acquiringa bottle of wine but rather of beating the system. One bar afteranother, Larry came out empty-handed until, on his 16thattempt Larry emerged victorious with bottle in hand.
Larry had accepted a challenge and beat the system. Suddenlythe pieces of the puzzle fit together so neatly and so clearly. Isawwhat I had respected in Larry all along—his persistence.Persistence is the key to everything that Larry has achieved asa trader. Larry was not a quitter!
In my interview with Larry, I sought to tap into thequalities that Larry feels made hima successful trader manytimes over. Although Larry has been and will most likelycontinue to be one of the most controversial figures in thefutures industry, his achievements exceed those of manyother traders. Not only has Larry developed many highlyprofitable trading systems, but he has also introduced nu-merous innovative concepts to the futures industry. We canall learn from Larry’s achievements as a trader and from hisinsightful point of view based on his experiences as a trader.
A Biographical Sketch
Larry Williams is one of the most widely quoted andfollowed investment advisers since the late 1960s. Articlesabout him have appeared in Barron’s, The Wall Street Journal,Forbes, Money magazine and Fortune. He has made appear-ances on major television talk shows and is a contributingeditor to the Financial News Network. He has beena speakerat leading commodity and economic conferences through-
orld.
eileen has written several books, including The Secretof Selecting Stocks, How I Made One Million Dollars TradingCommodities, How Seasonal Factors Influence Commodities, HowTo Prosper in the Coming Good Years, The Definitive Guide toFutures Trading, Volumes I & Il and The Mountain of Moses.112 ¢ Market Masters
i,An Interview with Larry Williams
What precipitated your desire to trade, and when?Greed. It looked like easy money. That was in 1965.
 
What qualities do you feel contributed most to your successas a trader?
The ability to withstand pain, persevere, not give up andan insatiable desire to know more about what makesmarkets move.
Do you use specific techniques for coping with losses?
Ijust learned to accept them. That is part of this business.It goes with the turf; it happens to everybody; they’realways going tobe there. You just have to learn that that’sthe way itis and that while they’re part of this business,you can’t turn them off. You've got to learn to acceptthem. Youcan’tturn them off. You can’t let them get verybig. You do have to have stop loss points; you have tomake it mandatory to get out at a certain price level.But your stop is the more important aspect of managingyour money. It doesn’t have anything to do with thetrade; it has to do with managing my money; exposingmyself to ruin.
Estimate what percentage of a trader's success is a directresult of a good system as opposed to trading skills.
In my case, I don’t think that I have any trading skills atall. So any success I have is through system.
What would be the split?
That's simple in my case. I don’t think I’m a very goodtrader, and I think people who think they are good
10 / Larry Williams @ 113
traders are under a delusion. That really comes back tobite them because they start swimming, get a winningstreak of trade going, think it is themselves not theirtechniques and then make huge errors—something youwould call blowing out in the marketplace.
Do you feel that close contact with the markets is necessaryfor success?
I don’t know what you mean by the word close. If youmean looking at the market every 30 seconds or everyhour, I don’t think so, no. My contact with the market isdaily. I may call a couple of times during the day to findout what's happening, to get a sense of what's happen-ing, to hear the newest joke in Chicago, but I don’t thinkthat we should be hooked on each and every tick thatprices take.
It is generally believed that you have made and lost fortunesin futures. If this is true, to what extent do you attribute eachof these successes and failures?
Well, it is not true. After my first book, How I Made aMillion Dollars Trading Commodities, 15, 20 years ago,there wasa rumor that my next book would be How! Losta Million Dollars Trading Commodities. 1don’t know wherethat rumor got started, I have made lots of money; I alsohave had losing time periods in the market. Like anytrader, I've hada yo-yo effect in my life, but ithasn’t gonefrom rags to riches to rags to riches to rags to riches.
Do you feel that your success was inspired by any famoustraders? If so, who, and how so?
Well, I don’t know about inspiration, but I did learn agood deal about fundamentals from a guy named BillMeehan. Inthe stock market, I learned a lot about under-standing the market from a fellow named Gil Haller.And over the years, I’ve talked a lot with Tom Demark.
 114 ¢ Market Masters
All three of those people have certainly expanded myeducation and understanding of the market.
Are you in touch with any specific experiences that eitherfacilitated or inhibited your trading success?
Let's go to the next question and come back to this one.
