Rich and Taleb agree.....

Quote from marketsurfer:

ps. may i also suggest ..."education of a speculator" niederhoffer, and "practical spec...." by kenner/niederhoffer as good books to teach one how to think about the market.
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How is it that you piss on trend traders and then recommend two books written by a trader who has blown up at least twice? How exactly does that work? It seems that your skepticism stops at VN's front door. :p
 
Quote from ProfitTakgFool:

infolode, study statistics. Even a random data set will revert to the mean but it may take some trial and error. You can overcome this problem if you manage your account wisely. The farther the data moves from the mean the higher the probabilty it will revert to the mean. And, the more volume that goes into the move away from the mean the higher the probability price will revert back to the mean.

Have you ever seen a washout strong volume bottom retrace 50% (or more) of the move on light up volume? How is this possible? Because sellers are GONE. Most of the volume occurs at the tops and bottoms of the market. Watch that volume!
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Sure, and the mean can be past your stop price by the time price reverts...
 
Quote from ProfitTakgFool:

Entirely true. I lose money everyday.
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So do I but I profit too...if that makes any sense. I'm "profitable" in less than half of my trades.
 
Quote from Thunderdog:

How is it that you piss on trend traders and then recommend two books written by a trader who has blown up at least twice? How exactly does that work? It seems that your skepticism stops at VN's front door. :p
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pissing? nice choice of words. you seem to support gallacher's book based on your other posts--- i agree with him except for the LW misstatements, otherwise the guy is right on.

VN doesnt teach you how to trade, his gift is teaching how to think--- his personal results speak for themselves despite the drawdowns. the success of traders from his mentorship is just one example of his teaching ability.

surf
 
Ty Cobb has a lifetime batting average of .366 and he is at the top of the list at the hall of fame.



Quote from infolode:

So do I but I profit too...if that makes any sense. I'm "profitable" in less than half of my trades.
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Quote from infolode:

So do I but I profit too...if that makes any sense. I'm "profitable" in less than half of my trades.
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obviously, your edge is not in the entries, right??

surf
 
Quote from marketsurfer:

pissing? nice choice of words. you seem to support gallacher's book based on your other posts--- i agree with him except for the LW misstatements, otherwise the guy is right on.

VN doesnt teach you how to trade, his gift is teaching how to think--- his personal results speak for themselves despite the drawdowns. the success of traders from his mentorship is just one example of his teaching ability.

surf
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Gallacher's comments about LW were presented as fact because that is what they are. It is difficult to disagree with facts, especially after I had contacted the NFA (as a result of an earlier exchange between you and me) about the matter, and verified Gallacher's representations of fact with an enforcement attorney. As for his opinions about technical trading, I did not find myself agreeing entirely. However, kindly observe that statistical or other "scientific" analysis of price or price/volume data alone also qualifies as technical analysis if it does not rely on economic fundamentals. So unless your trading relies on fundamental analysis, then Gallacher holds your trading in equal regard to how he holds mine.

As for VN, it is true that some notable names passed through his door. However, judging strictly by their relative performance it remains unclear as to who was teaching whom. In any event, and in all fairness, I read both of VN's books and got absolutely nothing out of either of them. I got more out of 2 chapters of Schwager's Market Wizards than I got from both of VN's self-congratulatory tomes.
 
Quote from Thunderdog:

Gallacher's comments about LW were presented as fact because that is what they are. It is difficult to disagree with facts, especially after I had contacted the NFA (as a result of an earlier exchange between you and me) about the matter, and verified Gallacher's representations of fact with an enforcement attorney. As for his opinions about technical trading, I did not find myself agreeing entirely. However, kindly observe that

As for VN, it is true that some notable names passed through his door. However, judging strictly by their relative performance it remains unclear as to who was teaching whom. In any event, and in all fairness, I read both of VN's books and got absolutely nothing out of either of them. I got more out of 2 chapters of Schwager's Market Wizards than I got from both of VN's self-congratulatory tomes.
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first, i don't believe you about contacting the attorney--first they wouldnt comment to you--- get real!

if im wrong---whats the persons name?


being that these traders in VN's stable were in school or just out of school and this was their first real experience in the market shatters your who taught who suggestion.

i guess not everyone can learn from VN's style, thats fine with me. i agree its unusal and different, but wisdom awaits those who take the time.

surf
 
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