In 15 yrs of trading I have 2 agree caught one move off of news on bloomie and it was worth the subscription for the year! But scientist is right by the time U read and process the info the move has happ and ur trying 2 fig out what happ! All I saying is I got lucky 1 time in 15 years of trading and it was only b/c of inter meeting rate cut by the fed announced in the middle of an afternoon !
Baruch's Forex System Journal
- Thread starter Baruch
- Start date
- Status
In 15 yrs of trading I have 2 agree caught one move off of news on bloomie and it was worth the subscription for the year! But scientist is right by the time U read and process the info the move has happ and ur trying 2 fig out what happ! All I saying is I got lucky 1 time in 15 years of trading and it was only b/c of inter meeting rate cut by the fed announced in the middle of an afternoon !
The question here is whether that one move was worth the $30,000 per annum you pay for Bloomy, particularly in consideration of you having caught one in 15 years, so in the meantime you've spent $450,000 on Bloomy subscription until your chance came...
I sincerely hope it was worth it. No doubt it was for Bloomberg.
Yeah, great examples Baruch! LOL!
Baruch's "successes" were never confirmed, Livermore went bust so many times, and then so badly that he put a bullet through his head. Gann was a confirmed shyster (his total estate when he died was not $50M, but <$100K, his family said he was crazy and only lost money), Dennis went bust later on, Marty Schwartz also went bust eventually (trying to run hedge funds I believe), Paul Tudor Jones threw the towel, Linda Raschke is a total snakeoil vending scumbag, and so is Larry Williams, David Nassar and quite frankly, I think so is Alexander Elder (I have communicated with him and believe he's FOS). Ed Seykota has turned into a cult vendor, John Bollinger isn't doing well these days, Darvas also went broke afaik... Umm....
I don't know about the others. That's what falls into my head spontaneously.
Soros is still doing well I think. I'm not surprised, he's a true thinker. Soros' books are of the very few books that really inspire me. And not just in the field of trading. Soros is a total realist, and he's a genius, and he doesn't go bust, either. His latest title "The Bubble of American Supremacy: Correcting the Misuse of American Power" describes more reasons to throw Bush out than any Democrat candidate could even memorize. Last year, he even donated $2.5M to a website devoted to debunk Bush's lies and destructive regime. How many people are there actually left with a mind and conviction like that, particularly left-wing Billionaires? Read Soros and you'll know what I mean.
Back to authors, it's literally amazing, in the beginning, I just inhaled all those trading books with enthusiasm. I still have a library of them, but when I flip through them these days, I shake my head and have to hold my nose to stand the snakeoil stench. Try flipping through a book while holding your nose, shaking your head.
The underlying message: There are hardly any trading books out there that are worth reading...
I recommend Soros, and I recommend Mark Douglas. Get "The Disciplined Trader" and "Trading in the Zone" by Mark Douglas, they're the two most important trading books one could ever read IMO. Soros is good for expanding your mind.
Careful who you read. Always watch your back. Ones trade, the others write...
Regards,
Scientist
You're describing one of the main reasons people fail in trading. They want action, they don't want boredom. So they look at other things to fill the time, and / or overtrade. Free shark food for the patient ones.
Well bro, I'm afraid that's the way our job is. If you don't like it, go and become a professional soldier. More action, more fitness, lots of money, and generally less dangerous...
Again, you can't. What causes the moves? Who knows? Does anybody here know? I still haven't figured it. Might take a while.
Decision-making in the face of complete uncertainty. That's just the way this job is. Like it or leave it.
Myself, I always use stops, and I never add to losers, but I will add to positions that are technically "in the red", because it increases my R:R, while adding to winners is false, because it does the opposite.
If you take the time to answer the questions / comments I have made in the long posts regarding your comments and system, I promise I will, with a logical and mathematically correct example explain to you exactly why.
Quote from Scientist:
Yeah, great examples Baruch! LOL!
Baruch's "successes" were never confirmed, Livermore went bust so many times, and then so badly that he put a bullet through his head. Gann was a confirmed shyster (his total estate when he died was not $50M, but <$100K, his family said he was crazy and only lost money), Dennis went bust later on, Marty Schwartz also went bust eventually (trying to run hedge funds I believe), Paul Tudor Jones threw the towel, Linda Raschke is a total snakeoil vending scumbag, and so is Larry Williams, David Nassar and quite frankly, I think so is Alexander Elder (I have communicated with him and believe he's FOS). Ed Seykota has turned into a cult vendor, John Bollinger isn't doing well these days, Darvas also went broke afaik... Umm....
I don't know about the others. That's what falls into my head spontaneously.
Soros is still doing well I think. I'm not surprised, he's a true thinker. Soros' books are of the very few books that really inspire me. And not just in the field of trading. Soros is a total realist, and he's a genius, and he doesn't go bust, either. His latest title "The Bubble of American Supremacy: Correcting the Misuse of American Power" describes more reasons to throw Bush out than any Democrat candidate could even memorize. Last year, he even donated $2.5M to a website devoted to debunk Bush's lies and destructive regime. How many people are there actually left with a mind and conviction like that, particularly left-wing Billionaires? Read Soros and you'll know what I mean.
Back to authors, it's literally amazing, in the beginning, I just inhaled all those trading books with enthusiasm. I still have a library of them, but when I flip through them these days, I shake my head and have to hold my nose to stand the snakeoil stench. Try flipping through a book while holding your nose, shaking your head.
The underlying message: There are hardly any trading books out there that are worth reading...
I recommend Soros, and I recommend Mark Douglas. Get "The Disciplined Trader" and "Trading in the Zone" by Mark Douglas, they're the two most important trading books one could ever read IMO. Soros is good for expanding your mind.
Careful who you read. Always watch your back. Ones trade, the others write...
Regards,
Scientist
Hi Sci,
Bernard Baruch died as a rich man. He wrote a very good book: "My own story". James Grant has also written af very good book about him. He was a great trader and speculator.
George Soros left-wing? Well, I don't think so. He's a liberal and a disciple of Karl Popper (The Open Society and its enemies).
Quote from Scientist:
You're describing one of the main reasons people fail in trading. They want action, they don't want boredom. So they look at other things to fill the time, and / or overtrade. Free shark food for the patient ones.Well bro, I'm afraid that's the way our job is. If you don't like it, go and become a professional soldier. More action, more fitness, lots of money, and generally less dangerous...
Decision-making in the face of complete uncertainty. That's just the way this job is. Like it or leave it.
Hi again,
Well, we all have our own trading style - and life. But it's much more easy to ride your winners when you know why they are moving.
So far I haven't seen you ride your winners because of news / reasoning yet... All I've seen in this thread so far is you cutting some of your best system trades short or BE because of news biases, and missing out on large profits.
I will spare you an entire collection of your quotes here, but if you don't believe it, just re-read the whole thread.
Critical self-observation and self-honesty is one of the most integral necessities for achieving trading goals.
- Status