show that 66 percent of allwomen who are married, seriously dating, or engaged to be marriedare only with that guy until someone “better” comes along. Seventyfive percent of all men and women cheat. This means that your oddsof a successful marriage, not necessarily a happy one (an important distinction), is easily three or four to one.“Those are rotten odds. Every one of those people believed itcouldn’t happen to them. There are better odds at a craps table. I’drather be the guy everyone’s leaving the husband for . . . I guess thatmakes me every man’s nightmare.”His parents are still alive, but no longer married. His father hasremarried, but his mother has not. I think the majority of his distaste for marriage comes from the fact that he is from a broken home.“Those two should probably never have been together, but here I am,”he told me. He believes a lot of the credit for how far he has gonein the markets goes to his mother. “She absolutely supported me. Shewas behind me 100 percent. There were times when I would have quitexcept mom said give it one more try. I think moms never get enoughcredit for the support they give their families,” he related. He has twoyounger brothers and a younger sister. He is very proud of his sister,who is a world class athlete. “She has had some great opportunities toreally use her talents,” he says. Of his two brothers, one is an expertrated chess player. He has beaten a world-rated grandmaster once, andcould easily play chess full-time on the worldwide tournament circuit. His other brother owns a computer consulting company. He wasalso one of only a handful of men ever hired at a prestigious Big Eightaccounting firm who didn’t have a four-year degree. This brother finished his college education while working in their consulting department. It seems that Trader X comes from a talented family.
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The early years of Trader X’s family life included regular churchattendance. By attending church so regularly with his family, there is nodoubt he has developed deep spiritual beliefs, and has strong feelings onkey moral issues. I asked him point-blank about his religious orientation. His answer was, “Confused.” Today he shuns church involvement,but respects those who attend. He says that the sick belong in a hospital. I personally find this a narrow point of view and not generally inkeeping with his other world and life views. We spent time discussinghis views on religion, and here is what he had to say, “There is religionand there is faith. Jesus Christ hated religious people. He called them‘whitewashed tombs.’ They look great but are full of dead men’s bones.Most churches are full of so many religious people and religious teaching that you can’t get to the real issues of faith. Basically, they make areligion out of Christ when He was something much more significantand full of much more common sense. If you take Him at face valueHe doesn’t fit with what people expected. So they ‘religiousfied’ Him.I don’t think if He were around today He would spend a whole lot oftime at the churches that are named after Him. If He wouldn’t, what’sthe point in me going?”I think it was his religious training that taught him the importanceof integrity in every area of life. Throughout this book you can see thatmany of his choices, commitments, and frustrations were over whathe perceived to be a failure in human character. Trader X has madea very clear and conscious decision not to follow suit. He seems veryconcerned with what is “right.” Although he is absolutely certain thathe knows what “right” is, Trader X allows others to disagree with hispoint of view. This is true in all matters of philosophy, business, arts,sciences, and the like, with the exception of trading. When someonewill disagree with his hypothesis or assessment of the particular market in question his answer is always, “Take the other side of my tradethen, pinhead.” I’ve discovered that people rarely argue with him twice.I believe this is because they view him as overly opinionated.Trader X has absolutely no interest of any kind in professional athletics. He won’t go to sporting events. Somebody asked him to take afree ticket to a Chicago Bulls play-off game, which is quite a prize inChicago. His answer? “I’d rather die from paper cuts.” No matter wherehe is, if the conversation should turn to sports, he will go completely
