Traders make money, but here is how some traders make serious money

I was talking with a friend of mine. We used to make huge percentage returns on our trading an now we dont.

He said to me man we had no idea how easy it was in the late 90s we both should have been millionaires a few times over.

he was right. we had a very high daily winning percentage and made about 20 - 50 trades a day.

But, Market Wizards got me out of mutual funds into trading. And my take from the book can be boiled down to what Seykota said. There are old traders and bold traders but there no old bold traders. Or something like that.

I really bought into the snowball concept. Now I know that when you have a significant edge you got to scale it up. But I also know you have to live to trade another day. I was always concened about what was later called black swan event. But I don't think single guys without familes should be worried about those events if they have an edge.

I know I am not the first guy to figure that out. hence prop and hedge shops.
 
Quote from jem:


But, Market Wizards got me out of mutual funds into trading. And my take from the book can be boiled down to what Seykota said. There are old traders and bold traders but there no old bold traders. Or something like that.
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Ironically, Seykota is reputed to be extremely bold -- maybe even ridiculously bold.

He's reportedly come back from 60% drawdowns.

That's old information though... circa 2001 or so. No idea what he's doing now.
 
If you actually knew anything you'd never be posting about it here.

This is the talk of a man trying to convince himself that he's not just a gunslinger, a shot taker.

Maybe some here will believe.
 
my thread may be complicated for some people here,

so let me simplify,

if you know how to trade, you won't be afraid of a bigger position every now and then.

if you don't know how to trade, if you don't have experience, you will lose regardless of your position size

there you go, simple and clear :cool:
 
Quote from stock777:

If you actually knew anything you'd never be posting about it here.

This is the talk of a man trying to convince himself that he's not just a gunslinger, a shot taker.

Maybe some here will believe.
More...

you my friend are an idiot, you have 3 thousand something posts

that means you REALLY don't know shit, (according to your logic)

did it ever occur to you that some people like to talk about what they do

cause they are passionate about it.

look it up in dictionary
 
Quote from FutTrd:

my thread may be complicated for some people here,

so let me simplify,

if you know how to trade, you won't be afraid of a bigger position every now and then.

if you don't know how to trade, if you don't have experience, you will lose regardless of your position size

there you go, simple and clear :cool:
More...

Your punctuation is spectacular. Judging by your 15k blowups and beautiful writing style, you look like the next market wizard.

Please sign me up to your trades -- I'll split half of my profits with you based on what you send me.
 
scriabinop, you are pissed cause you missed todays rally

and let me guess you bought now, it might be to late

tomorrow could be down :p
 
My only comment on this thread is the day you have confidence that you know how to trade, and even give yourself 95% probabilities on trades will be the first day of many days until your ultimate demise.
 
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