Bits I found interesting from an interview with Paul Rotter in the July issue of Traders’:

Q: What are your strengths as a world-class trader and what are the differences between you and other traders?
A: I have the ability to get more aggressive in winning phases, to take bigger risks, and to scale back during losing times. This is contrary to human nature. The best thing is to have somebody around who is neutral to trading, who switches the screens off when a certain level of loss has been reached for the day.

Q: What role does risk management play in your trading?
A: I set a daily goal for my profit and loss, with the most important thing being the stopping limit, the maximum loss I take, before I switch off the screens.

Q: Shouldn’t a trader stick to his opinion?
A: No, definitely not. An analyst or some kind of guru has to stick to it, but a trader should have no opinion. The stronger your opinion, the harder it is to get out of a losing position.

Q: Do you do any kind of daily mental preparation?
A: Nothing specific. Actually I am motivated all the time… I see trading more as a sporting challenge and try to eliminate thoughts of money.

Q: How many hours do you spend in front of your screens?
A: Usually 5 hours, when I trade actively… in case of special events it can be up to 11 hours.

Q: Isn’t it hard to spend that much time in front of your PC? How do you maintain your concentration for such a long time?
A: That is something my Japanese colleagues asked themselves as well. I think of it as a kind of game and I forget the time, so the real trouble is more physical (eye strain) than psychological.

Q: What does one have to do to become a scalper?
A: He has to watch the orderbook for a very long time.

I love his response to that last question, it’s appropriately zen.