What advice do you have for a new trader who seeks toachieve consistent success in the markets?
My advice would be: Don’t expect it. That's a falseexpectation. Consistent success is illusory. Success ishere, but don’t thinkit’s going to happen each and everyday or week or year. It’s like a frog in the well; he jumpsup three and flies down two and jumps up four andmaybe flies down three. Don’t have too high of expecta-tions. Spend all of your money on education before youstart trading because you're going to lose several thou-sands of dollars without knowing what you're doing.You better get educated first. Otherwise you'll lose themoney and then figure out you can get educated, soyou've got a double hit. Get your education first.
If you had to do things all over again, knowing what youknow now about trading, what would you do differently inregard to this business?
Well, I would have used different stops from time totime, and I would have held on to some trades a lotlonger than I did. | would have become knowledgeableabout computers much earlier in my life. I wished |would have done that so I could have begun seriousresearch earlier. | wished | would have learned moreabout money management earlier on and that I wouldhave been a better person. I think a lot of being good inthe market has to do with being a good person. I have aproblem with that all the time, as I suspect we all do, butI try to be a whole individual with some interests otherthan making good in the market.
10 / Larry Williams ¢ 115
Are you in touch with any specific experiences that eitherfacilitated or inhibited your trading success?
I think the inhibition of trading success comes from fear,and that comes from the experience of having done thewrong thing in the marketplace. So any inhibitions thatI have about trading come from fear. You need to over-come fear—it is always there; it is not an ally; it is anenemy. The fearful experience still inhibits, i.e., losingmoney or getting into a quandary in the market. Themost facilitating experience comes from research thatshows me there are times that I have to take advantageof the market—absolute overwhelming advantages onmy side of a trade. I still may make money on it, butthe probability is the odds are scantily in my favor, andthat comes from research. Experience has allowed me todo what I have done. Without research, I could neverhave taken $10,000 to $1.1 million when I won theRobbins World Cup Trade Championship or have turneda small amount of money into a million dollars when amillion dollars meant something back in the late “60s.That was all based on understanding and research. Tome, that’s the most important experience in the market.It facilitates your success.
ly,
Analysis of Larry Williams’s Interview
 
The Desire To Trade
Larry's response is direct, simple and honest. He tells itlike it is. He trades for greed and greed alone. Althoughsome traders enjoy the thrill or the challenge of trading,successful traders are interested primarily in the financialaspect of the game. Not one of our experts said that they liketo trade for the challenge or “because it’s there.” They all116 ¢ Market Masters
began with an interest in making money. It’s important toknow why you trade and that your reason for trading is tomake money and keep it.
Qualities Needed for Success
High on Larry’s list of necessary qualities are the abilityto withstand pain and perseverance. If Larry is not persis-tent, he is nothing. You will recall my brief story aboutLarry’s persistence at the beginning of this chapter. Persis-tence and perseverance are essential aspects of the formulafor trading success.
Coping with Losses
Larry does not offer any specific techniques for dealingwith losses other than to state that losses are part of the gameand, as a consequence, must be tolerated and accepted withas much self-control as possible. He stresses two elementsfor coping with losses, both of which are points made by theother experts interviewed. They are:
1. Keep the losses small.2. Know ahead of time how much you are risking.
A Good System Versus Trading Skills
Now here's a typical “Larry Williams” answer; it re-quired an additional prompt to evoke a lengthier response.Larry answers simply that he has no trading skills, that hissuccess is entirely his system. In actuality, Larry is correct. Atrader who can religiously follow his or her system is atrader who courts success. This is the trader’s dream. Theability to follow a system totally and without thought isindeed what profitable trading is all about. Few traders cando this. Larry is evidently one who can. And so within histerse response is a wealth of information. Larry is simplysaying that he is his systems and nothing more.
Concerning the split, Larry does elaborate somewhat bynoting that traders often think they are better than their
 
10 / Larry Williams ¢ 117
systems. When their systems work well, they think that it’sdue to their skill; when their systems fail to work well, thesystem is at fault. However, Larry’s goal is to become oneand the same with his systems, and this is the ultimate inmechanical trading. Naturally, if all hinges on the system, ithad better be a good one!
