Are we all Market Wizards?

D

dvshucks

It seems like most of the people on this site are aiming to be the next great Market Wizard. Does everyone trade so they can become huge and manage billions?

I obviously want to make a lot more money but as a small trader, should I be trying to emulate Soros, Paul Tudor Jones, and Warren Buffett would do? If you've got a 25k account, you aren't shooting to make 30% a year, you want to be making 200+%, right? I know its important to study these people because they are innovators. Do you trade so that you can make enough money to live a certain lifestyle or who trades to be the next major player?

If the majority see themselves as the former then I am announcing a side venture. I'll be selling green braclets for traders with "WWPTJD?" as in 'What Would Paul Tudor Jones Do?'
 
As a man thinketh in his heart, so is he.

You can sell a lot more braclets if you can make them in a lot more colors. My favorite color is Duke Blue.
 
The problem with most would be traders is that they want to, and try to become market wizards before they even know what a wizard is.
A wizard lives and breath's by a clearly defined set of principles.

Here's some wizard rules for ya.

1.People are stupid. They will believe anything they want to be true or fear to be true.
2. The greatest harm can result from the best intentions.
3. Passion rules reason.
4. There is magic in forgiveness -- the magic to heal! In the forgiveness you grant, and more so in the forgiveness you receive.
5. Mind what people do, not only what they say, for deeds will betray a lie.
6. The only sovereign you can allow to rule you is reason.
7. Life is the future, not the past.
8. Deserve victory.
9. Contradictions don't exist, in whole or in part.

Do you have a set of principle's to guide your actions? If not, you better adopt some.
 
It seems to me that most people who become wizards at what they do did not intend to become anything but were simply doing what they love to do and got better at it than most.
 
I agree. Good post.

Quote from easyrider:

It seems to me that most people who become wizards at what they do did not intend to become anything but were simply doing what they love to do and got better at it than most.
More...
 
Quote from sulong:

The problem with most would be traders is that they want to, and try to become market wizards before they even know what a wizard is.
A wizard lives and breath's by a clearly defined set of principles.

Here's some wizard rules for ya.

1.People are stupid. They will believe anything they want to be true or fear to be true.
2. The greatest harm can result from the best intentions.
3. Passion rules reason.
4. There is magic in forgiveness -- the magic to heal! In the forgiveness you grant, and more so in the forgiveness you receive.
5. Mind what people do, not only what they say, for deeds will betray a lie.
6. The only sovereign you can allow to rule you is reason.
7. Life is the future, not the past.
8. Deserve victory.
9. Contradictions don't exist, in whole or in part.

Do you have a set of principle's to guide your actions? If not, you better adopt some.
More...

Very nice set. Mine is hiding on one of my old computers at the moment.

Speaking of contradictions... aren't 3 and 6 contradictory / mutually exclusive?

If

a) only reason rules you

and

b) passion rules reason

then (it follows that)

c) passion rules you

which contradicts a). :p
 
Quote from late apex:


Speaking of contradictions... aren't 3 and 6 contradictory / mutually exclusive?
More...

No, here's why.

3. Passion rules reason.

Passion can and often does over power reason. Every one is susceptible to it, no one has immunity.

6. The only sovereign you can allow to rule you is reason.

Your best defense to #3 is #6.
6 gives you the tools to keep your head while everyone else are losing their's
 
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