Do As I Say, Not As I Do
- Thread starter PCanyon
- Start date
Thre are many examples of people who worked at making money and then were requested to document it.
As you get aquainted with doing research and developing your own comprehensive successful approach you will run into them.
One of my favorites will be rejected by most for their reasons.
In May '59 the story began.
The "trade" edition of the book that came about appeared in '60.
Three organizations made it possible.
American Research Council got the author to write (not his training or profession); Haddon printed it; and Citadel did the distribution to the trade. Later it was sold to the public.
I believe this is a typical situation. The walkers probably are reluctant and don't see the value of writing. I think this applies to most remarkable people in many fields.
You are interested in the converse and what it means to guys like you. It looks like you have an opinion that is strong regarding their output.
For people who wish to make money, maybe there is a writer/performer relationship that would be most helpful. I hope you get to consider that possibility.
Service and intellectual property providers to the financial industry most often use "hired guns" to make their points vis a vis what they provide to others. These guys who write are extremely supportive of specific narrow focused products and services. TC2000 is a good example for TA.
I particularly like the guys who write in their particular niche re the industry. Bogle and Buffett are great examples.
Specifically for trading, the two trading requirements for highest proficiency are not specifically related to making money strategies.
Strategies are in books all over the place. Take your choice as who you want to read. I track many many approaches for practice in iterative refinement experimenting. It is all a mental exercise that is fun and keeps me sharp.
For proficiency in trading, you have to look elsewhere. Personally, I cannot make sustained efforts any longer. But I do want to get a couple of pros in their field to deal, as experts, on the two items I feel are required for excellence. So as I deal with my personal situation (with them), they are also dealing with my requests to document the stuff I need to get to others regarding attaining proficiency at an excellent level. It is a matter of dealing with how humans work rather than dealing with money making strategies.
Only a few traders "get it".
If a person says I don't like the idea of reading guys who "talk" instead of doing the "walk" and then "talking", these persons are in a trap. To restrict oneself to walkers who then talk, is an unneccessary constraint.
The financial industry is bordered by many and valuable other sectors. And in each there are contributors that are helpful. I do not regard it as a stretch that a bob sled psychological "coach" can be of help to heavy hitter traders. For sure bob sledding is fun and competitive, and maybe it's action is similar to other types of undertakings.
What makes making money simple and KISS is not at all related to strategy. Books, so far, do not focus on KISS. What does focus on excellence and KISS? What is it that gives a person the effectiveness to be very very efficient in extracting what the market offers?
There is a thread on "waiting". It may be an edge thingy it looks like. Ask yourself: How can a person make money by waiting as the market does it's thing?
The answer is not that there is no trade possible. What makes a trade a good one? The universal answer is that you trade "with" the market and extract what the market offers. How does "waiting" help? It only helps if it keeps you out of the market when you do not know how to "read" the market. What are the two things a person needs to be able to "read" the market?
If you want to do some reading, learn to read the market using the two things you nedd to have to do it.
How about Alan Farley? Some would argue that his book is hard to read, but I think that it's pretty good. He writes alot for The Street.com, and his writing style has gotten better. His online course is pretty clear and easy to understand, too.
I do not know what his annuals returns are, though.
Kevin
I do not know what his annuals returns are, though.
Kevin
The thing I got out of farley was multiple timeframes (I know, duh, but it was still an insight that was worth the price of the book), and I finally groked divergences too.
His writing style in that book is, to be kind, ugly. What a slog of a read. His editor should be taken out to the shed and whipped.
I've gotten a lot out of Soros, and use the concept of reflexivity everywhere in my academic work (not finance related).
I really enjoyed niederhoffer's books too-- not sure what the lessons from those were (besides the idea that if Soros tells you you're gonna blow up, maybe you should listen), but they were both well written.
There's a book called 'Campaign Trading' by Sweeney that's worthwhile from a multiple-systems/multiple-timeframes approach. Nobody ever mentions it here on ET.
Of course, all the books in the world won't matter if one doesn't get a grip on the EQ stuff.
Regards,
Laz
From TrendFund site:
Weeks recap
ES +2.25 to +10.25 depending on the exit you took on each play.
NQ +7 to +12 depending on exit on each play
ER -1.1 to -2 depending on exit on each play
YM -2 to -3 depending on exit on each play
Doesn't look too impressive. Moreover, this looks a lot like the stats on bestdaytrader.com page. Even then, this isn't so impressive. Averaging 5 points/week on ES and negative on YM.
Even my friend who's new to trading and learning scores at least 5-10 points/week on YM
Weeks recap
ES +2.25 to +10.25 depending on the exit you took on each play.
NQ +7 to +12 depending on exit on each play
ER -1.1 to -2 depending on exit on each play
YM -2 to -3 depending on exit on each play
Doesn't look too impressive. Moreover, this looks a lot like the stats on bestdaytrader.com page. Even then, this isn't so impressive. Averaging 5 points/week on ES and negative on YM.
Even my friend who's new to trading and learning scores at least 5-10 points/week on YM
Not only that, but I also don't see any mention of an audit anywhere on their site.
Meaning if they don't even trust their methods enough to trade themselves and earn some real money, and/or don't have their results audited, then those results really aren't worth the paper they're printed on, everything can be manipulated that isn't audited, and even then you need to be careful.