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silent for long periods of time. Some people interpret this to mean he isuninterested. But what is really happening is that he is listening intentlyfor clues as to what motivates people to form the opinions they do andspend their time the way they do. He does this in any conversation, buteven more so with people who follow sports. Trader X truly believes thatsports are a complete waste of time. At the same time, it is then surprising that he values his sister’s choice of profession. While he supports hissister fully, it is a riot to hear him talk about how stupid it is to “bouncea ball on a hardwood floor.” Sometimes for fun he will join conversations about sports. It can be very interesting to observe the conversationsbetween himself and others knowing what his real motivation is.For example, recently a local professional baseball player scored anew record for home runs in one season. The discussion between himand a few friends was very animated about how many total home runsthe ballplayer would eventually end up with, if the team might make theWorld Series, things like that. Right in the middle of the conversation,Trader X jumped in and said, “Do you think this makes it any easierfor any of you guys to get laid?” The conversation came to a grindinghalt. “What does that have to do with anything?” one of the guys asked,slightly miffed. “Do you want to get laid more?” he asked again. “Sure,”the guy said. “How about making more money?” Trader X asked. “Wellyeah, but what does that have to do with Sammy’s record?” the guyasked, a bit upset by the logic being thrown his way. Trader X thenposed this question, “Well I was just wondering, since no matter howmany times this guy hits a ball with a stick of wood, you aren’t goingto get more of what you want, why would you waste your time counting?” At times he can become very exasperated with the whole sportsthing. I once saw him grab his head and yell, “Will this drivel neverend!” He then left the room.Although he exercises every week and takes care of his health, hesmokes and drinks more than some. When I confronted him on thiscontradiction of maintaining your health while doing unhealthy things,especially since he has no use for sports, he had an interesting answer;“Hey, what’s the point of looking good and feeling good if you aren’tgoing to enjoy your body? Just because I work out doesn’t meanI’m going to deny myself some pleasure or my whole life is going torevolve around watching a bunch of guys bounce some ball, or hit
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some ball, or chase some ball like a stupid Cocker Spaniel. I don’t thinkthose guys realize how dumb they look. It makes me sick these peopleget paid the money they do.”After saying all of this, he then looked at me rather sheepishly andadded, “The fact is, I would love to have some accounts from thoseguys. They have all kinds of cash they don’t know what to do with.Plus, they would think I’m some kind of guru, which isn’t true, butthey would show me off to all their friends, invite me to all their parties. I would have unlimited access to all their women, not the wives,the hangers-around women, I mean. Imagine the hot tub scene in thatcrowd.” I have to admit Trader X would frustrate me to no end sometimes with his nearly constant focus on females.Trader X is a private pilot and has a close friend from college whois also a pilot. They regularly fly up to Wisconsin for three to four hoursand play blackjack at the Indian casinos. Trader X tends to walk out awinner more often than not. His friend usually loses. I am told thatthey have complex conversations about their results on the flight back.From what I’ve seen at private blackjack parties and the stories he’s toldme, Trader X seems to have a thorough grasp of probabilities and cardplay. Personally, I believe playing cards is a kind of laboratory experiment for him. When we have discussed cards, he makes it very clearto me that gambling is gambling, but trading is art. He gets very angrywith people who think trading is gambling. Once at a black-tie event,Trader X was introduced to a prominent local bank president. Whenasked about what he did for a living, his answer was a short, “I am atrader.” “Oh, you are a professional gambler, eh?” the bank presidentreplied with a smile, obviously trying to “bait” him. Trader X lookedhim square in the eyes and said, “To the uneducated and brainless layman it might look that way. How long have you been shuffling papersat what you do?” The banker got the point.Although Trader X considers himself an artist, he spends very littletime in the arts. He doesn’t regularly attend concerts. Unless a girlfriendwants to specifically go, he rarely makes the effort. He rarely goes to artmuseums, art galleries, or the theater. I just assumed he would be interested in those events given his views on trading. His response was, “Mostof the artists out there aren’t really saying anything of substance.” In myview, Trader X is more cultured than most writers I’ve interviewed.
