How a Former Market Maker Turned At-Home Trader Finds Great Trades
08/20/2009 12:01 am EST
The more I talk to truly successful traders, the more I realize that finding a simple strategy and executing your plan with strict rules is the fastest way to trading profits. In this interview, I speak with Christopher Farrell, a full-time, at-home trader who happens to be a former market maker for NYSE stocks. Does his experience as a market maker help him as a trader? No doubt, but you'll be surprised by what he thinks is the most important part of his success.
Although he has unique insights into the workings of the stock market, it's his ability to locate short-term trends in supply and demand that has helped him become the trader he is today. Here, he talks about how he watches for opportunities in the market, why he mostly trades at very specific times of the day, and how he decides when it's time to exit. This is a terrific look into the thought processes of a wealthy trader.