Idiot Savants

E

-EntropyTrader

So any Idiot Savants out there? Know of any?





zentrader wrote:
I recently saw a webcast lecture from Paul Tudor Jones in which he said successful traders fall into four categories:
1. Arbitrageurs/market makers
2. Specialised top-down long/short hedge funds
3. Trend traders (such as Eckhardt above)
4. Idiot savants

He mentioned that those idiot savants were purely discretionary/intuitive traders and he only knew about 5 personally who were successful. I may have got this a little wrong (going off memory), but you can check out the webcast at: http://www.clicklive.com/NYMEX/symp...ontent_page.htm
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I knew a slew of guys who could trade the NYSE by tape reading with the spoos. There were dozens that made a good living. I do not know if any of them make money doing that anymore. There use to be a real edge to reading the book. I do not see it overcoming commissions too often anymore. Same thing happened to level 2 trading. (I am sure there are exceptions).

I know of one hedge fund guy out here who apparently buys them when there low and sells when their high and particularly loves to short even during bull markets, who made so much money he nows has his own jet. But I haven't talked to one of his traders in a year. I understand that he learned fundmental analysis and t/a to talk to investors but the real deal was he had balls and feel according to guys who worked on his desk.
 
quote from jem:

I knew a slew of guys who could trade the NYSE by tape reading with the spoos. There were dozens that made a good living. I do not know if any of them make money doing that anymore. There use to be a real edge to reading the book. I do not see it overcoming commissions too often anymore. Same thing happened to level 2 trading. (I am sure there are exceptions).

I know of one hedge fund guy out here who apparently buys them when there low and sells when their high and particularly loves to short even during bull markets, who made so much money he nows has his own jet. But I haven't talked to one of his traders in a year. I understand that he learned fundmental analysis and t/a to talk to investors but the real deal was he had balls and feel according to guys who worked on his desk.
More...


Yeah those guys must be a really small minority. But I guess whatever approach you take as long as you have a solid money/risk management plan, you should at least survive.
Following the gut can be profitable as long as your don’t allow the prejudices of the mind to interfere – and you’re backed up by solid money/risk control methods.
 
Maybe someday I will fit the bill - I think I have captured the esscence of the first part (idiot) now if I can just grab hold of the second part (savant) :D
 
Quote from plumlazy:
Maybe someday I will fit the bill - I think I have captured the esscence of the first part (idiot) now if I can just grab hold of the second part (savant)
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lol
Hope we graduate to that level soon.
 
There was a contest on ET once to just look at some charts and tell if they were random or actual, I scored about 85% right by just looking and answering. Others scored better than that. I also have the idiot part down pretty good on a lot of days.:)
 
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