How many of the 'Market Wizards' blew up?
- Thread starter Cutten
- Start date
Richard Dennis. He describes it in his interview in the first Market Wizards book.
to be honest to his readers, schwager should include appropriate footnotes in the subsequent editions of his books.
for example:
title of chapter (and i'm making this up): "interview with trader X. The magic of the markets, esoteric access to tomorrow's quotes through teleportation"
footnote (bottom of the first page of the interview):
"trader X, interviewed in this chapter, blew up in 1999."
otherwise, people can be easily misled. 'wizards' creates the dangerous illusion that the trader in question is invincible and never blew up.
i think raschke didn't blow up. no wonder. she's a professional composer, and as such, knows that all the pseudo-scientific bullshit crap about the markets is not only useless, but dangerous as well.
she relies on her intuition to address the relevant issues. i don't have access to her financial records, but she looks like she's pretty well off. she doesn't produce the impression of a desperate newsletter writer.
for example:
title of chapter (and i'm making this up): "interview with trader X. The magic of the markets, esoteric access to tomorrow's quotes through teleportation"
footnote (bottom of the first page of the interview):
"trader X, interviewed in this chapter, blew up in 1999."
otherwise, people can be easily misled. 'wizards' creates the dangerous illusion that the trader in question is invincible and never blew up.
i think raschke didn't blow up. no wonder. she's a professional composer, and as such, knows that all the pseudo-scientific bullshit crap about the markets is not only useless, but dangerous as well.
she relies on her intuition to address the relevant issues. i don't have access to her financial records, but she looks like she's pretty well off. she doesn't produce the impression of a desperate newsletter writer.
on a slightly different topic:
much has been made of the turtle system. i am not familiar with it, but i know reasonable people who use it.
i am a little nervous about something else though:
what is the legal regime of the 'turtle trading' designation? is it protected by any intellectual propery laws?
i mean someone has originally developed the system and then, probably, used it for commercial purposes.
now wouldn't that somebody (dennis or whoever it was) want to stop others from claiming they are turtles?
i mean suppose i am a follower of the turtle system, i just like it.
then i start writing books such as 'Varima Garch's Original Turtle Method', 'Varima's Turtle Tradings Techniques' .. .
i start writing 'turtle' newsletters, making turtle movies etc . . .
i mean wouldn't the original inventor of the system be pissed off by this turn of events?
since so many are using the 'turtle brand', as it were, for self-promotion these days, it is no longer a seal of approval, at least for me . ..
i can write a turtle book (i'm not saying it will be a good one, but i can call it turtle), you can write a turtle book, every ETer out there can make a turtle videoclip and start selling it .. .
it's like if everyone started brewing coca-cola on their own, and calling it coca-cola .. . just think about the mess we would be in . . .
i guess what i'm trying to say is: the word 'turtle' is no longer a guarantee of highest quality. so i really have to be very cautious as a consumer of all this . . .
much has been made of the turtle system. i am not familiar with it, but i know reasonable people who use it.
i am a little nervous about something else though:
what is the legal regime of the 'turtle trading' designation? is it protected by any intellectual propery laws?
i mean someone has originally developed the system and then, probably, used it for commercial purposes.
now wouldn't that somebody (dennis or whoever it was) want to stop others from claiming they are turtles?
i mean suppose i am a follower of the turtle system, i just like it.
then i start writing books such as 'Varima Garch's Original Turtle Method', 'Varima's Turtle Tradings Techniques' .. .
i start writing 'turtle' newsletters, making turtle movies etc . . .
i mean wouldn't the original inventor of the system be pissed off by this turn of events?
since so many are using the 'turtle brand', as it were, for self-promotion these days, it is no longer a seal of approval, at least for me . ..
i can write a turtle book (i'm not saying it will be a good one, but i can call it turtle), you can write a turtle book, every ETer out there can make a turtle videoclip and start selling it .. .
it's like if everyone started brewing coca-cola on their own, and calling it coca-cola .. . just think about the mess we would be in . . .
i guess what i'm trying to say is: the word 'turtle' is no longer a guarantee of highest quality. so i really have to be very cautious as a consumer of all this . . .
Quote from Humpy:
If I had the books I would google the inmates and probably know a bit more
Or alternatively perhaps you could ???????????? and let us know
Haaaaaaaaaaaaaaaaa !!!!!!!! Good one !!!!!
i think THE FIRST thing obama's new financial consumer protection agency should do is go to court and get a permanent injunction against the re-publication of schwager's books. or maybe have them removed from circulation altogether.
nothing has done more damage to the consumer, than those silly books.
don't get me wrong. it's a good read, but it's for teenagers. it's ok to have silly financial dreams when you're fifteen. but it's not ok to be tempted to put hard earned dollars at stake after reading these books.
i think schwager did a good and honest job, driven by curiousity. but then the myth pretty much left his control and is now built into these things
at a minimum the books should have a subtitle, for example:
"Market Wizards. TRADING MYTHOLOGY AND ITS HEROES"
I wouldn't be surprised if Robert Krausz lost money through his whole trading career, if indeed he actually traded for a living.
He always struck me as a system vendor, nothing more, nothing less. How he got into MW I don't know but it was probably part of his marketing plan so in that regards he was a success.
He always struck me as a system vendor, nothing more, nothing less. How he got into MW I don't know but it was probably part of his marketing plan so in that regards he was a success.