Lee Gettess focuses on controlling risk

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The trader Lee Gettess) first drew attention to risk control as the main factor of his success on commodity markets. However, it was not always so. Gettis got acquainted with the markets of commodity futures when he by phone was called by one broker. "He told me how Omar Sharif has earned $ 50 million in the sugar market, starting from the account in 50 thousand", Ч says Gettess. According to the broker, the same pattern manifested in the sugar market and allowed Sharif to earn a lot of money, appeared again. "So I gave him 10 thousand dollars, and three weeks later he gave me three thousand, Ч says Gettess. But I realized that if one can quickly lose the money, you can also quickly and earn". He began studying futures markets.

At the time Gettess into computers. "I tried to read everything I came across, and the technical side I'm more impressed. I guess I primarily developed the left hemisphere".

He's merely tried to engage in trading in the mid-80s, but switched to OTC trading 12 Oct 1987, a few days before the stock market crash. "The only thing I knew Ч it was trading the S&P", says Gatiss. However, the collapse of him not affected. "I was on the wrong side of the market and lost fifteen hundred dollars. However, it is possible to suffer loss, to be absolutely wrong, but in the end congratulate ourselves on the fact that everything was right," he says, meaning out of the deal at the right time and risk control. "I could not afford the loss of one and a half thousand dollars. It was a good deal," adds Gettess.

"Then it told me that the commodity market is very risky, and certainly need to stay away from S&P and swine gridinoc, so I decided to go for it. To be necessary where there are major events, where there is the potential for profit, but the goal of the trader to control the risk," he explains.

Gettis used her computer knowledge to develop for several years over hundreds of systems, including one called Volpat Trading System ten years ago that the magazine Futures Truth called "one of the top ten trading systems of all time". The acronym "Volpat" means "volatility and pattern recognition" Ч recognition of the volatility and patterns. Gettis says: "Volatility Ц it is necessary for an active market. If the market does not fluctuate, then the money will not earn. The patterns are "short-term things that can be objective enough to be able to instruct the computer to find them. You can try all sorts of combinations, he says. Ц One of the laws Ц a lot of activity outsiders, closing on lows, Ч market beliefs say that all this is very similar to the bearish trend. I found that if the market opens higher the next day, it's likely you have to buy. This is all the observed phenomena: something must seem very dangerous, but I look at the market, and it does not seem to me so dangerous." So Gettess explains his logic when finding patterns, similar to that used for computer test.

Gettis Trades typically last from one to three days, and he prefers markets with liquidity. "The forest and the orange juice I was not particularly interested", Ч he mentions two markets with thin margins. "My favorite market today is bonds. It is so big and liquid that I can roll any size with good execution, " says Gettis. Ц Here I can control the risks better than the S&P".

For Gettis all about risk: "the Only thing that can control a trader, is the risk. If you go to the market and say: I don't want to lose any more thousands of dollars on the deal, then during the night there may be gaps in price or there will be a difference between the expected and actual cost of operations, but you can still be assured that you will not lose more than a thousand dollars on the deal." "I know how much I'm willing to risk it, but have no idea how the market will allow me to return the money. If the market can return you $ 500, you have to take," adds Gettess.

"I pay the main attention to risk control. So do all leading traders," he says. However, although Gettess and uses protective stops for his position, he is not always in the transaction stop loss. "I watch the market throughout the day, and if expected some notice in the press, I don't how best to conduct trading. This is a question that you cannot answer. I can't tell who it fits". In his opinion, everyone should find a method of trading that would suit his personal characteristics.

"For me this work is better than ever. When I worked for General Motors, they had great benefits, and everyone told me that this is a great, reliable company. But one morning I woke up and found that I no longer work, although they liked me and they gave me good reviews. Then I realized that reliability is based only on confidence," concluded Gettess.

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