Niederhoffer-- A tragic heroe?

Quote from jem:

As traderbee implies and I have said many times in the past - VN may be a great squash player and a smart guy. But he was either one of the best salesman, con men in wall street history - or he was one of the most insecure, ego driven, self destructive people to ever be in charge of 100s of millions of dollars.
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IMO his problem was that his best strength - extreme competitiveness and desire to be the best, or be seen to be the best - was a dangerous handicap in trading. Trading has some Zen qualities - to really be the best it is important not to try too hard to be, and especially not to think that you are. Because the easiest way to "up your game" and overtake the number 1 is to take on more risk. That works until it doesn't, then you go from top to bottom overnight. And thinking you ARE the best is extremely dangerous as pride and hubris are lethal in trading.
 
Quote from Cutten:

IMO his problem was that his best strength - extreme competitiveness and desire to be the best, or be seen to be the best - was a dangerous handicap in trading. Trading has some Zen qualities - to really be the best it is important not to try too hard to be, and especially not to think that you are. Because the easiest way to "up your game" and overtake the number 1 is to take on more risk. That works until it doesn't, then you go from top to bottom overnight. And thinking you ARE the best is extremely dangerous as pride and hubris are lethal in trading.
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interesting points, i concur to a degree.

however, think sac doesnt have dangerous levels of competitive zeal? whats the difference? is it better infrastructure to control the excessive drive?

surf
 
Only those with inside information or the ability to manipulate and get away with it make the big money and keep it.

Those trying to pick up the crumbs from that crew, are selling books and hustling for fees.

Prove me wrong.
 
Quote from Cutten:

- extreme competitiveness and desire to be the best, or be seen to be the best - was a dangerous handicap in trading. Trading has some Zen qualities - to really be the best it is important not to try too hard to be, and especially not to think that you are. Because the easiest way to "up your game" and overtake the number 1 is to take on more risk. That works until it doesn't, then you go from top to bottom overnight. And thinking you ARE the best is extremely dangerous as pride and hubris are lethal in trading.
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I always love this kind of Zen stuff! :D

Just like greed (aka: an eager desire for something) is important in trading, but never too greedy!
 
He's going to end up like the hobo who used to trade with his grand father.

Read his first book carefully, he has a deep seated psychosis that no one can beat the markets.
 
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