As mentioned earlier, the large TV screen in Lipschutz's living room is normally tuned to a currency quote display, with a Reuters news feed mnning across the bottom. Although Lipschutz seemed to be paying full attention to our conversation, on some level he was obviously watching the screen. At one point, the Australian dollar was in the midst of a precipitous decline following some disastrously negative comments
made by the Australian finance minister. Although the market was in a virtual free-fall, Lipschutz felt the sell- off was overdone and interrupted our interview to call in some orders. "Nothing big," he said. "I'm just trying to buy twenty [$20 million Australian, that is]." Immediately afterward, the Australian dollar started to trade
higher and continued to move up throughout the rest of the evening. Lipschutz didn't get a fill, however, because he had entered his order at a limit | price just a hair below where the market was trading, and the market "- never traded lower. "Missing an opportunity is as bad as being on the wrong side of a trade," he
said.