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He loves to read Shakespeare and has memorized large blocks of thesonnets and the plays, but he has only seen one performance in hisentire life—Henry V. His favorite art form is the movies, old and new.Even if he doesn’t like a film, he will always find something goodabout it. “Even a chick flick like Terms of Endearment,” he told me once,“Nicholson was perfect.” His taste in music is very broad. He listensto everything from Bach to Megadeath, everything imaginable exceptMarilyn Manson. “What happened to that guy?” he asks. He seems tofind value in most kinds of expression. At the same time he doesn’t findmuch real value in most of it for himself.Trader X studied music at school, but quit altogether when herealized he could learn just as much by listening and reading on hisown. “Most people with degrees end up working for those withoutdegrees,” he remarked. I then asked him directly how he knew that.Here was his reply, “The guys at the top always hire people who havea degree in something besides what they do themselves, if they evenhave one. Since I always was in business for myself, if I needed a particular skill I didn’t have to reach my goal, I would hire someone whodid. I always made more money than that guy. Trading is nothing likethe real world. Even if I had a degree, it would be of little use here. Ofwhat I have learned about statistics, that degree would probably be ofmost use in this business.” He then added, “Look at what universitiesdo anyway. They heap scores of books on you to read. All they do isthen test you to see if you read any of it. They really can’t teach you tothink in the first place. Just look at all the brain-dead people out therewith a degree. In the markets the test is not A, B, or C about howwell you are assimilating information. Either you get it or you don’t. Ifyou don’t get it, you don’t eat. What degree can prepare you for that?I constantly meet people with degrees in finance or accounting whowant to become traders. I always ask them, ‘Since you know what todo with money or how to count it once it’s made, how much do youknow about making it?’ You wouldn’t believe how many blank looksI get.” I believe what he is getting at is there is a difference between aformal education and a real one.Believe it or not, Trader X is funny, and I don’t mean silly adolescent humor either. I mean the guy is able to joke about the circumstances in life that bring most other people down. He found a way to
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interpret life from a humorous standpoint that would be insightful atthe same time, sometimes to the point of hilarity. One story illustratesthis well. I remember we were in a cab somewhere and the driver waspulled over by a Chicago police officer. Most people would get frustrated over the delay. It’s a “hassle” to them. As the cop approached thecab he leaned out the window and said, “Officer, if I’m late to thisparty some poor soul will never have his life changed by meeting me.Can we just go? How much to just let us go?” The cop smiled andlaughed. The cop replied, “A hundred dollars.” Trader X actually saidto the cop, “Will you take a check?” This kind of thing goes on aroundhim constantly. I think we could write a whole other book on his senseof humor. I found working with him to be a lot of fun. Another memorable occasion happened in his office. I was sitting across the deskfrom him taking notes as he would speak. He had positions on at thetime, so his attention would flit back and forth between the screen andme. There were long periods of silence as he would think. At one pointwhen I wasn’t looking in his direction, I was writing some notes tomyself, he started laughing. I looked up and he was sitting there withhis hands behind his head looking at the ceiling and just laughing tohimself. I looked at the ceiling and saw nothing. I asked him, “Whatwas so funny?” He looked at me, waved his hand in the air dismissing the question and said, “I’m sorry, some are just for me.” He reallybelieves that life is one big joke waiting to happen. I think a lot of hispersonal success is due to the fact that he can keep a sense of humorno matter what is happening.Although he enjoys parties, he frequently drinks alone. He is notan alcoholic by any means, but he seems to be the kind of person thatenjoys a drink for its own sake. He can do that anywhere. I was alwayssurprised to find out no matter where we went or what we were doinghe always would order a Heineken. He didn’t always drink it, but healways had it in front of him. Drinking seems to go hand in hand withhis social interaction, but I’ve seen him enjoy a roaring party and notdrink at all. Recently, to continue improving his trading performance, he has stopped drinking on Sundays and working nights. TraderX thinks it doesn’t help that much, but he still maintains that choicemost of the time. He talks a lot about personal discipline and how hardthat is for him and everyone else. To him, the key to success is personal
