"I once lived in the same town as Seykota and his former girlfriend"
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Seykota / Van Tharp / etc seminar?
- Thread starter billpritjr
- Start date
Incline Village, NV U.S.A.
Which I believe is where Ed Seykota still lives.
Which I believe is where Ed Seykota still lives.
Quote from Troglodyte:
I once lived in the same town as Seykota and his former girlfriend.
From what I understand from conversations with her, Seykota declared personal bankruptcy in 1992 or thereabouts. I've tried to find some record of it online but I only find references to an IRS case about the same time "Seykota v. Commissioner".
Can anyone confirm this?
Any idea why a great trader would declare bankruptcy? Do all great traders eventually blow up?
I also heard that his seminars are all about emotions and psychology rather than trading. Did anyone attend his last seminar?
link:http://www.tradingmarkets.com/.site/stocks/education/bookreviews/bom.cfm?id=157&fullyread=1
"Fleckenstein: The vast majority of the Wizards are discretionary traders, people who regardless of their discipline still include a large dose of human judgment in their decision making. Very few depend on a mechanical systems. Ed Seykota, who was in the first Wizards book, was an exception. Have you found that it's harder to achieve outstanding results with a Black Box vs. a well-disciplined but still discretionary approach?
Schwager: Yes. All the Market Wizards have a specific methodology, but most of them do not have systems. There's a reason for that. It's very difficult to develop a trading system that can realize tremendous returns with low risk. There are people who have systems that make a lot of money but have high volatility. Even in the case of Seykota, his phenomenal returns were still achieved with great volatility. When I went out to Nevada to interview him, I remember his pulling out this 15-foot-long graph, showing his equity appreciating from $10,000 up to $15 million. But along the way, it could drop from, say, $6 million down to $3 million. Getting back to the basic question, to come up with a system that has very high return and moderate risk is extremely difficult. Achieving those extraordinary reward-to-risk numbers almost always requires some human element. There are exceptions. Lescarbeau is a systematic trader. His system did achieve what I would have thought was impossible for trading systems: extremely high returns with very low risk. There are also hybrid traders. Someone like David Shaw, who does quant-type arbitrage, has an elaborate, mathematical, computerized approach looking at hundreds if not thousands of inputs. However, this is not what most people think of by trading systems. Cook to some extent is a systematic trader: He has very specific indicators, but he still uses a degree of judgment".
Quote from PCanyon:
Has Seykota been managing money recently? I know he gained his reputation from results in the 70's and early 80's.
I was also curious if anyone knew if Al Weiss was a student of Seykota. They both lived in Encinitas, CA back during the above time period.
I remember that in his personal website he states that he's still managing other people's money.