18Why do you believe these approaches are so popular if they re ineffective for trading purposes?

200801-19How important is intelligence in trading?

200801-20There is no question in my mind that I could train virtually anyone to make a fortune trading

200801-21Trading has many of the elements of a game

200801-22I was particularly surprised to discover that for the period in which Trout has been trading

200801-23I like to have everybody in the trading room get on the phone with a different broker and listen to the noise level on the floor

200801-24We like to diversify over both trading strategies and time

200801-25There are plenty of traders I know who show track records with an amazing cumulative winning percentage

200801-26A successful trader is rational, analytical, able to control emotions, practical, and profit oriented

200801-27One of Weisss hobbies is investing with other traders

200801-28Speros Drelles. What happened if you were bearish on a stock?

200801-29Given the success of your own trading company, why did you leave to join Dreyfus as a fund manager?

200801-30Implementing the trading philosophy: holding a core group of stocks long and a core group of stocks short and then using leverage to trade S&P futures, bonds, and currencies

200801-31Any other major trades come to mind? I'm particularly interested in your reasoning for putting on a trade



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Previous Issues

200712Trade only in the direction of the trend

200711Buffett was wrong about Berkshires modest cash returns

200710Warren Buffett and his investment strategy

200709This is the option to expand an investment

200708A firm invests its equity and earns just the fair-market rate of return on these investments

200707Investments available for sale and trading investments

200706Does a firm reinvest back for future growth

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