Jay Norris is a broker with Brewer Investment Group based in Chicago. He's also a trader. Today I asked him five questions and I think you'll find the answers as interesting and helpful as I did. Jay uses a checklist before he trades, to keep himself disciplined and on the right track.
Rob: How did you get in trading?
Jay: I got a job as a runner at the Board of Trade here in Chgo when I was 17. The head clerk told me that a dime in soybeans was worth $500, or a week’s wages. It took a while to save the money to trade on a runner’s, then a clerks salary. I never lost a lot of money trading initially, because I never had much to start, and I always put my rent above my trading.
Rob: You trade for others and you have your own trading account. What do you trade?
Jay: In my personal account – which I don’t trade much – I will trade anything from indices to currencies, to gold, to corn. For my clients I trade currencies – forex.
Rob: Why do you use a trade checklist to plan your trades?
Jay: I use the 13 pt checklist because I appreciate the repetition. Excellence is not an act, it is a habit. The check list keeps me on track. It also makes me get up earlier because it takes a bit of time to get all the trend-lines, prev highs and lows --#2 on the list -- and Pivot points -- #4 -- on the various charts/pairs.
Rob: What kind of things are on the checklist?
Jay: MACD is on the list 3 times. MACD #3, MACD-histogram #8, and MACD-cross #13 – I’m usually already in when lucky #13 clicks in. Also, as mentioned, pivot, trendlines, and some other technical stuff.
Rob: Does the checklist help you with the psychological aspect of trading or the technical? Or both?
Jay: The list definitely helps me stay focused and cut down on mental screw ups so it helps both technically and psychologically. Probably more technical though because I subconsciously believe in the method I follow so I don’t have a lot of garbage left in my head. I always remembered Bill Williams – Author of Trading Chaos -- my first mentor’s answer when asked what sort of people are best to train as traders. Without hesitation, he said “Give me someone w/ the equivalent of a high school education and the IQ of a warm room”. It’s not about you or me, it’s about the method. Interestingly the last two days the list has slowed me down, because I’ve taken that extra beat to check the physical list, instead of reacting to triggers as I’m trained. I was already trying to follow the list subconsciously before so I’m not used to that last glance before clicking the mouse. It’s natural that with such a defined “order of operation” and the physical list in front of me that it will take a day or two to get my trigger finger back. I definitely won’t trade without it though. I’m really looking forward to revving it up going forward.
You can contact Jay by clicking here.
