some of the Market Wizards are taking hits.
- Thread starter MainFramer
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After speaking with my attorney this morning about the legal aspects of this idea, I was advised to let the idea go. Some implications of posting real-time open positions and charging subscription fees even for a good cause had him very nervous.
Since I wasn't thinking of doing it for bragging rights (I have nothing to prove to anyone - I participated in 5 stock picking contests, and I won 3 , finished 3rd and finished 5th), but both for education and charity, I no longer have a valid reason to put the time into such event. (wife is very happy about that). That's too bad, because I was really excited about it for a whole 16 hours
P2,
I think that you are a great trader, and I also admire the fact that you have the balls to say what you said about your trading ability. and I don't for a second think it was an ego thing rather than FAITH in both your trading system and trading ability. However, I have to disagree with you when you said "I admit quite freely that he is the better trader." A master trader in my book is someone who has a winning system and executes his trading plans with discipline. The end result in dollar and cents or percentage returns normally reflect and is directly related to the risk taken at any time - be it leverage, exposure, etc.
I guess my point is that as long as two traders execute their game plan and follow their risk management rules and guidelines religiously, then there is no better trader. The returns will be directly related to risk.
Anyhow, my hat is off to you. Keep up the good work and take money out of the market.
Tony
Since I wasn't thinking of doing it for bragging rights (I have nothing to prove to anyone - I participated in 5 stock picking contests, and I won 3 , finished 3rd and finished 5th), but both for education and charity, I no longer have a valid reason to put the time into such event. (wife is very happy about that). That's too bad, because I was really excited about it for a whole 16 hours
P2,
I think that you are a great trader, and I also admire the fact that you have the balls to say what you said about your trading ability. and I don't for a second think it was an ego thing rather than FAITH in both your trading system and trading ability. However, I have to disagree with you when you said "I admit quite freely that he is the better trader." A master trader in my book is someone who has a winning system and executes his trading plans with discipline. The end result in dollar and cents or percentage returns normally reflect and is directly related to the risk taken at any time - be it leverage, exposure, etc.
I guess my point is that as long as two traders execute their game plan and follow their risk management rules and guidelines religiously, then there is no better trader. The returns will be directly related to risk.
Anyhow, my hat is off to you. Keep up the good work and take money out of the market.
Tony
OZ: I appreciate your kind words. I agree with you as well about the point that as long as you make money, you're achieving your goal. Doing well is only as good as achieving your own goals. I've had days where I made 10k+ and been pissed at myself cause I should have made twice as much, yet other days where I've been totally pasted and lost 15k (stock halts mainly), and been glad that what SHOULD have been a true Cherynobyl, ended up being a mere three mile island. It's just meeting your own goals.
As per a challenge, I'd still be interested in setting one up. Maybe Baron could do it. Make it a 1 year challenge, anyone can join. We use closing prices on the day of the trade, and there's a 3 day minimum holding period. Make it something for the longer term traders. We'd all start with an imaginary 100k or something. What do you guys think about that?
As per a challenge, I'd still be interested in setting one up. Maybe Baron could do it. Make it a 1 year challenge, anyone can join. We use closing prices on the day of the trade, and there's a 3 day minimum holding period. Make it something for the longer term traders. We'd all start with an imaginary 100k or something. What do you guys think about that?
Originally posted by TonyOz
After speaking with my attorney this morning about the legal aspects of this idea, I was advised to let the idea go. Some implications of posting real-time open positions and charging subscription fees even for a good cause had him very nervous.
Since I wasn't thinking of doing it for bragging rights (I have nothing to prove to anyone - I participated in 5 stock picking contests, and I won 3 , finished 3rd and finished 5th), but both for education and charity, I no longer have a valid reason to put the time into such event. (wife is very happy about that). That's too bad, because I was really excited about it for a whole 16 hours
P2,
I think that you are a great trader, and I also admire the fact that you have the balls to say what you said about your trading ability. and I don't for a second think it was an ego thing rather than FAITH in both your trading system and trading ability. However, I have to disagree with you when you said "I admit quite freely that he is the better trader." A master trader in my book is someone who has a winning system and executes his trading plans with discipline. The end result in dollar and cents or percentage returns normally reflect and is directly related to the risk taken at any time - be it leverage, exposure, etc.
I guess my point is that as long as two traders execute their game plan and follow their risk management rules and guidelines religiously, then there is no better trader. The returns will be directly related to risk.
Anyhow, my hat is off to you. Keep up the good work and take money out of the market.
Tony
attorneys get paid to be nervous ...
rule one of being an attorney
always tell the client everthing is dangerous
a) if the client then does not do it, he is none the wiser if it would have worked or not, and you bill him for the advice
b) if the client goes ahead anyway, and the business works out - the attorney knows the client expected him to be cautious anyway - and its the client who is the entrepreneur anyway
c) the attorney favourite - and the one they make the most money from - the client screws up and the attorney comes to the rescue - and really screws the client
here's a good one - ask your attorney - if you should get another attorney to advise you on your business ideas - catch 22
always tell the client everthing is dangerous
a) if the client then does not do it, he is none the wiser if it would have worked or not, and you bill him for the advice
b) if the client goes ahead anyway, and the business works out - the attorney knows the client expected him to be cautious anyway - and its the client who is the entrepreneur anyway
c) the attorney favourite - and the one they make the most money from - the client screws up and the attorney comes to the rescue - and really screws the client
here's a good one - ask your attorney - if you should get another attorney to advise you on your business ideas - catch 22
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