Tom Baldwin

Tom Baldwin est l'un des Market Wizards interviewés par Schwager dans son premier tome. C'est un floor trader (un scalper et market maker). Il se base sur l'analyse technique (notamment intermarchés mais aussi les patterns), son expérience, l'ambiance sur le pit, et l'opinion des autres traders en réussite.

Losers don't work hard enough. Most people walk in and think there is a 50/50 chance on any trade. They don't think there is anything more to it than that. They don't concentrate. They don't watch the factors that affect the market. You can see it in their eyes; it is almost as if there is a wall in front of their face.
Tom Baldwin

Quelques extraits de son interview :

Never give up on a trade. Many traders who are in a losing trade will just get out because they were taught that you have to have dsicipline. Great. Those traders will always be around. But if they just had some patience and said, "yes it is going to be a losing trade, but instead of getting out here at 7, maybe if I wait and just sweat it out for another minute, I can sell at 10."
Tom Baldwin

Ses conseils aux débutants :
  1. You don't need any experience. You don't need any education at ll to do it. The smarter you are, the dumber you are. The more you know, the worse it is for you.
  2. Trading is like any other job. You work hard, put in the time and effort, and make you own luck.
  3. The rule of thumb is if you have lasted a year, you will make it, but it is hard.
  4. The average guy might not be a million-dollar trader, but if he stands there for five years, he would have to pick it up. It's just like a job. You don't start any job and feel comfortable in the first six months.
  5. Average traders trade too much. They don't pick their spots selectively enough. When they see the market moving, they want to be in on the action. So they end up forcing the trade rather than waiting patiently. Patience is an important trait many people don't have.
  6. The best traders have no ego. To be a great trader, you have to have a big enough ego only in the sense that you have confidence in yourself. You cannot let ego get in the way of a trade that is a loser; you have to swallow your pride and get out.