Another One Question Interview, this time from Gary B. Smith. I’m sure you’ve seen Gary on various market television programs such as the Bulls and the Bears on Fox News. I interviewed Gary back in April and then he answered a couple follow up questions, too. He also said that the hedge fund he started earlier this year is doing quite well.

Here’s the question for the first round of One Question Interviews:

What trading lesson(s) have you learned from the downtrend that started in May?

Gary:

If you’ve been trading for awhile, hopefully you’ve experienced 99% of any kind of market action and therefore the correct answer should be: “I’ve learned nothing new.” That’s not hubris — and it doesn’t even mean you made money during that time period — but rather the confidence that you’ve tested your methodology in all kinds of market conditions and therefore are rarely subject to any surprises.

That said, every kind of market action certainly reinforces the fundamentals: be patient during flat periods, ride the trends during up periods, and in this recent down turn, don’t be afraid to play the short side!

Again, my mantra remains the same: find a methodology that is profitable through up, down, and flat markets, and then stick to that methodology regardless of what else may be happening.

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1. One Question Interview with…You!
2. Follow Up Questions for Gary B. Smith
3. Interview with Gary B. Smith – the Chartman
4. One Question Interview with Bruce Brotnov
5. One Question Interview with Mandeep