Philip Shaw is a farmer in Western Ontario. In this episode, you'll here someone on the physical side of the commodity business discuss how he thinks about what commodities to grow, how he manages risk, and his thoughts from several decades in the commodity business.

Thanks to everyone who wrote in about September 11. Here are some of my memories from growing up in Manhattan and spending a great deal of time near WTC 1 & 2.

Don't build it so they will come. There is no connection to spending money you don't have in order to cast a bigger shadow when you have zero potential clients.

Start small. Nothing wrong with it. Grow as your defined needs grow.

If the instrument you're looking at has a daily volatility measurement that is greater in dollars than you are willing to risk, you must pass on the trade.

Money you don't spend when you're starting out is money that you don't need to earn. And that's important when you don't fully understand what you're doing.

The trading world has changed since I began, but the tenets of good trading are still in tact.

Here's how I would counsel myself at the beginning of my career based upon what I know now and the experiences I've had - both good and bad.

Focus on one style of trading. Build a system for client communications also. Else, your business is going to run you.