THE MARKET WIZARD THREAD

Hi,

Its been some time since I read the books. But I had the impression that the majority of the names mentioned did arbitrage, not position trading. Most did stock vs. option arbitrages. Do I remember correctly?

Sridhar
 
Quote from ADX_trader:

I like the following

6) Ed Seykota
7) Larry Hite
20) William Eckhardt
21) Monroe Trout
25) Victor Sperando
27) Linda Bradford Raschke


and also Mark Cook and SAC in the SMW.


9) William O'Neil

He is one of my least favorite. He gives me an impression that we should only buy stocks.

Short sell or derivatives are not good nor ethical. Just like Peter Lynch.
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ADX;
Liked your read on Candletraders /Schwager read;
those derivatives personal opinions I dont think are shared by
William O'Neil
[Based on chapter 12 on options & real estate,
in book How to make Money in Stocks by William O 'Neil]

His short selling comments could be summed up;
made money in 2 bear markets, lost money in 7 bear markets;
made first fortune on 2 longs, 1 short stock.

Sure he favors long stock and does warn concerning options;
but he left a broker aparently partly involving shorting thier recommended longs:D

Like Steve Cohen & Mark Cook applications also,
[Newest Schwager top trader book]
 
Quote from swheat:

My favorite quotes from New Market Wizards are from Stanley Druckenmillers interview:

Soros came into my office and we talked about the trade.
"How big a position do you have?" he asked.
"One billion dollars," I answered.
"You call that a position?"
=================================
"It takes courage to be a pig."
More...

I think that approach made Soros rich. Very rich. As Stanley Druckenmiller: "You have to be a pig to make a lot of money".
 
I have nothing to add.

nitro
Quote from Lefty62151:

You know folks, this preoccupation with "market wizards" does you no good, except as you learn to identify the characteristics that they all seem to have in common. I talk with several of these folks on a pretty regular basis. What I have come to notice about them is the following:

1. They are independent thinkers
2. In any situation, they remain self-possessed and able to think
clearly about their options.
3. They know how to research
4. When they see an opportunity based on their research, they
believe it, and they act decisively.
5. When they are wrong, they change gears promptly. They do
not wait for the sky to fall on them.
6. They prepare for the unexpected.

Bottom line, is these are disciplined people who have talent. They work hard and they don't screw up. Theres really nothing new under the sun is there. Enough of this already, Good luck, Lefty
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Mr Baldwin made well over 30 millions
maybe 100 millions or more, He used to have
his private Jet (gulfstream 3- a $12 million/$3k hour jet)

a Upper Michigan country home..

But a I dont Know if he's still trading 3k a day at the 10 yr bond pit today.

I dont Think so
 
Quote from candletrader:

Bump... further contributions are welcome...
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Hey Candle, maybe this has already been mentioned but let's not forget there is a third book in the Market Wizard series, titled, Stock Market Wizards: Interviews with America's Top Stock Traders.

I just got the book and am starting to read it. Even though I trade money not stocks I am sure there are some good tips on trading in general.

Coinz
 
Quote from candletrader:

Please discuss which, if any, of the following characters have had a profound effect on your trading and/or motivation...

New Market Wizards:

20) William Eckhardt
21) Monroe Trout
More...
I was fascinated by the fact that although math whizs Eckhardt and Trout disagreed on the value of moving averages (Trout was right :D), they both agreed that RSI, stochastics, Gann angles and Fibonacci anything was all garbage. Always nice to have my gut feelings confirmed by the experts. :D :D
 
Mr. Schwager, when is your next book in the series coming out? (follow-up plus new traders)

edit: and to make a real contri: i liked seykota best, not only for trading, but certainly lessons for life as well.
 
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