too much emphasis on defense in trading

If the offense / defense thing had a standard formula mix, there wouldn't be any great traders, just formula followers. Why aren't there more Schumachers or Federers or Jordans?

Not everyone gets to a badass.


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because of "limiting beliefs".
 
Quote from MacroEvent:

If the offense / defense thing had a standard formula mix, there wouldn't be any great traders, just formula followers. Why aren't there more Schumachers or Federers or Jordans?

Not everyone gets to a badass.


^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

because of "limiting beliefs".
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Now you're talking:)
 
Quote from marketsurfer:

hi oldtrader,

my aggressive offensive trading idea is certainly not meant for someone with the capital resources of PTJ. when PTJ started he was EXTREMELY aggressive and played constantly on the offense. this is documented on the rare and removed from the market , film entitled "trader", in which you witness a young PTJ at his aggressive finest.

certainly, once the aggressive offense brings you great capital, defense takes a much greater role in the overall strategy.

surfer
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Keep in mind that the Market Wizards interview took place in late 1980's. Jones didn't start his futures fund until September, 1984. So we're talking 5 years after he started.

I don't get the impression that Jones changed anything at that point. Looks to me like he was trying to pick tops and bottoms, pick the turns. But in the process was willing to take a number of losses until he got the right spot. Looked to me that he had a very strong idea of risk control.

OldTrader
 
Quote from darkhorse:

PTJ was right on. He was also right on when he said this:

"Suddenly a lightbulb clicks on and you start visualizing in advance the scripts the markets are following. These are the occasions when you have to max out with mega-positions and play just as hard as you can stand it."

Big contradiction? Or perhaps no real contradiction at all. Just two sides of the same coin. (With that said, PTJ probably stressed defense in his M wizards interview for one reason: most folks don't realize you must earn the right to be agressive, by first being consistently conservative.)

For the truly skilled, there is no artificial dividing line between offense and defense. They blend into the same thing -- correct action at all times. A great trader acts as he does because, given what he knows and understands, he simply could not act otherwise.

In my opinion, when a guy like PTJ speaks of offense or defense, he is just highlighting one aspect of an inseparable whole. The full picture is almost impossible to pack into a small space, especially in words a neophyte interviewer can understand.

If the offense / defense thing had a standard formula mix, there wouldn't be any great traders, just formula followers. Why aren't there more Schumachers or Federers or Jordans?

Not everyone gets to a badass.
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Good post.

By the way, I wouldn't have thought of Schwager as a "neophyte" interviewer. But I think the central point of your post is a good one.

OldTrader
 
Vince Lombardi knew the mentality ---

"Life's battles don't always go to the stronger or faster man. But sooner or later the man who wins, is the man who thinks he can"





if you "believe" then you are not on defense from my way of thinking.
 
Quote from MacroEvent:


because of "limiting beliefs".
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Eesh, Deja Vu.

It seems that ET has a number of "infinite loops."

Psychology is the holy grail, Tony Robbins can make us all winners of the zero sum game, losing traders can fade themselves to profitability, XYZ equation of the week / flavor of the month is the key to market mastery, how do I tell my jealous friends I am a way cool trader, yada yada yada... SSDT.



Quote from MacroEvent:

Vince Lombardi knew the mentality ---

"Life's battles don't always go to the stronger or faster man. But sooner or later the man who wins, is the man who thinks he can"
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P.S. not to be overly cynical, but how much value would this quote really have if not for Vince Lombardi's name attached to it.

I prefer, "The race is not always to the swift nor the battle to the strong -- but that's the way to bet."
 
Quote from MacroEvent:

Vince Lombardi knew the mentality ---

"Life's battles don't always go to the stronger or faster man. But sooner or later the man who wins, is the man who thinks he can"





if you "believe" then you are not on defense from my way of thinking.
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Man, you're full of wisdom tonight. What did you have for dinner??? :cool:
 
Quote from OldTrader:

Good post.

By the way, I wouldn't have thought of Schwager as a "neophyte" interviewer. But I think the central point of your post is a good one.

OldTrader
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True -- I was thinking more of the interview he did with the UVA reporter, as well as his natural desire to be accessible to a mass audience (the readers of the book).

If he and Schwager had drinks after the close, I'd bet that conversation was much more interesting.
 
Quote from darkhorse:

Eesh, Deja Vu.

It seems that ET has a number of "infinite loops."

Psychology is the holy grail, Tony Robbins can make us all winners of the zero sum game, losing traders can fade themselves to profitability, XYZ equation of the week / flavor of the month is the key to market mastery, how do I tell my jealous friends I am a way cool trader, yada yada yada... SSDT.
More...


well the great thing about trading is, my success is not dependant on your believing. :)
 
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