Don't let him fool you qwerty, the best way is to start with a clock or compass and hope you get lucky. I got mine after about 5 tries. And you can use a final glass for emeralds trade to supplement your emeralds during the process.
http://www.minecraftwiki.net/wiki/Trading First look at this link to see the actual percentages of trades, now after you do the last trade there is a chance that a new trade will be unlocked, but from my experience, these values continue even as you continue unlocking trades. So, if you are on trade 7 with only clocks left, you may have to do the previous trade 20 times or so.(Although you probably don't want a last trade of clocks.)
That's because paper has a 25% chance of coming up as a trade, if it were easy everyone would have one
I'm so tired of seeing everyone post about this stupid "percentage". That's no way to figure out how to get an infinite paper trade. All you have to do is notice things, pick up on small details and figure it out that way. Otherwise just go by the idea of it being based off of luck. Yes this luck is in number form, but you trying to do all of the math behind this equation is retarded, and kind of annoying now. There's a simple pattern to follow, if you can't realize that then you're going to waste a lot of time on materials, and brain power. Put down your pen and paper, and put away the math homework because it's seriously not that hard to figure out. ~Anonymous. ( And just a FYI, I do know how to always get the paper trade as my 8th trade, every time. )
Umm, you should read this http://www.minecraftwiki.net/wiki/Trading But obviously the wiki is wrong and your magic tricks to beat a complicated algorithem are correct.