Pivots, Patterns, and Intraday Swing Trades: Derivatives Analysis with the E-mini and Russell Futures Contracts, + Website

APPENDIX F

Randolph Newman

I would have never found my way into the world of derivatives trading had it not been for Randolph Newman. I was working at Maison Blanche in New Orleans, a department store run by his cousin Isadore Newman II, when Randy called during my lunch hour one day while I was out on the floor. “You've really disappointed me, son.” I knew it was Randy immediately. He didn't need to say hello. I laughed. I had promised to come see him at the brokerage office where he worked, but never seemed to have found the time.

“Sorry, Randy . . . but I've just been so busy.”

“Sure you have. But what are you doing right now?” he asked. He was so direct; never any small talk.

“Okay,” I laughed some more. “I'll come over now during my lunch hour.” And I did. It felt good to humor him. I enjoyed listening to his stories. I just figured he didn't have anyone interested in listening to them anymore.

I remember a ticker tape and a bullpen where he and a couple other futures traders were cordoned off from the rest of the office of stock brokers. He literally had a phone in each ear. It was noisy. Small colored pieces of paper were being shuffled back and forth quickly from a cashier's cage where they wired orders directly to the trading floor. I watched quietly for a few minutes. He had barely given me a nod. Breaking away from one of his phones, he handed me a small yellow note with some teletype-machine print and some additional squiggles in ink by hand. “Here,” he said. “Hold ...