Close Contact with the Markets
Larry indicates that he prefers to keep his distance fromthe markets. | know from personal communication withLarry that he does not have quotation equipment in hisoffices and that he prefers to avoid closely watching prices.He is the master of mechanical trading systems and as aresult requires only limited inputs each day. While thisapproach works well for Larry, it will not necessarily suit alltraders. On the whole, I think that traders are too close to themarkets most of the time, and our experts tend to agree onthis point.
The Key behind Fortunes Won and Lost
In his response, Larry denies the rumors and avoids theissue of what attributed to his success or failures. However,in examining his previous responses, I think that he morethan answers this question.
Influenced by Famous Traders?
Larry credits much of his learning to three individuals—Bill Meehan, Gil Haller and Tom Demark. However, charac-teristically absent is credit to trading giants such as W.D.Gann or Jesse Livermore. This seems true for most of ourexperts. Perhaps heroes do not have heroes of their own!
Advice for the New TraderLarry offers two important pieces of advice:
1. He suggests that education is important and that tradersshould get as much education as possible before theystart trading.118 ¢ Market Masters
2. He cautions us not to expect success because it is rare.
Both pieces of advice are valuable and correct.Hindsight
Other than having used different stop losses from time totime, Larry underscores the importance of computer re-search and risk management, both of which he wishes hehad ventured into earlier. He also stresses the importance of
having interests outside of the market. In other words, beinga well-rounded individual is an asset to successful trading.
Experiences That Help or Hinder
Larry stresses fear as an inhibiting force and research asa facilitating force. His advice bears repeating.
... the inhibition of trading success comes from fear and thatcomes from the experience of having done the wrong thing in themarketplace. So any inhibitions that I have about trading come
from fear.le,
Conclusion
The interview with Larry went very much as expected.Larry displays his usual degree of seriousness combinedwith humor and disarming truth. Through his very basicand mechanical understanding of the markets, Larry hasmastered self-discipline by having faith in his systems. Hestresses the value of systems and their ability to facilitateself-confidence as a result of solid research.
 
ite.
The Keys to Successas a Trader
 
On the whole, I felt that the interviews were extremelyrevealing on an individual basis. Although I had expectedsome agreement among our experts, I did not expect theagreement to be so significant and to be so similar across theboard.
1 imagine that the common elements among my panelof experts would also be similar for others who have beensuccessful as traders in stock, futures and/or options mar-kets. It is important to evaluate specifically what theseelements are so that those who strive to achieve success intrading can learn from the experiences and comments of ourexperts. This chapter will review the qualities that ourexperts found to be important in the development of theirtrading success.
119roo
George Lane
 
Father of Stochastics
Knownas the father of stochastics by many traders, GeorgeLane’s indicator is a household word among traders. Iprefer, however, to think of George as the granddaddy offutures trading, the man with enough experiences and knowl-edge to easily fill ten volumes. It was therefore a distinctprivilege and an honor to interview George.
Although I had known George professionally for manyyears, | had spent little time with him ona personal level. Wehave often exchanged expressions of mutual respect, I forGeorge's development of his stochastic indicator, and he formy work with variations of his indicator.
George has enjoyed a long and varied career in virtuallyevery facet of the futures industry. He is a survivor of alltypes of markets as well as a victor in the battle for tradingsuccess. He has had his ups and downs as we all have, yet hecontinues to emerge on top.
59124 Market Masters
sure that what you're doing is not intrinsically better. Everysystem you test, every seminar you attend, every piece ofsoftware you buy and every path you take may prove to bea costly excursion away from your final destination. Sys-tems take time, effortand money. And these, my friends, are themost precious commodities in the world. They are limited re-sources, not easily replaced. Therefore, I suggest that youfind a methodology and commit to it for a predeterminedlength of time. And during this period of time do not allowyourself to become distracted by anything else, even if it means thatyou need to close your eyes and ears to the magazines, newspapersand mail you receive.
Admit to Your Losses
I have stated repeatedly throughout this book that thesingle worst offense a trader can commit is to carry a loss beyondthe point indicated by your system. To do so is to violate theessence of futures trading and to risk exposure to everythingthat a futures trader seeks to avoid. Do not, under anycircumstances, violate this cardinal rule regardless of the excuse.
If, perchance, you are “locked in” to a position due toalimit move against you, you have no choice. You couldspread a position off (take an opposite position in a differentcontract month if possible) to avoid the exposure; however,there is still danger, even in a spread. In the event of a limitmove in your favor, you may be tempted to hold yourposition overnight, expecting that there will be more profitsin the morning. Even this is a dangerous procedure becausea limit move in either direction on any given day does notstatistically guarantee follow-through in the same direction on thenext day. My research has shown that over the next severaldays there may be follow-through; however, what happensbetween now and then may wipe you out.
