Serge Milman, a trader for Ronin Asset Management, explains what it's like to make your living trading stocks in the middle of a market panic. “Land mines are everywhere,” he says. The trick is to trade where the volatilty is. Where's that? "It’s where the fear is. Banks. Financials. Insurance," he says.
In an interview with New York Magazine, he explains that it's important to remain humble and remember you really don't know what will happen next.
Real money is made at major market bottoms. So I am slowly accumulating a lot of these beaten-down non-financial companies in my long-term account, like Warren Buffett. The key is to stay disciplined, don’t bite off more risk than you can afford. You can profit in this market. But I can’t tell you what happens next. No one can. If the world is really coming to an end, it’s out of my hands and yours.
Read the whole interview over at New York Magazine.
