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I know people dont really agree with this but I really think the best trading book is: The Essays of Warren Buffett People forget that long before Buffett was a hard-core big bet value guy he was a hedge fund manager/daytrader playing mostly arbitrage positions. His essays contain valuable...

Person 1: A guy I had lunch with a few weeks ago. He was head of prop trading at a large investment bank until just recently. Late 30s, he also has about 30-40M in the bank and vacations 8 months out of the year. His group was profitable every single quarter for ten years and it was pure pure...

2210. Not quite up to the 2400 level but i think I can put up a good fight. Maybe elitetrader should put together a team and challenge those punks over at Raging Bull.

hey pokertrader, did you ever play at the Mayfair or Diamond in NYC when they were still open?

>> I don't think chess is relevant. Perhaps a good chess player would make a fine mutual fund manager, or fundamental analyst, but for traders, discipline and quick decision making are of primary importance. Just like poker. ________ You've obviously never played blitz chess in Washington...

one time I was playing chess out of what used to be Liberty Plaza (and is now a big hole in the ground). A lot of traders used to play there and one time a guy was asking the players if they wanted to be traders. Since chess is more important everybody obviously ignored him. A week later the...

That pair is completely different from my example. Yeah, that pair is correlated. And trading that correlation might work. For awhile. But then one day it won't. And the spread will get wider and wider. And all the king's men won't be able to put it together again.

Correlations are tricky because stocks that have been historicall correlated can suddenly become uncorrelated. The realization of this unhinging lags due to the nature of statistics and real money can be lost. At the risk of giving up some secrets I find its great to pursue pairs where there...

A couple of points: A. in the above discussion it all depends on how you define "loss". If I buy AOL at 11 and it goes down to 10 one day and then it goes up to 12 the next I did not lose. Although paper losses are definitely real, if I still believe in the company I may buy more now that a...

I think Warren Buffett's two rules for investing apply to both daytrading and long-term investing. Despite Buffett's pretensions about being a long-term value investor he was quite the daytrader in his hedge fund days in the late 50s and early 60s. His two rules are: #1. Don't lose money...

A. in poker grinding out small pots is definitely the way to make a consistent but small living. In AC or Vegas there are literally hundreds of players doing that at every kind of limit. At the high-limit tables there tend to be more aggressive and perhaps better players but its possible to make...

AAA. I definitely don't take your opinions personally. Everyone is different. BBB. I should have clarified the statement on mistakes a little more. Although every loss is caused by a mistake and you should attempt to not make those mistakes again there's no way to guarantee that. For...

I used to play a lot of competitive chess, eventually reaching the master level. I have won quite a few tournaments and also lost many many games along the way. I then played poker professionally in both Vegas and Atlantic City for about a year. Obviously a lot of money was won and lost. I find...

A. MTEC - makes the antidote for nerve gas attacks. Very profitable, great balance sheet. Just blew away earnings and guided up. B. DHB and AH -- they make all the bullet proof vests worn by our boys going into Iraq C. SRX VNX -- they do the IT services for the CIA and DoD Intelligence...

and take it for what its worth: a. I would spend 3 months doing nothing but reading books. Some recommended books are: i. the 3 Market Wizards books by Jack Schwager ii. the Essays of Warren Buffett iii. Contrarian Investment Strategies by Dreman iv. You Can Be A Stock Market...

i once wrote Crabel and asked for a copy of the book. His secy wrote back that it was $300. When it took me more than a week to respond she rescinded the offer and said it was no longer available. Is it worth it? Probably not. The theories (developed 15 yrs ago) are certainly outdated...

I think its over 10K within the next 12 months. And 12 months from today I think its abt 10.5K

Read books about how Warren Buffett trades. I hear he's a pretty good investor. Another one is a guy named Carl Icahn. He isn't bad either. I hear they both made a pretty good living trading.

this is going to sound like strange advice but if you are starting with 50K I wouldn't use more than $2K on any one trade. Your grandmother worked hard for her money and you don't want to blow it. Keep it small until you've had 50 losing days. Then you can up it a little if you still want to. If...

Are there any good software packages out there for backtesting both technicals and fundamentals? For instance, I'd like to be able to ask questions like: what statistically has happened when a stock with < 10 P/E and 0 debt breaks its 200 days moving average. Stuff like that. Also, anyone...