In a way, no one is really a swing trader. The best one is somebody who doesn’t want to do the actual trading, but rather is responsible for being at the front of the queue as far as market information and pricing is concerned.
“There is so much at stake, so much of the market. So much at stake. And you’re in the middle of that. Your job is to get the prices right. That’s where the responsibility comes in, is to get the prices wrong.”
One of the things that can happen from being smart is that you are perceived as having the ability to identify some of the fundamental problems with the markets.
When something changes in a market, somebody has to identify it, then say, “What do I need to do to fix it?” You know what’s going to happen? It’s going to blow up. It’s going to hurt trading, it’s going to hurt people’s profits, it’s going to hurt the economy.
There’s that sort of fear of blowing up, and that has certainly affected how we have been viewed. But then on the other hand the thing is that there’s no question we’ve been able to use that fear, that fear to our advantage.
So I think the answer is there’s really no reason to avoid volatility. There is a reason to try and identify it, but at the same time you need to be honest about the fact that at the same time the downside risks could outpace the upside risks, the upside risks could outpace the downside risks too.
I think that is probably a key part of what we should be doing and have been doing because I believe that there will be a lot of things that I can’t control. But I do think that we’ve been able to do as well as we could with what we had.
You’ve come back to trading and it’s a big part of your business. At what point do you begin to think, “Now this is what I’m really good at,” or is there a point where you need to say, “I don’t need to get into that right now”?
There are a lot of things at play here. In addition to the fact that it has made me a little bit more successful in trading, that has been really fun because it’s taken me out of this bubble thinking.
When the bubble is bursting, I’m going to miss the trading and I won’t be able to do what I want
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