Forcing Evolution

By Holter, James T. | Modern Trader, August 1998 | Go to article overview

Forcing Evolution


Holter, James T., Modern Trader


Change is a big part of the futures industry nowadays, but it has been part of Gino DiNuzzo's entire career. DiNuzzo once was a pure scalper. Now the 39-year-old is orchestrating a second move off floor from his spot in the Dow Jones futures pit. He hopes the move, the fourth major one in his trading career in the last five years, completes his pursuit of a careful balance of analysis and ardor.

Pointed to the Chicago Board of Trade (CBOT) by a stockbroker friend, DiNuzzo, a native of Chicago's south suburb Chicago Heights, began as a runner in Pillsbury Co.'s grain division in 1978. He soon graduated to clerk for S&W Grain. Then as soon as he was legal, DiNuzzo became a local. Just after his 21st birthday in 1980, he was scalping Treasury bond futures.

DiNuzzo says his move through the ranks would not have happened if not for trading veteran Everett Klipp. Klipp, a partner at Alpha Futures, is a well-known father figure at the CBOT who has bolstered the early success of many new traders.

"Everett taught us how to survive as traders," DiNuzzo says. "He would tell us to `Learn to love to lose money' because it's so much a part of trading."

Much of DiNuzzo's early trading was defined by five common principals he learned from Klipp: take your losses, bid the bid, offer the offer, look for one-tick profits but let your runners run. Such rules are not secrets - they basically define what thousands of floor traders do each day - but DiNuzzo says they mean nothing without the most important ingredient: discipline. Klipp demonstrated that by example.

"He stood in those pits for years and years and just bid the bid and offered the offer," DiNuzzo says. "He wasn't the most exciting trader to watch, but he was one of the most enduring."

DiNuzzo emulated Klipp for the next five years in the T-bond pit, making consistent profits but gradually questioning "Is this all there is?" In 1985 DiNuzzo, burnt out with trading, left the floor to start a telephone answering service with friends. But he soon learned that running your own company in the "real world" still doesn't match the excitement of trading, even at its most tedious. He returned to the CBOT about a year later.

Initially, DiNuzzo resumed trading the way Klipp taught him, but over the next seven years, his trading matured. He learned to trust his senses more, recognizing the pit psychology and where he expected it to move price. But, again looking for a less reactive way to trade, DiNuzzo toyed with such concepts as "scalping with a bias" off-floor, all the time maintaining his CBOT membership and frequently returning to the T-bond pit.

Then, DiNuzzo met the second key person in his trading evolution: Dan Gramza of Gramza Capital Management, who taught technical analysis at the Chicago Mercantile Exchange. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Forcing Evolution
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.