Quote from austinp:
Define the term <b>trader</b>
That is easy. One who makes a living out of trading. In plain, his cost of living is covered from profits from his trading. Jesse had lived for 48 years as such.
That is done on equal footing with everyone else... no inside information or special privilege.
Mind you insider info wasn't illegal until 1933 or so. More on it below...
Most of his huge winnings came from backroom deals and inside knowledge that let him take positions which worked.
Or not. So there was this 15-16 year old boy and insiders were feeding him? Of course I am just mocking you, because he made a name for himself LONG before he used insider info. Boy plunger, ring a bell?
Sure, later on he had some insider info deals, but that is inaccurate that he made most of his money on such a deals. Who were the insiders who told him about the upcoming Crash? Twice??
Get real...
He also tried to corner some markets with supposed "inside information" that blew up, when he got conned himself.
1. This just shows that insider info is not always a 100% win game. You need skill to execute it correctly.
2. He acknowledged himself the cotton deal was a loser because he broke his own rules: never work with others, use others tips.
3. He successfully cornered the tobacco market, but the guys on the other side went to Washington and the Price Fixing Committee fixed on a maximum price. In other words, he got screwed politically.
What part of that had to do with superior trading performance on equal footing with others?
Perhaps a 15 year old clerk who recognizes certain patterns thus able to predict future price movements???
Also, if he used insider info all the time, why did he employ clerks writting the prices up on big boards? After all it was all fixed already!!!
Jesse had no consistent system or method to create a lasting edge. He threw sh*t at the proverbial walls enough times, had some of it stick for big hits and banked some rolls.
This is just plain old ignorance. You surely don't believe one can make a living in the long run like that?
Why can't somebody use the same "no consistent system" method today and make a living?
His edge and "adult life" wealth all came from backroom deals on inside information.
This is getting old. Evidence please...
Oh yes. He got inside info on the upcoming San Francisco earthquake. I got it...
Here's my beef. Everyone goes around quoting his supposed quotes like they are gospel.
Because quite a few of them are like that. What do you think why his book is mentioned BY SOME OF THE BEST traders as the best trading book?
His pivot point strategy still works 100 years later...
One that comes to mind is Jack Whittaker... man who won the $315mil Powerball jackpot on 12/25/2002.
Great analogy! You are comparing a guy with 1000s of trades with another guy with one lucky strike.
I understand your beef, but it comes from not knowing how he traded...
Define the term <b>trader</b>
That is easy. One who makes a living out of trading. In plain, his cost of living is covered from profits from his trading. Jesse had lived for 48 years as such.
That is done on equal footing with everyone else... no inside information or special privilege.
Mind you insider info wasn't illegal until 1933 or so. More on it below...
Most of his huge winnings came from backroom deals and inside knowledge that let him take positions which worked.
Or not. So there was this 15-16 year old boy and insiders were feeding him? Of course I am just mocking you, because he made a name for himself LONG before he used insider info. Boy plunger, ring a bell?
Sure, later on he had some insider info deals, but that is inaccurate that he made most of his money on such a deals. Who were the insiders who told him about the upcoming Crash? Twice??
Get real...
He also tried to corner some markets with supposed "inside information" that blew up, when he got conned himself.
1. This just shows that insider info is not always a 100% win game. You need skill to execute it correctly.
2. He acknowledged himself the cotton deal was a loser because he broke his own rules: never work with others, use others tips.
3. He successfully cornered the tobacco market, but the guys on the other side went to Washington and the Price Fixing Committee fixed on a maximum price. In other words, he got screwed politically.
What part of that had to do with superior trading performance on equal footing with others?
Perhaps a 15 year old clerk who recognizes certain patterns thus able to predict future price movements???
Also, if he used insider info all the time, why did he employ clerks writting the prices up on big boards? After all it was all fixed already!!!
Jesse had no consistent system or method to create a lasting edge. He threw sh*t at the proverbial walls enough times, had some of it stick for big hits and banked some rolls.
This is just plain old ignorance. You surely don't believe one can make a living in the long run like that?
Why can't somebody use the same "no consistent system" method today and make a living?
His edge and "adult life" wealth all came from backroom deals on inside information.
This is getting old. Evidence please...
Oh yes. He got inside info on the upcoming San Francisco earthquake. I got it...
Here's my beef. Everyone goes around quoting his supposed quotes like they are gospel.
Because quite a few of them are like that. What do you think why his book is mentioned BY SOME OF THE BEST traders as the best trading book?
His pivot point strategy still works 100 years later...
One that comes to mind is Jack Whittaker... man who won the $315mil Powerball jackpot on 12/25/2002.
Great analogy! You are comparing a guy with 1000s of trades with another guy with one lucky strike.
I understand your beef, but it comes from not knowing how he traded...