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discipline. Though he hates himself when he falls short, he never spendsany time in self-judgment. When he fails, he just gets on with life, plainand simple. Trader X never touches drugs, but he never condemnsthose that do.“That’s where they are at” is his answer. He vehemently asked menot to include in this book the fact that he keeps beer in his office(Heineken), but I felt it would show part of his character. “Whatpart?” he asked me. “The part you don’t want people to see,” I toldhim. Since this is in keeping with the theme of the book as it regardsself-disclosure, he reluctantly agreed to keep it in. “I hope no one getsthe wrong impression,” he later told me. Then grinning, he chuckledas he said, “After all, my analyst says I’m making great progress.” Hisfavorite shirt is a Cactus Cantina T-shirt. On the back it says “Don’tDrink and Trade.”When I asked him about his hobbies he asked the qualifier, “You meanbesides women?” Again the women thing. I said, yes, of course, and needled him to give me a straight answer. But in his mind, he really doesn’thave any hobbies. His whole life is a hobby to him. He really believes thesum total of life experience is to enjoy life while you are here.That can be anything to him. One story is particularly revealing asto what he means. He loves going to the zoo and was recently caughtsliding a slab of round steak into the snow leopard cage at the LincolnPark Zoo. When questioned, “Why did you do that?” He answered, “Iwas trying to win the leopard’s trust.” When the zookeeper remindedhim you can’t win a wild animal’s trust in one attempt, he replied, “Iknow that.” The zookeeper was slightly puzzled and then asked him,“How long have you been doing that?” His answer was short. “I’m notgoing to tell you.” Only after the zookeeper threatened to have himput in jail did he come clean. The leopard and he had been “friends”for over a year. How’s that for a hobby? He said he wanted to be a zoovolunteer, but they wouldn’t commit to him being in the big cat house.He decided to feed the cats anyway. “I didn’t have to clean up the s—,either,” he said. Trader X has other “hobbies,” but he really is afraid thatsomeone reading his book might put two and two together and confront him as the author.Very few people in the business do the kinds ofthings he does. Most think he is over the edge. No one knows aboutthe leopard incident, so he feels safe discussing that one.
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Trader X is an avid reader. He reads several books per month. Hehas countless comics clipped from the paper all over his house. He readsa lot of cartoon strips. He very much enjoys “Calvin and Hobbes.” Hereads from any genre you could think off, but he particularly enjoysscience fiction. I remember once while observing him trade, as he wasexecuting the trade, he said (talking to the screen); “Resistance is futile.You will be assimilated. We will add your distinctiveness to our own.”He was quoting the Borg, an alien antagonist from the Star Trek series.He recently confessed he wanted to read the science fiction bookwritten by Leo Melamed,3 but didn’t know where to find it as it’s outof print. He thought it would be interesting to see what goes on inLeo’s mind. “I think the rest of the world would like to know, too,” hequipped. Trader X indulges in writing poetry and, in addition to thisbook, he has been working on a love story. “But,” as he confided in me,“I’m not qualified to trade that market.” His library is quite large andhe knows where everything that matters to him is in those books. Onmore than one occasion we would be discussing a topic for which Iwanted to have more detail, he would think for a moment, pull a bookfrom his shelves, and turn to the exact page almost instantly. Trader Xhas a huge amount of books on the markets. He has read every oneof them at least once. There are only a few trading books that he feelshave anything significant to say and are worth keeping. He says he mustget rid of several of his books to make room for the soon to be releasedMilli-Vanilli4 biographies and critical discussion of their music. I thinkhis point was that an endless discussion of Milli-Vanilli would be ofmore value than most of the existing books on the markets.After observing Trader X and helping him to finalize his manuscriptI was surprised to see the depth of his thinking. He uses an amazingamount of common sense when thinking about the most complex issues.He seems to have at his elbow almost anything you could think of thatmight shed light on whatever it is he is dealing with. For example, whenwe were discussing the problem of how the regulators actually help contribute to the quality of the business, he reminded me that this issue hasalways been a part of everyday life under any form of government. Heparaphrased Winston Churchill as saying, “Democracy is the worst formof government; but so is every other,” also, Thomas Jefferson, Elizabeth I,Plato, and, of all people, Keith Richards of the Rolling Stones. He told
