It was October 1987. I was a struggling, young trader in the 30 year bond pit at the Chicago Board of Trade.
Yet it was on the Thursday before Black Monday that I smelled a rat. Japan was threatening to dump our bonds, yet certain people were buying our thirty year bonds hand over fist. I bought a bunch of puts on the S & P. Black Monday arrived, the DOW dropped 500 points and I cashed in the puts for $250,000. A trader was born.
Why am I telling you this? So you can understand that the top Fx pros are traders, not tea leaf readers, They understand markets, stay alert for opportunities, grab them when they come, make their money fast, and get out.
Here’s another example of what I’m talking about. Last Tuesday I was trading usd/zar (South African Rand) late in the afternoon. Out of nowhere it dropped 900 pips from 14.4681 to 14.3761 and took out every stop on the books. I stepped in with both hands, bought it, and 40 minutes later it was 1,000 higher at 14.4778. My week was made in 40 minutes.
In the world of the Fx pro, tea leaf reading is not trading. But if you are ready to learn, let’s get you there!
Jeff Wecker CEO Global Fx Former Member CBOT
Offices in Chicago and London https://lnkd.in/emS5rCd
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