sliding the stop down to 601 to lock in gains---
surf
surf
Surf's Special Situation Journal
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Schwagers new book out, looks like a good one...
My new book, Market Sense and Nonsense, has just been released in Kindle format. The hardcover format has an official publication date of November 6, but may be available a few days earlier. The âLook Insideâ feature is currently available on Amazon, and I believe that the table of contents will provide prospective readers with a good idea of what this book is all about.
Market Sense and Nonsense is my personal compendium of the widely held investment misconceptions I have observed in the course of my career. The book has its origins in the various investment fallacy talks I gave at industry conferences in the mid-to-late 2000s, I always envisioned a book around this theme, but the idea had to percolate for many years before I could figure out how to write a book that was both pertinent to industry professionals and accessible to lay investors.
Although the publication of Market Sense and Nonsense comes only six months after the publication of Hedge Fund Market Wizards, it has been in the works for several years. I set aside a draft of Market Sense and Nonsense to write Hedge Fund Market Wizards, and I returned to complete the project after that book was finished (which explains the short time gap between the two books).
The basic theme of Market Sense and Nonsense is that many widely held investment assumptions are quite simply wrongâthat is, if we insist they apply in the real world. I hope that Market Sense and Nonsense prompts readers to question some of their previously unquestioned investment assumptions and to change some long-held beliefs.
Jack Schwager
My new book, Market Sense and Nonsense, has just been released in Kindle format. The hardcover format has an official publication date of November 6, but may be available a few days earlier. The âLook Insideâ feature is currently available on Amazon, and I believe that the table of contents will provide prospective readers with a good idea of what this book is all about.
Market Sense and Nonsense is my personal compendium of the widely held investment misconceptions I have observed in the course of my career. The book has its origins in the various investment fallacy talks I gave at industry conferences in the mid-to-late 2000s, I always envisioned a book around this theme, but the idea had to percolate for many years before I could figure out how to write a book that was both pertinent to industry professionals and accessible to lay investors.
Although the publication of Market Sense and Nonsense comes only six months after the publication of Hedge Fund Market Wizards, it has been in the works for several years. I set aside a draft of Market Sense and Nonsense to write Hedge Fund Market Wizards, and I returned to complete the project after that book was finished (which explains the short time gap between the two books).
The basic theme of Market Sense and Nonsense is that many widely held investment assumptions are quite simply wrongâthat is, if we insist they apply in the real world. I hope that Market Sense and Nonsense prompts readers to question some of their previously unquestioned investment assumptions and to change some long-held beliefs.
Jack Schwager
He is talking like he uses some tech analysis and seems to be ignoring comments or questions which would expose him to outright admitting it. So, those two pieces of evidence suggest he is out of the tech analysis closet completely or is at least poking his head out of it.
Quote from Pekelo:
So I go away for 2 days, and Surf has just came out of the TA closet???
Thanks Surf for the info. After all, you can do other things than just entertainment.
On Amazon, the rating is going through the roof for this book. Supposedly the best of the series. I ordered it through my library system...
Best quote:
"Steve Clark:
Let me tell you the trouble with trading. There is no career in trading. You are only as good as your last trade, and that is it. You build nothing; you just trade. The day you stop trading, it's gone. So what you have spent doing for X hours every working day of your life has ended, and there is nothing left to show for it, except for money. You have to keep trading because you don't want to stop and look back. Because what have you done? You have built nothing. You have achieved nothing."
On Amazon, the rating is going through the roof for this book. Supposedly the best of the series. I ordered it through my library system...
Best quote:
"Steve Clark:
Let me tell you the trouble with trading. There is no career in trading. You are only as good as your last trade, and that is it. You build nothing; you just trade. The day you stop trading, it's gone. So what you have spent doing for X hours every working day of your life has ended, and there is nothing left to show for it, except for money. You have to keep trading because you don't want to stop and look back. Because what have you done? You have built nothing. You have achieved nothing."
Thanks Pekelo-- My mentor in the in hedge fund business, who shall remain nameless, told me the exact same thing back in 2005.
It's sad but very true-- the worst part is, most don't even have money to show for it--- surf
SURF ALERT
We are out of the AAPL trade @ 601 flat
We are out of the AAPL trade @ 601 flat
No he did not. He demonstrated that a carefully selected string of random entries was profitable when applying "good money management". Apply the same logic to a string of not so carefully selected random entries and see what you get.
Don't believe everything you read. When in doubt, test it yourself and don't trust anyone else to do it for you. :eek:
To further comment on Van Tharp and the "random entries profitable through money management" system -
I actually had to go look it up again, I haven't opened TYWTFF for a decade. Unfortunately I can't find the newsletters, there might be more info in them. If memory serves, Tharp had access to a profitable system and they replaced the entry logic with "random entries". Using various MM rules they could "prove" the system was still profitable.
More specifically, the exits were certainly not random. So saying he demonstrated that a "random entry" system can be profitable using "money management" only, is wrong. He demonstrated that a profitable system remained profitable. Most likely curve fitting the data (just guessing here, but hey, he was trying to make a point in a book).
If you've done any systems testing you know entry/exit/profit/money management-logic are interrelated in mysterious ways and trying to optimize or test one part without affecting another is near impossible. It's like a game of whack-a-mole.
So finding a profitable random entry system for a limited time series is not really a problem. If you're writing a book and need to make a point, it's not an issue. Making it work across multiple timeframes and instruments is a completely different thing.
I actually had to go look it up again, I haven't opened TYWTFF for a decade. Unfortunately I can't find the newsletters, there might be more info in them. If memory serves, Tharp had access to a profitable system and they replaced the entry logic with "random entries". Using various MM rules they could "prove" the system was still profitable.
More specifically, the exits were certainly not random. So saying he demonstrated that a "random entry" system can be profitable using "money management" only, is wrong. He demonstrated that a profitable system remained profitable. Most likely curve fitting the data (just guessing here, but hey, he was trying to make a point in a book).
If you've done any systems testing you know entry/exit/profit/money management-logic are interrelated in mysterious ways and trying to optimize or test one part without affecting another is near impossible. It's like a game of whack-a-mole.
So finding a profitable random entry system for a limited time series is not really a problem. If you're writing a book and need to make a point, it's not an issue. Making it work across multiple timeframes and instruments is a completely different thing.
Yes, I do not disagree about the exits. However, I do believe your exact words can be accurately used when describing ANY entry, including those THOUGHT to provide an edge determined by technical analysis. surf
PS-- does your last name start with the third letter in the alphabet?
new movie on HFT and how the market actually works now-- note--no TA users featured
http://ghostexchangemovie.com/
http://ghostexchangemovie.com/
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