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me later that he believed all life and all life experiences were variationson the same theme. Once you know the theme, you can work backto any solution to any set of issues no matter how complex. Trader Xdid make one qualifying remark by quoting the French cynic Voltaire,“Common sense is not common.” I think he believes that one reasonthe markets work the way they do is because no one uses their commonsense when trading.He seems to have an uncanny Sherlock Holmes type of abilityas well. Trader X is deeply observant of everything going on aroundhim, often seeing things that most people would miss. He then canform conclusions that are incredibly accurate. One story illustratesthis point very well. We were out taking a walk in his neighborhoodone day. Approaching us from down the sidewalk was a man walking his dog. He said, “That man is in business for himself.” I assumedhe knew the man. As were got closer together he said, “Hello,” from adistance. “That’s a well-trained dog,” he said. He and the man stoppedand talked for a moment. He casually inquired as to the man’s line ofwork. “I’m retired,” the man said. “I used to own a chemical company.”After a few more minutes, they parted. It was clear they had never metbefore. I said, “That was pretty good.” “It was easy,” he said. “Whattipped you off?” I asked. “Well, he is out walking his dog at 10:00 a.m.on a Wednesday. If you work for someone, you don’t have that kindof freedom,” he said. I then reminded him the man could have hadthe day off. He said, “That’s true. But did you notice his shoes? Theywere Ferragamo. Would you dress that way on your day off? Plus thedog was less than a year old and very well trained. To train a dog thatwell you have to invest a lot of time. He must have had the time todo that. What employer would let you take time off to train a newpuppy? Also, the way he walked said, ‘I do what I want.’ That kind ofambition won’t be happy until it has found its true expression. Healso had a very thoughtful look that suggested he was deep in thoughtabout something. Everyone knows that employees aren’t in the habitof thinking when they are working, why would they do that on theirday off? I took an educated guess.” “Amazing.” I said. “Actually, I couldhave ignored all that,” he said and smiled. “In this neighborhood mostpeople are self-employed anyway, that’s the only way to afford it here.”Either way he was right. Maybe he just wanted to impress me.
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Trader X feels misunderstood and believes he hasn’t accomplishedanything particularly significant. He really doesn’t understand the public fascination with successful traders. The business of the markets is toprofit. If you are earning profits, that’s your job. That’s nothing special.He could never understand, for instance, why they gave medals of heroism to lifeguards. “That is the job they signed on for” he says. In hisassessment, he has simply done what it takes to understand the markets,and simply does his job of taking profits. There is no mystery to him.Why others feel the need to view the markets the way they do doesn’tmake sense to him anymore. Why they go looking for “secrets” is ludicrous to him. Trader X thinks anyone could perform as well as he doesif they would only change their point of view. In this way he feels asense of detachment from everyone else. He can’t connect with someone who isn’t on the same frequency, but he believes you can chooseyour own frequency anytime. He is tuned to the frequency of the markets. He can’t understand why everyone finds that so significant whenit is within them to do the same thing if they really want to.Part of his reason for remaining anonymous is that he wants tokeep his thinking to himself. He doesn’t want to be expected to continually share his insights or endlessly discuss what he has discoveredabout trading. He’s just telling the story of how he got where he is andwhat he has learned. “How many times do you think Neil Armstrongcould talk about walking on the moon before he freaked?” was hisquestion to me. “What’s he done lately?”Trader X really believes he has nothing new to add to the subjectof trading. He thinks the average trader is fascinated with people whoare successful in the markets simply because they aren’t, but desperatelywant to be. It’s the same fascination some people have with messiahfigures. He feels the average person is “on the outside looking in.” Whathe hopes to communicate is that you are really on the inside lookingout in some way. Besides, he stressed to me that he didn’t want to endup like Richard Dennis or someone like him. “Ever since he attainedthe status of ‘Trading God,’ people won’t leave him alone. They totallydeified him. Even his ‘turtles.’ They all have this incredibly pompousair about them. People threw money at them in droves. The fact is he(Dennis) took a hit for a huge amount of money in the last few years,something like $50 million or more. So did a few of his turtles. All that
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money was given to them because of the reputation at the time. Howdo those clients feel about the ‘god-ness’? I never want to be in thatposition. If I ever get to trade with that kind of firepower it will onlybe because I earned it from the markets or from people I have a senseof responsibility to. They must have lost that somewhere. I’m not trying to be arrogant or anything about what success I have earned; itsjust any number of things can take it away from you. The last and firstbattle is always your desire to be held in high esteem—by yourself orothers. Now you have a reputation to protect, or think you do. You aremore concerned with that. That can lead to losses fast.” Then he added,“Plus, I’m too ugly-looking for that crowd.”When we were discussing his motives for writing this book, hisline of thinking was very committed. He is doing this for himself. Hewanted to document