Careful What You Wish For
From the Desk of Don Yocham: |
| | | | | | | | | | | | | My first year out of college was a grind.
Within four months of landing my first job in Kansas City as a loan processor, I was laid-off with 80 other hapless mortgage industry workers (thank you Federal Reserve).
A couple of months later I was in Chicago sharing a studio apartment with two other former fraternity brothers (one pull-out couch and another couch between us).
We all had jobs as runners at the CBOT getting paid $7.50 an hour for 30 hours a week. Certainly not enough to cover much in a big city. So, at the end of the day, I had gaps to fill.
One way was to show up at a trader’s desk at 4:30 AM to help him write his daily trade letter to clients. We analyzed Market Profile charts — called Steidlemayer charts at the time and inspiration for the Volume Profiles upon which I rely so heavily today. But that was a couple of hours a day, so I still came up short.
But since I had evenings and weekends free but nothing to spend, I did what I had to do…
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My first year out of college was a grind. Within four months of landing my first job in Kansas City as a loan processor, I was laid-off with 80 other hapless mortgage industry workers (thank you Federal Reserve). A couple of months later I was in Chicago sharing a studio apartment with two other former fraternity brothers (one pull-out couch and another couch between us). We all had jobs as runners at the CBOT getting paid $7.50 an hour for 30 hours a week. Certainly not enough to cover much in a big city. So, at the end of the day, I had gaps to fill. One way was to show up at a trader’s desk at 4:30 AM to help him write his daily trade letter to clients. We analyzed Market Profile charts — called Steidlemayer charts at the time and inspiration for the Volume Profiles upon which I rely so heavily today. But that was a couple of hours a day, so I still came up short. But since I had evenings and weekends free but nothing to spend, I did what I had to do… |
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