End the Day with a Profit
1 encourage you to have one simple goal every day ofyour life asa futures trader: Attempt toend the day witha profit.
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Place no dollar amount on the profit, or it may distract you.To set a goal too high would be unrealistic; to set a goal toolow might be unfair. However, another type of goal—following yourrules and being true to your methods—is thegoal of the futures trader. If, however, you need to establishyourself a goalin terms of dollars, strive to end each day withat least a small profit.
Don’t Let Good Profits Turn into Losses
Many a good trade has become a bad trade by turninga profit into a loss due to poor intra-day risk management.This is an important rule that you must not violate. Preser-vation of capital is quintessential to consistent success as afutures trader.
Don’t Force Trades
Many traders crave action. This fatal flaw causes them tosearch out trading opportunities where and when noneexist. If you have not seen an opportunity to trade and findyourself idly searching through your “screens” and chartsfor opportunities, you are headed for a disaster. Do notattempt to create an opportunity where one does not exist. Bepatient. There will be trades tomorrow or the next day. Themarket always provides opportunities over time. Do notever, ever force yourself to trade if an opportunity is not readilyapparent.
Don’t Hesitate
This is one of the worst enemies of the futures trader. Theexpression “those who hesitate have lost” relates more to thefutures markets than anywhere else. Since futures trading isencapsulated in a circumscribed period of time, every mo-ment you lose in entering or exiting a position may cost youmoney. If you hesitate, do so with premeditation and calcu-lated caution. Do not hesitate out of fear or indecision. Hesita-tion subsequent to a clear-cut trading signal or opportunityindicates lack of confidence, and lack of confidence indicates122 ¢ Market Masters
the chain of trading behavior, consistent success is notpossible without it. Various traders and writers offer dis-tinctly different opinions on what constitutes discipline. Mypoint of view has been tempered and shaped by more than22 years of trading—trading that has exposed me to everyconceivable type of market and news event. This has helpedme develop a repertoire of time-tested procedures, which toone extent or another are echoed by the market masters Iinterviewed. Following are my time-tested procedures (notnecessarily in order of importance).
Find Your Place
One of the most important considerations in futurestrading is for the trader to find his or her place in the vastworld of futures trading. A trader can do many things butonly so many at one time. Find one or several techniquesthat you relate to and are confident about. Use these tech-niques in your trading, consistently, day in and day out.Determine which approaches suit you best, and consistentlydevote your time to those methods and for a reasonableperiod of time.
Don’t Expect Immediate Results
Many a trader has been sorely disappointed when im-mediate success was not attainable. I urge you to persevere.Give yourself sufficient time to achieve success. It’s onething to learn how to ride a bicycle by reading a book (whichis basically what we're doing here), yet it’s a far differentthing to actually get on that bicycle and ride it.
I assume that you have already done quite a bit oftrading. While you may feel that this experience will serveyou well, it will likely be detrimental since you come to themarket with preconceived notions. You need to abandonthese ideas in favor of those in this book. And remember thatthe process takes time.
11 / The Keys to Success as a Trader @ 123
Some failures are unavoidable. You will fall off thebicycle a few times before you can ride it. At first yourprogress will be shaky and slow, but after a while you willfeel at home on the futures trading bicycle. It will take youwhere you choose to go, provided that you follow a smoothroad. How long will it take? I cannot say exactly, perhapsmore than two weeks and less than two years. Some indi-viduals are successful in several weeks, whereas otherscannot achieve consistent success as futures traders evenafter many years.
Keep Expectations to a Minimum
While some books on positive mental attitude tell you tohave great expectations, | caution against it. Do not havegreat expectations. Expect to lose. Expect that with time youwill begin to break even, in more time you will have profit-able results. Expect that learning the game will cost youtuition both in terms of time and money. Hundreds, if notthousands, of traders have come to the markets with greatexpectations and a fistful of dollars but left the marketsbeaten, broke and broken. If anything, expect failure whilehoping that through your efforts you can minimize thefailures and maximize the successes.
