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TT® at Two

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It’s been just over two years since we officially launched the TT platform here at the annual FIA Conference in Boca Raton. It’s been even longer—approaching five years—since taking our very first steps toward what many outside of TT thought was a crazy idea: that Software-as-a-Service could redefine our industry the way it had so many others.

So when I was asked to give a few brief thoughts on the second year of life of the TT platform and what it’s meant for our company and, more importantly, our clients, I could only think of one analogy that best describes it. That’s right: my two-year-old twin toddlers.

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Wizards of Today’s Markets: Jack Schwager, Part 1

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We recently ran our third “Wizards of Today’s Markets” Q&A, rounding off our trio of Chicago trading legends with TransMarket Group’s Ray Cahnman. To close out the series, we thought it would be fitting to talk with the originator of the “Market Wizards” moniker himself, Jack Schwager.

Jack authored “Market Wizards”—a series of interviews with some of the most successful traders in a variety of different markets—in 1989 after publishing the more technical “A Complete Guide to the Futures Markets” in 1984 (a revised version of which is coming out this year). Since then, he has followed up with more additions to the Market Wizards series, including “The New Market Wizards” (1992), “Stock Market Wizards” (2001) and “Hedge Fund Market Wizards” (2012). Therefore, we think it’s safe to say that Jack has interviewed more successful traders in depth than any other person.

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Wizards of Today’s Markets: Ray Cahnman, Part 2

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For Part 1 of this interview between our CEO, Rick Lane, and Ray Cahnman, Chairman and Founder of TransMarket, see Wizards of Today’s Markets: Ray Cahnman, Part 1.

Rick: Would you say that—we’ve all made bad trades and probably learned more from those than from the good trades—but would you say that [your narrow escape with the back month mortgage spreads] is the story that underscores your approach to the rest of your career?

Ray: That was the worst, and there’s no question that you learn more from your bad trades. You make a good trade and the question you have to ask yourself is, was it skill or luck? And if I had to do it all over again, would I do it the same way? When you have a losing trade, you can’t beat yourself up too bad. If you did everything right, and you still lost, you’d say, “Well, if I had it over again, I’d do it the same way.” In any sport, in any game—trading, tennis, any competitive sport—you learn more from your losses than from your wins. If you win, you kind of chalk it up—that’s on the scoreboard—and you go on to the next. The loss—you have to go back and re-analyze what happened and what you did wrong. And that’s especially true in trading. And you try and avoid making the same mistake twice.

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