Understanding the broad brush strokes of someone's discretionary manner of trading is not quite the same as being able to duplicate it. Especially someone who observes many and disparate moving parts. Perhaps I am just cognizant of my own limitations, so please take my remark in that context.
Soros on Trend Following
- Thread starter qlai
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Frankly i get more out of his Quantum fund , ex jr partner;James B Rogers jr. I reread that Jack Schwager interview, he was the jr analyst/partner+ Mr Soros the trader..........................................
No doubt another brilliant guy, but I find him too macro for me to learn anything that I can put into practice. If you like macro, below is an excellent book
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Really?? I got a lot out his interview/Jack Schwager+MODERN TRADER magazine;
[1] I [jim rogesr]dont own any bitcon[bitcoin]+ noted all the failures........................................
[2]I've made [myself]more on buy highs in a good uptrend; but his buy value is another way to do it,OK.
[3-7]Bottoms are made on a 10 year chart;amen. BUT His chart of inflation adjusted oil is nothing but confusion to me but to each , his own.LOL
, I like that quote as well. It is a wonderful example of the way Soros approaches markets. The skill that not every one has, but most can acquire, is to figure out the flaw(s) in the current thesis which is driving the market trend. Because being able to recognize what the flaws are tells one where to look for signs that the trend may be running out of steam. Another Soros trait is that once he is ahead he will take more risk with his gains than he will with his core capital. that is to say he will employ more leverage when investing his gains than when investing his "grub stake".I love this paragraph which comes from "Soros on Soros" book. Timeless (so don't give me any crap about this book being from the 90's).
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Once you let the Soros assumption that markets are always wrong sink in-- or my personal version, "markets are wrong far more than they are right" -- you no longer worry about them being too high or too low. And that prevents you from letting your nervous concern force you out too early or jump in too soon. You become perfectly at ease with a market that is ridiculously high or low, which they are much of the time.
It was reading Soros that convinced me that in anything other than short term trading a deep understanding of macroeconomics and money was going to be very helpful. As a result I became a serious student of economics from 2005 onward. Then around 2009 I first became aware of MMT and I began to read what those economists were writing. I was fortunate in that one of my closest friends is a classically trained (Rutgers/Harvard) environmental economist who could answer my questions and steer me in the right direction. I talk to him often, and he jokes that I am his best student. I am still studying and reading. I am embarrassed to think how horribly wrong my very conventional views on economics were at the beginning of my study. Had I not at some point got interested in Soros, I'd still be floundering in the dark.
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Mostly agree.
BUT his definition of ''trading is a real time experiment// =Very helpful.
That + ''markets have a bias''......................................................................................................