An Inside Look at Trading in Today's Markets (Collection)

9. Iceman: No Guts, No Glory

Spencer, perturbed, pulled me into my office: “These guys are such a bunch of wusses. Why weren’t they loaded in VVUS?” Perturbed now became a rant: “I don’t understand. During the AM meeting I told them to watch it at 20. In our SMB Real-Time, I chatted to get big at 20. Look. Here is my chat. I said I am getting bigger here. I screamed at the desk to get long. And then I look at the risk monitor. A handful of guys are long 300 and 500 shares. What the f*** is wrong with these guys? You know the only one who was really long?”

Well, I knew, and that is whom this chapter is about.

Iceman (I know, great nickname) is the next trader we will study. His story provides four important lessons of trading:

1. You must have ...