Tyrone Ball only trade in the Nasdaq stocks. He has been able to navigate and prosper through a variety of changes in the market, including the vicious bear market decline in the early 2000s and the decimalization, which compressed bid/ask spreads and destroyed many profitable trading strategies. While the majority of his colleagues have fallen by the wayside, Tyrone has found new ways to extract profits from the market.Some of his experiences quoted :
" You know there were plenty of trades where, if held them a little bit longer, I would have more. But there are plenty of trades where, if they did the same thing and I just waited another minute to exit because I though I might go in my favor, I would have lost a lot more. So I come to understand that you can't pick the top and the bottoms of your trades. You have to be willing to take money while it's still in your favor and cut your losers small."
" I run cable and DSL from home."
(Note: This is for redundancy)
" It's a heck of a job and lifestyle, and I enjoy the freedom to sacrifice six-and-half hours versus going out and working 8 to 12 for somebody else - that scares me worse. So I have no problem sitting here."
" ..., but equity day traders tend to be very athletically minded."
Tyrone said that in order to succeed in trading, you need to establish an expertise in a particular domain. He only focus on a select group of stocks and watching their price action intently.
By being a little more disciplined than the average guys can give you an edge in winning the trading game. The most common reason that most trader fail is because they refuse to properly respect and contain risk. One stubborn bad trade is all it takes to wipe out years if gains.
One piece of good advise from Tyrone is to constantly learn and adapt.
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