the process he went through. When I discussedmarketing the book, Trader X wasn’t concerned with whether or notthe book sold a single copy. And he mentioned that he could care lesswhat people thought of his point of view on the business. He explainedto me that he wasn’t out to teach anything, but wanted the true studentof the markets to observe the lessons. He went so far as to carefullyexplain that the business of futures, options, and FOREX trading couldbe done a hundred times better. He thinks that if the right people seethe right information from the right point of view, this business couldbecome everything it has the potential to become. Trader X believesthere are a lot of people out there who feel as he feels.Here are his comments on his own effort regarding this book. “Ireally don’t care what people think of my work. Those that create theproblems we could all do without. Who cares what they think anyway? I went through hell to get where I am. A lot was avoidable. A lotthat happened was because of total a—holes that are in this business.Getting rid of them won’t make trading any easier, just more enjoyable.I just wish more people could see what I see the way I see it. If notthat’s okay too. In the meantime I wanted to share my story with others. I hope they like it and find value in my experience.”In closing, it has been my privilege to work with and get to knowTrader X. Working with him has been inspiring and one of the mostinteresting writing projects that I’ve worked on. Trader X has helpedme understand trading, the people who make the markets, the nature
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of failure and success, and most importantly I’ve learned things aboutmyself. The story of Trader X can be shared by all of us; the struggle forsuccess, knowing you could win or lose, the rise of purpose over adversity, the quest for inner knowledge, and the passion to pay the price nomatter what. In the end, Trader X came out a winner. And when I saywinner, I don’t mean someone who thinks they are a winner. I meansomeone who doesn’t have anything to prove to anyone and knows it.He came to understand himself, against the odds and in the kill-or-bekilled world of trading which some consider being the most difficultcircumstances in which to succeed. Trader X survived and specificallycame to understand how to profit at any time and in any amount hechooses. Trader X was able to learn what he has without surrenderingany part of himself to do so. As a study in success it was truly a uniquelook into the financial world. It was an equally unique look into themind of one of its hidden best. Even with his high success rate, TraderX lives by the axiom: “You are only as good as your last trade.”So how good are you?Ghostwriter X
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More from the Author
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or the serious student of trading, the author makes his trading material available in audio format. It is important that the user of thismaterial understand that Mr. Jankovsky believes you cannot “teach”trading, only provide a method to help the student uncover what tradingreally is from the students own point of view.The author believes it is notpossible for one artist to teach another artist what art is, only provide additional tools for creativity. Great art comes from inside the artist and eventhough two different artists might use the same paints or use the samemusical scale when creating their art, each will have a unique expressionof what art means to him or her. Great trading art can be made by anyoneand the common medium is the trading prices. Mr. Jankovsky believes itis pointless to teach someone else how to create art exactly like he does.The author takes the point of view that the basics of potentially greattrading art are the same for any individual; it is what that individual doeswith those basics that matter.This is for the student to decide. His materialis not a “trading course.” It is a roadmap to help uncover the students’ owncreativity.
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more f rom th e auth or
The material includes written documentation as well as audio. Thewritten information is a supplement to the series and should be usedwhile listening. The author makes it very clear that there is only onereality the markets function under and the only pathway to permanentprofits is to adapt to this reality. The author also feels that about 80to 90 percent of the people who attempt to absorb this material willnever become a lasting success at the markets. He doesn’t believe mosttraders will easily accept what he shares. He makes this material available in hopes that those who will eventually get what they are lookingfor might be able to someday discuss their art.
The Psychology of TradingThe Art of Evolving as a Trader: 12 Hours of AudioDivided into 6 Two-Hour Sessions of Instruction:• Introduction and InterviewSetting the stageWhat you will learnWhat the program is notOutline of material• Basics of the Marketplace—Understanding the MirrorArena of conflictPsychology of price movement• Basics of creating Art—Identifying Your Starting PointClarity of observation and the desire for profitCultural myth and self-sabotage• Basics of Trader EvolutionGains and lossesAccumulating profits• Requirements of a Net Winning Art FormThe