course, there are secrets here.

IN: Can ли сказать, что вы играете в основном на повышение shares, because you think this approach is more profitable?

A: Yes, you should know yourself, and I do have a penchant for long positions. I usually buy oversold stocks, I'm much worse at shorting. Another reason is automated systems. If I can find something that, when tested on historical data, will show good results when trading short, I will gladly do it, but psychologically I am much more comfortable with long positions.

Q: When you have six, seven, eight positions open, do you set an automatic or mental stop for yourself to control risk, for example, 5 percent down from the entry price of the position? Or do you prefer to act according to the situation?

A: More often I act according to the situation, but there is also a time limit. I don't like to carry trades over to the next day.

Q: So if your position is still in the red at the end of the day, do you think it's time to stop? Are you exiting a position at the close of trading?

A: Yes, I don't want to stay in it for too long. I will give you good advice. The most dangerous stocks are biotechnology. That's why I avoid biotechnology - it can fall and fall without end.

Q: Apparently, the value of these shares is very difficult to determine? There are no assets behind them, other than drugs that either work or they don't.

A: That's right, these stocks are solid emotions.

Q: So, you either expect to wait for a positive move and take profits, or exit the position by the end of the day?

O: Right.

Q: So you are an intraday trader and always try to close positions without leaving them the next day?

A: That's 90 percent true. Sometimes stocks crash towards the end of the day and I leave positions open.

Q: Is day trading closer to you purely psychologically - do you sleep better when positions are closed - or do you think that it has serious advantages? In other words, do the backtest results indicate that intraday trades are preferred?

Oh yeah. I just look for races during the day. Opening a position is not an end in itself.

Q: Some sort of hot potato game?

A: Yes, in effect you are buying extreme fear, after which there comes a moment when the fear disappears and is replaced by cautious optimism. When this happens, you are out of position. When you there is such a possibility, there are four or five lines of action in case of such collapses. With some experience, you can see them on the charts if you watch the minute chart. However, I am an omnivorous trader. I use many different methods, such as long-term deals in oil and gas stocks. From 2003-2004 until today, I sometimes held positions for nine months. I also do pure value investing, supplementing it with trading if I watch a stock a lot and get to know it well. I'm starting to see what's going on day by day. If I see fluctuations of a certain nature, I can buy or sell 5 percent of such a position during the day.

Q: To what extent should a crashed stock bounce back? Will you close the position with a profit of 2-3 percent?

A: If the stock hasn't lost momentum, I'll hold it and watch it. But usually we are talking about smaller numbers. You have no idea how hard it is to keep track of four or five crashing stocks.

Q: Is there a group of stocks that you watch all the time? One where you know by heart the nature of fluctuations and fundamental indicators?

A: Yes, it's about five to seven shares, and their composition changes from year to year.

Q: And you open and close positions in these stocks, if not daily, then certainly once or twice a week?

Oh yeah. If I really like the action, I will keep it. If I only like technical indicators, I will open and close a position. I trade different stocks differently.

Q: When buying stocks that have fallen, there is always a significant risk that after the jump they will fall again. How do you manage your trades? Are you closing half of the position, trying not to fall below the breakeven level? Do you let winners lose again?

O: Sometimes. Of course, this is never planned and depends on how far things have gone. If I just went up half a percent, the change is almost at the noise level, I'm in no hurry to go into the money. I focus on the nature of the schedule changes. I'll watch the 15 minute and minute charts, look at the second level quotes and get a feel for what's going on. Understanding when a stock is starting to lose momentum takes a lot of experience. The moment the price starts to sink and people get nervous, I try to get out of the position immediately. But I often get into position in parts and close it in the same way.

Q: Do you use any indicators? Or does it all come down to observing the price movement?

O: Both. I trust many indicators. The stochastic oscillator works great with price spread. And the Relative Strength Index (RSI). In addition, I follow moving averages - 5-, 10-, 20-, and 100-day moving averages. I use them on both the daily chart and the 5 minute chart. To identify maximum resale levels, according to my observations, MoneyFlow is the best help.

Q: Do all these diagnostic tools help you make decisions?

O: Yes, that's right. But also experience, which helps to see what works and what does not, you gradually develop a special flair. If I feel uneasy because of some position, it means that I intuitively noticed something was wrong, signs of danger.

Q: You talk about flair in such a way that it seems that it is the main thing for you. After all, you have watched the price move over and over again, for thousands of hours.

Oh yeah.

Q: If something in the price movement causes you anxiety, do you convert assets into money?

Oh yeah. As far as flair is concerned, I have enough for five to seven shares. I am not able to work it out for 150 shares. It is in such a situation that an automatic system is needed that does this for you.

Q: When you swing trade, do you also just watch the price action or look at the charts? Do you use traditional technical analysis methods?

O: Yes, perhaps. First of all, this is a "double bottom". In a way, I am a bottom fisherman, but if the stock stays weak, I'll be out of the game. I prefer to have a basket of stocks of companies that have good fundamentals. The risk of further collapse for them is much lower. At the same time, I discovered one point - when bullish, regardless of the length of time, you should avoid companies that have debts. Stocks of companies that have large debts can fall by 50-75 percent. Another conclusion that I made: the main thing is leadership.

Q: It seems that when entering into long-term trades, you are guided primarily by fundamental indicators. You want to know the real facts behind a stock and ignore the day-to-day noise if you have confidence in the stock's story.

O: That's right. If I don't like the fundamentals of a company, I won't hold the position for a long time. If we are talking about swing trading or intraday trading, this is a matter of technical analysis. In the system for dealing with falling stocks, which I told you about, I have no idea about the companies. Иногда приходится поинтересоваться, что это за акция, если раньше я даже не встречал ее названия [laughs]. In addition, I try to keep abreast of the news, keep an eye on whether something bad has happened, and trade with that in mind.

Q: You said you avoid biotechnology. Have you ever read the news and found out what caused the crash and said, “You know, I don’t want to deal with this, it’s too problematic”?

Oh yeah. For example, if we are talking about falsifying accounts or that someone was put in jail. I prefer a situation where the company has good earnings, but the stock is falling.

Q: A very curious approach. Do you like the divergence of price and fundamentals when the fundamentals are surprisingly positive and the price is moving down?

A: Yes, this is my favorite situation. In this case, people sell out of fear, without good reason. They say, "Damn it, she should be growing and she's falling, I want to get rid of her." Do you understand?

Q: There is one thing that all your trading activities have in common, whether it be options, swing trading or intraday trading, that you focus primarily on value. You like to buy something cheap and then watch it go up.

A: For long-term trades, this is 100 percent true. I did one of these operations in 2003. Then we had a real stock market crash, like the one in 1929, very similar, and I remember an episode that was shown on the program The Wall Street Week a long time ago. John Templeton participated in the program, he said that he began to play on the stock exchange during the Second World War - he selected all the shares that were worth $ 1 and bought them. This came to my mind when we had a similar market crash, the worst since 1929. I decided to slightly change