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Trading is really more like self-employment than investment. Self-employment you have to be there every day, make the trades. Investment though, the investment grows and produces income over time. So I look at trading as the journey, rather than a destination. I happen to like the journey...

I wonder if you could explain to me how you know Livermore was a "horrible" trader? Because as I understand it you are a new trader based on this recent post of yours: http://www.elitetrader.com/vb/showthread.php?s=&postid=958915#post958915 I wonder how a new trader would know what was...

There's a full description of how to use booktrader in the User's Manual at http://www.interactivebrokers.com/php/webhelp/webhelp.htm Look under "Order Management" then select BookTrader. To enter a sell stop you right click the "ask size" at the price you want. Right click the bid...

Nothing personal, but you might want to try the User Manual first. OldTrader

I don't measure my returns in gold, do you? LOL! How much money did you make in gold since 1980? OldTrader

I'm an INTJ. I've been doing this for almost 40 years. OldTrader

Forbes has had some very astute market opinions over the years. Recently he called the bottom of the stock market in 2003. Late last year he was bearish on oil, and so far has been right. I've been reading his opinions since long before his father died. He's smart money. OldTrader

Got nothing to do with age. I have no problem sitting all day either. I think it has to do with "doing what you love". OldTrader

It seems to me that the point that you and others consistently miss about Bright is that he provides capital. Berating Bright about his commissions completely misses part of the picture. Now, what the proper cost of that capital "should be" can certainly be argued. Perhaps Brights cost of...

He doesn't need to "post" his trades you idiot. His trades are so big that he has to publicly file them with the government. That said, you'd think a net worth of $40Billion or so would be a rather persuasive argument to all but the biggest fools. Is he the "only one"? No, of course not...

I guess you never met Warren Buffett. OldTrader

Ed Seykota, Paul Tudor Jones. OldTrader

You might be successful at picking the top. But if you are, you will have done yourself a major disservice, because you will subsequently feel that you can actually pick tops successfully all the time. And therefore, whatever you will have lucked out and made on this particular stock, you will...

How did you form that conclusion? OldTrader

I'd file this under "Ripley believe it or not". OldTrader

Here's what the original post said: Where do you get customer service out of that? OldTrader

Good article. OldTrader

Good post. By the way, I wouldn't have thought of Schwager as a "neophyte" interviewer. But I think the central point of your post is a good one. OldTrader

Keep in mind that the Market Wizards interview took place in late 1980's. Jones didn't start his futures fund until September, 1984. So we're talking 5 years after he started. I don't get the impression that Jones changed anything at that point. Looks to me like he was trying to pick tops...

It's interesting that you get alot of agreement to your point in this thread. Paul Tudor Jones disagrees with you. In the interview in market wizards, he mentions the trading rules he lives by. He says "The most important rule of trading is to play great defense, not great offense." Later...