Endicott's genuine advice to young people who want to make it as pro traders

[lawrence-lugar]

I don't believe a bird can teach me to fly, bird can show me how he flies, but can't teach me, I can flap my arms all day long and nothing going to happen.

...You look for the birds...they're gonna help you, those birds...you'll see -- good luck."

--Eli Wallach, Wall Street 2. 2010 movie

 

[Handle123]

...You look for the birds...they're gonna help you, those birds...you'll see -- good luck."

--Eli Wallach, Wall Street 2. 2010 movie

So you want to learn how to fly? ROFLMAO.

Think she knows how to fly? Notice any cracks?

 

[yiehom]

Right: if the student is willing and the teacher is capable, they form the dream team.

Experienced traders can show you how they trade but they can't teach you to trade and make you trade as exp trader does. If you have gone to college, most professors know their subject better than anyone, but just hanging out at classes and listening is not going to make you learn. I think there huge difference between teaching someone and them having what it takes to grasp concepts and perform as I do.

Past twenty years I been trying on/off to teach people cause it either gets very boring for me or I wanted a staff to trade, some students in beginning would stay with me a month and staff got in beginning 4 hours a day for two months, I went through 22 unemployed engineers and settled on ten and now five years later I have seven, and most of the seven are better than I am. First 1.5 years, staff only did simulated trading and they never knew when I eventually went to real time. Other students I have done through email, phone, text. What I have always noticed, time spent in person means little if I am not insisting on great deal of homework. The student trader has to actually do and see and be quizzed on and trade sim till they a monkey. And even still with all the time, only 40% can trade for a living, so 60% of time I am failing. Some of the times they not fast enough as I am a Scalper, but even if they took half the trades, they could do well.

Not most are suited to trade, you have to be able to breath it at some point, something snaps and BAMM-they understand. What I do find amazing, some of them eight years later still send me their nightly chart with trades they took, I still look over them and once in awhile might make a comment. Most often say they do so as they know if they did wrong, I will scream at them. I find it amazing that some people need mental reinforcement even though they have proven to do well. I find all people amazing, but that does not mean I want them in same room, I have my own social challenges.

I had a mentor is was an amazing day trader, he was of genius in IQ, masters in education, and yet, I just could never be anywhere as near a trader as he was. He lacked patience and frankly not too good of a teacher, but he let me ask him questions for years, most of answers were beyond my abilities to understand him.

So just have a bird means not as much as you think if it is the wrong bird for you.

STARBUCK time !!!

 

[kut2k2]

The ignorance displayed in this thread about LTCM is appalling. The assumption that just because they had computers and a few PhDs and even a Nobel prize winner or two that they should have killed it is ludicrous. And their failure is in no way "proof" that math doesn't work.

What LTCM did isn't some big mystery. First of all, they didn't pursue a basket of strategies. Their focus was on highly leveraged arbitrage trades. No directional trades at all. They probably had no better idea how to find a trend than most of ET does. Believe it or not, there is no math class called Trend Finding. It remains for most, mathematically adept or not, an art and for a very few, an undisclosed science.

Mathematics and statistics are very beneficial tools but possessing them is no guarantee that you'll find the best edge(s). But they can enable you to optimize your edge once you find it.

 

[endicottsteel]

if anything the responses from some on this thread back up my point about joining a professional firm. just sayin.

 

[yiehom]

So, ladies and gents, it took our here resident great pretender a whole week, in an age of google and wikipedia, to figure out that LTCM doesn't stand for Losing Trader Crappy Moron.
A pity but I now understand he needs all the math he can find where we all have more than enough with elementary arithmetics.