Play Your Own Game
If you allow yourself to be exposed to and influenced bythe many fantastic claims for ultimate trading systems andincredible seminars, you will be distracted on the road tosuccess. While there is nothing wrong with improving onwhat you are doing, the act of searching, ever searching,tends to distract you from your goal. Don’t be sidetrackedfrom your goal. Persevere and ignore the claims.
The world of futures trading is constantly barraged bythose claiming to have better systems, better methods, fool-proof indicators, outstanding results and fail-safe methods.Before you give any new technique serious attention, make126 ¢ Market Masters
that you are not comfortable with your choice of systemsand/or methods or with your skills as a futures trader.Hesitation can be costly.
Keep a Diary
It will help you learn from your mistakes and, of course,from your successes, Refer to your diary both at the begin-ning of the new day and at the end of each trading day. Learnfrom what you did the day before.
If You Have To Watch the Markets and Cannot,Don’t Trade
Some trading techniques are so mechanical that yourpresence is not required and live price quotes are not neces-sary. Other methods, however, require your presence and closeattention. If a situation arises that requires you to leave yourquote system, either close out your positions immediately orgive your broker stop loss and/or other necessary orders. Donot attempt to keep in touch with the markets by frequently callingfor quotes or by using a portable quotation system.
When in Doubt, Stay Out
This old expression is particularly appropriate for thefutures trader. Not all indicators or signals will be clear allthe time. Furthermore, other developments, such as news,reports or short-term fundamentals, make signals unclear ormarket response uncertain. In such cases, my best advice isto stay out—do not trade. There will always be plenty oftrades; there is no need to enter a trade unless its potentialoutcomeis relatively clear and free from the erraticinfluenceof news or other fundamental events.
Do Your Homework
Itnever ceases to amaze me how few traders consistentlydo their market homework. Even though they have devel-oped good market indicators and effective trading tech-niques, traders often fail to consistently keep up-to-date on
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the markets and allow a good methodology to turn into abad one. This makes no sense. If you develop something thatworks, and if it is making money for you or facilitating yourability to make money, by all means continue with it.
Too many traders become complacent about their mar-ket studies, fail to do their homework and then wonder whythey lose money. If you intend to succeed, you must do yourhomework no matter how simple or complex it may be.
Perhaps you have developed a trading system that re-quires no homework. This is certainly possible. Several ofthe techniques described in this book do not require home-work. However, you still need to work on your trading diaryand keep in close touch with trading opportunities that maydevelop during the next trading day. The only way todo thisis to study the markets. This is what I mean by homework,and this is why it must be done.
Monitor Your Performance
Some traders refuse to monitor their trading results as aform of defense against being distressed by bad results.Avoid doing this. Always keep close track of your results ona trade-by-trade and day-by-day basis. Know where youstand at all times to acquire effective feedback about thetechniques you are using. Unless you know where youstand, you will not have sufficient information about howwell or how poorly your methods are performing. To keeptrack of your results, use a computerized accounting pro-gram or a manually updated spreadsheet. Pay close atten-tion to your average winning trade and your average losingtrade. Your average winners should be consistently largerthan your average losers. If they are not, you are risking toomuch and getting too little. A change is needed.
Another good reason for keeping track of all your tradesand their results is to determine if and when your tradingtechnique, system or indicators have deteriorated and needchange or review. Unless you check your performance, you128 ¢ Market Masters
will not know that change is necessary, other than perhapsa vague feeling that all is not going well.
More Complicated Is Not NecessarilyMore Profitable
You will be tempted to use more complicated tradingsystems. You may think, erroneously, that more rules willimprove your system. You may feel that if your systemconsiders more market variables, you will trade more prof-itably. My experience strongly suggests otherwise. With theexception of artificial-intelligence-based systems, whichprocess vast amounts of data in exceedingly complex waysand relate this data to market patterns and relationships,adding new inputs or variables to your own analyticaltechniques does not necessarily improve them and maycause them to deteriorate.
If there is a relationship between complexity of systemand profitability of system, it may well be an inverse rela-tionship. The simpler a system is, the more likely it is to beprofitable.
Beware of Market Myths
Markets are forever subject to the emotional influence oftraders. Through the years, traders have believed that cer-tain relationships exist in the markets when these relationshipsdo not exist at all, Statistically, few consistent market relation-ships have persisted over many years. Do not get caught inthe cycle of hope that perpetuates market myths.
