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Documentary on Trading
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Documentary on Trading

  #1 (permalink)
Wiltz, Luxembourg
 
 
Posts: 11 since Jun 2019
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Documentary on Trading

Hi Everyone,

Back in the 90s a documentary was made on Paul Tudor Jones. Which isn't available nowadays anywhere as Paul Tudor later purchased every VHS copy of that documentary & made sure to remove every copy available on online too - in a fear that it might expose his trading style & take away his trading edge .

Just finished watching the documentary - it seems Paul Tudor is using Elliott Wave to make his everyday trading decisions . I don't have any previous experience with Elliott Wave - mostly have heard that it's something extremely difficult to understand fully & then to apply on real time charts .

But then again , if making money in market was an easy job then we probably won't have a 92% failure amongst our traders' population (depending on source , that percentile may vary a bit) . And the fact that Paul Tudor later spent so much cash & energy to make every last copy of his documentation extinct - makes me a bit curious about it .

Is there someone else here who also uses Elliott Wave as his primary arsenal for trading futures ? I'd love to know about your opinion & experience so far on Elliott Wave. Would it be worth the journey to learn more about it & explore the Elliott Wave theory further?

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  #2 (permalink)
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  #3 (permalink)
Super Moderator
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xplorer's Avatar
 
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kolbe View Post
Hi Everyone,

Back in the 90s a documentary was made on Paul Tudor Jones. Which isn't available nowadays anywhere as Paul Tudor later purchased every VHS copy of that documentary & made sure to remove every copy available on online too - in a fear that it might expose his trading style & take away his trading edge .

Just finished watching the documentary - it seems Paul Tudor is using Elliott Wave to make his everyday trading decisions . I don't have any previous experience with Elliott Wave - mostly have heard that it's something extremely difficult to understand fully & then to apply on real time charts .

But then again , if making money in market was an easy job then we probably won't have a 92% failure amongst our traders' population (depending on source , that percentile may vary a bit) . And the fact that Paul Tudor later spent so much cash & energy to make every last copy of his documentation extinct - makes me a bit curious about it .

Is there someone else here who also uses Elliott Wave as his primary arsenal for trading futures ? I'd love to know about your opinion & experience so far on Elliott Wave. Would it be worth the journey to learn more about it & explore the Elliott Wave theory further?

Have you tried searching threads for 'elliot wave' ?

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  #4 (permalink)
London, United Kingdom
 
 
Posts: 23 since Apr 2012
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My understanding is he was embarrassed by the documentary and his behaviour in it, not so much that it would give any trade secrets away? I have seen the documentary a couple of times and it really taught me TA is viable in the mind of PTJ, which is further backed up by other quotes of his;

“These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything and that the primary task is simply to find that explanation. As a result, technical analysis is at the bottom of the study list for many of the younger generation, particularly since the skill often requires them to close their eyes and trust the price action. The pain of gain is just too overwhelming for all of us to bear!”

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  #5 (permalink)
Wiltz, Luxembourg
 
 
Posts: 11 since Jun 2019
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timmymagic07 View Post
My understanding is he was embarrassed by the documentary and his behaviour in it, not so much that it would give any trade secrets away? I have seen the documentary a couple of times and it really taught me TA is viable in the mind of PTJ, which is further backed up by other quotes of his;

“These days, there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything and that the primary task is simply to find that explanation. As a result, technical analysis is at the bottom of the study list for many of the younger generation, particularly since the skill often requires them to close their eyes and trust the price action. The pain of gain is just too overwhelming for all of us to bear!”

You might be right , Paul goes a bit over the top sometimes in that documentary .

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  #6 (permalink)
Seattle, WA
 
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I have a copy of this and have watched it many times. There are a lot of good nuggets in the video that makes it worth watching, I think. At one point, to paraphrase, he says "many traders focus on what they're going to buy with their gains, instead of focusing on what's important, managing your risk."

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  #7 (permalink)
London, United Kingdom
 
 
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kolbe View Post
You might be right , Paul goes a bit over the top sometimes in that documentary .

Yes - particularly around Bruce Willis's sneakers :-)

.... the man's a stud

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  #8 (permalink)
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Top traders would never give out anything of value. Otherwise, his methods will not work. Those guys trade is size and cannot afford to let anyone know their game plan.


Last edited by kareem40; August 3rd, 2019 at 02:08 PM. Reason: spelling
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  #9 (permalink)
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hey kareem...

With respect to the major trading floors....most of the time there was no secret among participants who was doing what. Keep in mind that the floor, where the actual trades are executed, was really just a liquidity center. Locals might have some ideas about how to massage their position based on something empirical, but as market makers our primary job was to provide liquid two sided markets. "Upstairs" or at client offices maybe more went into some type of analysis, but for the most part, market makers were liquidity providers. Our "edge" was usually in the order flow "paper" that came into our crowd. So perhaps the most important item was relationship with the floor brokers.

Past that and even though it was the most competitive environment imaginable, most of the time guys were reasonable about leaving something on the table.

Dan

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