Terminology explanation from Market Wizard?
I am read the book Market Wizards, Interviews with top traders. In this book, there is a term that I don't really understand: " Not long thereafter, I became bullish on the Japanese yen, which had formed a technically bullish consolidation, providing a meaningful close point to place a protective stop. While I normally implemented only a one-contract position, the fact that I felt reasonably able to define my risk at only 15 ticks per contract—today, I find it hard to believe that I was able to get away with that close a stop—allowed me to put on a three-contract position. The market never looked back." In this paragraph, what does one-contract position and three-contract position means? Thanks alot
It means he bought/shorted 3 contracts instead of 1.
That's a literal meaning, but I am still not sure about what it is...Can you give me an detailed example? Thanks
edited. had bad information.
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