neiderhoffer

[me1969]

Quote from balda:

His book was a total waste of time.

Should you still decide to read his book DO NOT EAT close to the end of the book, I puked at the end.

Balda, you're tough, cause you managed to finish one of the VN books.

 

[bighog]

I spent perfectly good money on his book, it never reached the book shelf. Finished the book, said to self "that was a total waste" book went right in the trash can.

Lesson: never buy books from guys that wear orange, lime green or pink pants.

 

[LeonPhelps]

Quote from hughb:

I maintain a library of dozens of books about trading, some good and some not so good, but I keep almost all of them and re-read them from time to time. One book I did NOT keep was Niederhoffer's. It went in the trash after the first read. One thing I noticed about VN that I no one else mentions is that he "tries" to be an oddball, when in fact he really isn't. Showing up to work barefoot, reading the Enquirer and requiring his employees to do the same. dont forget about the senile old coot he hired to give him checkers lessons, (during the trading day). Those are things, (I believe), he just deliberately did to give himself the reputation of an oddball. I don't think he's actually any more neurotic than any other trader. In other words, it was just a facade.

Niederhoffer is a perfect example of someone who is getting by on connections, not competence. His personality built by word of mouth is much bigger than his trading ability and he still has people who want to hand over millions of dollars to him. On a % basis, many of us are much better traders than VN. But his "reputation" precedes him.

Is VN the Warhol of trading?

 

[EPrado]

Quote from Rodney King:

Quote from EPrado:

I like when he puts up pictures on his website of his get togethers. Makes the guys from Revenge of The Nerds look like studs.

.. Let us know when a group photo of the anonymous lowlifes who flame him on the web are available.. we can compare and contrast..

You cant argue the fact that he and his cronies are super nerds. When they get together for their dinners it's like The Last Supper of The Trekkies.


Sorry if you fall into this category and I offfended you....now back to your dungeons and dragons game.

 

[marketsurfer]

Quote from EPrado:

You cant argue the fact that he and his cronies are super nerds. When they get together for their dinners it's like The Last Supper of The Trekkies.


Sorry if you fall into this category and I offfended you....now back to your dungeons and dragons game.

it must be nice to throw stones from the security of an annonymous message board. tell us something about yourself, muscle man.

surf

 

[Pa(b)st Prime]

Quote from marketsurfer:

it must be nice to throw stones from the security of an annonymous message board. tell us something about yourself, muscle man.

surf

The name E Prado means nothing to you Surf?

You must not be a racing fan.

He rode Barbaro to victory in last years Derby!

 

[ByLoSellHi]

surf, it's not like me to trash anyone - I do it, but it's rare.

However, my criticism of Niederhoffer is not a personal one. I am just wondering how it is possible for a professional who manages money to not control their risks so that a single event can cause them to be forced to liquidate.

It doesn't seem that he used any risk control whatsoever, a la Brian Hunter.

 

[whitster]

neidorhoffer is an iconoclast, which is to his credit ( i like em) but...

imo, and this is the first thing i teach traders, RISK MANAGEMENT is paramount. without proper risk management, even a pretty good methodology is probably gonna lose.

neiderhoffer's entire schtick is that "i'm smarter than the market" combined with 'technical analysis doesn't work' etc.

it gets old

he got what he deserved - he blew out

 

[basis]

Vic is

1) very smart

and

2) very hubristic and idealistic.

Figure out which parts fall into which category (he's very open with his thoughts; it's not difficult), and you can make a LOT of money.

 

[taowave]

Quote from ByLoSellHi:

surf, it's not like me to trash anyone - I do it, but it's rare.

However, my criticism of Niederhoffer is not a personal one. I am just wondering how it is possible for a professional who manages money to not control their risks so that a single event can cause them to be forced to liquidate.

It doesn't seem that he used any risk control whatsoever, a la Brian Hunter.

You clearly arent a premium seller.....

I am in no way defending VN,but he has met the same fate that probably every premium seller has met if their clearing agent didnt treat(or at least consider) all short options as if they had a delta of 1.

VN is your classic monster ego trader who needs to be managed and report to a risk manager.Having him in charge is equivalant to letting the inmates run the asylum