Pyramid with Caution
Pyramiding is the act of adding increasingly larger unitsto your position as a market moves in your favor. You maybegin by buying one unit and add two additional units oncethe trade has moved in your favor. If the trade continues tomove in your favor, you may add four new units; if itcontinues in your favor, you might add six or eight units.
11 / The Keys to Success as a Trader @ 129
The essence of pyramiding is that increasingly largerpositions are added as the trade moves in your favor, The upsideof this methodology is that you accumulate a very largeposition consistent with the trend and use the capital avail-able in open profits to margin new positions. The danger ofpyramiding is that the pyramid is built upside down. It isheaviest at the top and rests on only one unit at the bottom,It is therefore subject to violent collapse at the slightestindication of a trend reversal. If you intend to build a pyramid,do so by establishing your largest position first and follow it up bysuccessively smaller numbers of units,
Trade Only Active Markets
I'm repeating a bit of advice; however, | cannot stress ittoo strongly. By trading only in active markets, you avoidthe problems that come with thinly traded markets and therelatively poor price executions that are so common in suchmarkets. As a futures trader, you must have liquidity tomove easily into and out of your positions without too muchslippage. Moreover, if you intend to trade large positions,liquidity is absolutely essential for success. As a futurestrader, you do not have time to wait for price executions tobe reported to you, nor will you have time to go back andforth with different price orders in an effort to have yourpositions either entered or closed out.
Since markets wax and wane in terms of trading activity,you need to evaluate this on an ongoing basis to makecertain that you are participating in actively traded markets.If you find yourself trading thin markets and experiencingthe difficulties that go along with such markets, you canblame only yourself since you have violated one of thecardinal rules of futures trading.
As this book is being written, the active futures marketsare as follows: S&P 500, Treasury bond, Swiss franc, Dmark,British pound, crude oil, Eurodollar and a handful of otherfutures markets. As you see, the number of vehicles open to130 ¢ Market Masters
the futures trader is rather small. But this, | assure you, is ablessing in disguise. An effective futures trader cannotspread him or herself too thin among too many choices.
Be a Contrarian
Some of the largest intra-day moves occur when they areleast expected. The general trading public and most profes-sionals will be on the wrong side of the market when thesemoves happen simply because they get blindsided by theircollective sentiment. Mob psychology may be used to theadvantage of the futures trader. If the market sentiment isheavily weighted on one side of the market or another,watch closely for timing indicators that will give you marketentry on the opposite side of majority opinion.
Your Own Prerequisites to Success
Although these rules are important to remember if yousincerely want to be a successful futures trader, they are byno means the only prerequisites to success. Develop yourown list based on your own experiences as a futures trader.The foregoing procedures, which appear to be supported bythe market masters I interviewed, are merely a beginning, abase upon which to build your personal keys to success.
 
ity
The Psychology ofTrading
 
Perhaps the single most important aspect of any tradingmethodology, whether for the long-term, intermediate-term,short-term or day-trade, is the psychology of the trader. Mywork with trader psychology dates back to the first trade Iever made in 1968. Having been trained as a clinical psy-chologist, and having practiced as such for quite a few years,I am familiar with the limitations of the trader and thepsychological roadblocks that traders constantly throw intheir own paths. My book, The Investor's Quotient, continuesto be a bestseller, which indicates that traders realize theirlimitations and seek to know more about how to overcome them.
While some people will disagree with me, I feel that thischapter is possibly the most important one in the entirebook. While you may be tempted to skip this chapter, Isincerely believe that to do so would be the worst mistake you
131132 ¢ Market Masters
could make, Although it is impossible to completely coverthis topic in one chapter, I will do my best to acquaint youwith the pitfalls that await you as a futures trader. Youwould do well to consider my comments in relation to whatthe market masters have told us.
For many years, futures trading has been considered themost speculative of speculative trading activities. I believethat this isa market myth that has been perpetuated by thosewhoare unable to trade profitably or who are afraid to doso.The fact of the matter is, the futures trader is in an advanta-geous position. The accomplished futures trader under-stands the limitations of what can be achieved as a specula-tor. The futures trader is like a sharpshooter. The futurestrader is interested in finding the correct target, taking aimatit, pulling the trigger and bagging the prey. As mercenaryas this may sound, this is what futures trading is all about.The effective futures trader keeps his or her powder dry,aims only at the most promising targets and aims only attargets that are likely to be hit. This is yet another point thatwas emphasized repeatedly by