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To him, trading is truly a nine-to-five well, actually, to job. He had a moving and delivery business at the time, but in , when a friend who had made quite a bit of money trading soybeans suggested Greenspan try his luck in the fledgling T-bond market at the CBOT, Greenspan made a career change. So the exchange was offering these permits to the public: 50 for T-bonds, 50 for commercial paper and 50 for gold.

I got the last T-bond permit. It was the greatest deal. Greenspan thought there was more opportunity in spreading than scalping—and that it was less risky because spreaders are both long and short in the same or similar markets. He discusses some of the down periods, and how he deal with them, a little later. These are usually his first trades of the day.

See Figure 1 for an illustration of these kinds of trades. Also, like a true scalper, he reverses position when stopped out—that is, if long one contract, he will sell two contracts at his stop level, establishing a short position. He freely admits to being something of a risk hawk, favoring stops that may be too tight rather than too loose.

His basic approach may seem straightforward, but the fact that he has prospered for such a long period is a testament to its effectiveness.

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It was there that he developed the trading style he uses today. He explained the move and the process of becoming a consistently profitable trader. There was plenty of action, but it took a little while to learn to be a scalper rather than a spreader.