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Take care of spare inventory.

6.12.2018, 12:49

One of the most famous traders and investors in Wall Street history, Vick Niederhoffer, was also a big fan of tennis and squash. In his book “Practice of exchange speculators”, he often compares trading with tennis, giving several ranges of the analogy. He notes that if you did not have the needed inventory, you would lose in most cases. Professional tennis players bring six equal tennis racquets for the game. All of them have totally equal strings tension force. Racquets have a feature to break during the game, and strings are often torn. If that happened, you would lose, taking an unusual racquet in your hands.

One of the most important Niederhoffer’s victories in squash was taken over Micheal Desolnier during the Open Canadian Championship in Toronto in 1975. He talked to Micheal’s mother after the game:

Vick: Mrs Desolnier, your son played extremely well today. Just one point decided the game’s outcome.
Mrs D.: I’m very proud of him. I think he played very well, considering the fact that he lost all of his racquets yesterday and he had to play with ones that he borrowed.
Vick: In this case, Mrs Desolnier, it could be considered that your son won today.

There is an awful lot of stories in the market when investors lost huge accounts just because they could not get the Internet access at the very right moment, or could not make a call to the brokerage company. The worst case is when a trader does not have free time to answer the broker's call! The trick with the financial markets is that you always have to monitor the market conditions and your account status. Otherwise, you would be very vulnerable to significant losses as the market has a feature to change all of the sudden due to so many factors influencing trader’s sentiment. Some news might come in and a long-term trend could reverse in a blick of an eye. The only way to control your positions is to stay online all of the time during the market active hours. Some traders even have different gadgets in order to change them if something happens. Thanks to the newest technologies, the financial markets are accessible from any kind of tools nowadays. It was completely different in the times when Vick Niederhoffer used to make his millions without Wi-Fi and mobile web access.

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