Terminology explanation from Market Wizard?

Yi-He12's picture
Rank: Chimp | 5

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

Region: 
Other APAC

Comments (4)

Nov 14, 2016

It means he bought/shorted 3 contracts instead of 1.

Nov 14, 2016

That's a literal meaning, but I am still not sure about what it is...Can you give me an detailed example?
Thanks

Nov 15, 2016

edited. had bad information.

    • 2
Nov 14, 2016
Comment

"The way to make money is to buy when blood is running in the streets."

-John D. Rockefeller