NexusFi: Find Your Edge


Home Menu

 





Webinar: Jack Schwager of Market Wizards


Discussion in Traders Hideout

Updated
      Top Posters
    1. looks_one Big Mike with 31 posts (72 thanks)
    2. looks_two josh with 11 posts (29 thanks)
    3. looks_3 liquidcci with 10 posts (8 thanks)
    4. looks_4 aquarian1 with 6 posts (1 thanks)
      Best Posters
    1. looks_one josh with 2.6 thanks per post
    2. looks_two Big Mike with 2.3 thanks per post
    3. looks_3 websouth with 2.3 thanks per post
    4. looks_4 liquidcci with 0.8 thanks per post
    1. trending_up 55,912 views
    2. thumb_up 150 thanks given
    3. group 33 followers
    1. forum 128 posts
    2. attach_file 3 attachments




 
Search this Thread

Webinar: Jack Schwager of Market Wizards

  #21 (permalink)
 AR99 
Toronto, Canada
 
Experience: Intermediate
Platform: Ninja
Trading: Futures
Posts: 7 since Sep 2011

Jack: Can you give an example of the process necessary for successful trading?

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Exit Strategy
NinjaTrader
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
36 thanks
NexusFi site changelog and issues/problem reporting
25 thanks
GFIs1 1 DAX trade per day journal
19 thanks
The Program
18 thanks
  #22 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
Experience: Master
Platform: ninjatrader, r-trader
Trading: NQ, CL
Posts: 866 since Jun 2011
Thanks Given: 610
Thanks Received: 1,091


Big Mike View Post
Can you go into more detail? Could be some good questions there for Saturday.

Mike

Mike specifically what was challenged in latest book was my view that discretionary traders will ultimately fail. Gulp-swallow my pride. I am a mechanical trader and do not see that changing because it fits me. I have done discretionary and some of my weaknesses it exploits in a way that I realize I am not wired for it. But my bias is that everyone will ultimately fail that is discretionary but this book indirectly challenged that premise. In the book there are Hedge Funds using both discretionary and mechanical with long term successful results. The results cannot be challenged easily because they are over a long period of time and his criteria is very thorough for each person whose interview made it into the book. One particular fund runs part of their capital mechanical and part discretionary and both are successful which was really interesting. Lets just say this was a great slap in the face. I like my bias to be kicked around with hard data which lends itself to my mechanical side.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Reply With Quote
Thanked by:
  #23 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,398 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537



liquidcci View Post
Mike specifically what was challenged in latest book was my view that discretionary traders will ultimately fail. Gulp-swallow my pride. I am a mechanical trader and do not see that changing because it fits me. I have done discretionary and some of my weaknesses it exploits in a way that I realize I am not wired for it. But my bias is that everyone will ultimately fail that is discretionary but this book indirectly challenged that premise. In the book there are Hedge Funds using both discretionary and mechanical with long term successful results. The results cannot be challenged easily because they are over a long period of time and his criteria is very thorough for each person whose interview made it into the book. One particular fund runs part of their capital mechanical and part discretionary and both are successful which was really interesting. Lets just say this was a great slap in the face. I like my bias to be kicked around with hard data which lends itself to my mechanical side.

Have not read the book, but I've heard this many times before and I always looked at it like gambling in a casino. A lot of people say trading is a zero sum game, but really, it's more like Roulette with zero and double zero - or worse (slippage and commissions, not even including HFT or insider info, etc).

This means the more you play, the more likely you are to eventually go broke.

This plays into the thread I started here:


Which was basically asking the question: "When is enough, enough??". Personally, I have an exit strategy. It does not mean I will completely stop trading, because that is my passion. But it does mean that I will change trading from a profession to a hobby, and I will consider myself retired, at some point in my career when I have reached my goals.

I also think you have to constantly evolve in this profession. What worked last year probably doesn't work this year, it requires subtle changes as the markets are always changing.

Was there a particular interview where this was discussed? Or was this Jack's assessment?

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
Thanked by:
  #24 (permalink)
 dave6 
allentown pa/usa
 
Experience: Beginner
Platform: Meta Trader 5
Trading: es
Posts: 30 since Jan 2012
Thanks Given: 0
Thanks Received: 14

Can you comment on the most 'mentally challenged' wizard you know and how they overcame their disability?

Reply With Quote
Thanked by:
  #25 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
Experience: Master
Platform: ninjatrader, r-trader
Trading: NQ, CL
Posts: 866 since Jun 2011
Thanks Given: 610
Thanks Received: 1,091


Big Mike View Post
Have not read the book, but I've heard this many times before and I always looked at it like gambling in a casino. A lot of people say trading is a zero sum game, but really, it's more like Roulette with zero and double zero - or worse (slippage and commissions, not even including HFT or insider info, etc).

This means the more you play, the more likely you are to eventually go broke.

This plays into the thread I started here:


Which was basically asking the question: "When is enough, enough??". Personally, I have an exit strategy. It does not mean I will completely stop trading, because that is my passion. But it does mean that I will change trading from a profession to a hobby, and I will consider myself retired, at some point in my career when I have reached my goals.

I also think you have to constantly evolve in this profession. What worked last year probably doesn't work this year, it requires subtle changes as the markets are always changing.

Was there a particular interview where this was discussed? Or was this Jack's assessment?

Mike

@Big Mike Jack does not make to many of his own assessments in the book. What he does is ask great questions and lets things come out then summarizes at the end of each chapter the major points. So that is why I mentioned it challenged my bias indirectly. There were specific chapters that hit my bias more than others. Although I cant recount which ones specifically. One particular fund that does both systematic mechanical and discretionary really got my attention.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Reply With Quote
  #26 (permalink)
 
liquidcci's Avatar
 liquidcci 
Austin, TX
 
Experience: Master
Platform: ninjatrader, r-trader
Trading: NQ, CL
Posts: 866 since Jun 2011
Thanks Given: 610
Thanks Received: 1,091


Big Mike View Post

I also think you have to constantly evolve in this profession. What worked last year probably doesn't work this year, it requires subtle changes as the markets are always changing.

Was there a particular interview where this was discussed? Or was this Jack's assessment?

Mike

@Big Mike that is another take away from the book "on evolving as the market evolves". It made me really take a look at how I can do that as a mechanical trader. I have hard fast rules but there are ways I am looking at systematically changing as the market changes. Instead of my mechanical system just dying eventually can I make small incremental adjustments to my rules but at the same time not over tweak that keep it valid for longer time frame? I believe I can but will take some work.

"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
Reply With Quote
Thanked by:
  #27 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,398 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,537

Does anyone have questions about specific interviews conducted in the series? If so, please be specific.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote
  #28 (permalink)
 salisem 
Virginia, USA
 
Experience: Intermediate
Posts: 76 since Mar 2012
Thanks Given: 64
Thanks Received: 63

My question for Jack:

Of all the interviews you've conducted for your Wizards series, which interview had the most profound impact on you, and why?

Reply With Quote
Thanked by:
  #29 (permalink)
 
qqqqqiang's Avatar
 qqqqqiang 
Singapore
 
Experience: Beginner
Platform: Ninjatrader
Broker: AMP futures
Trading: 6E, CL, ES
Posts: 20 since Dec 2011
Thanks Given: 25
Thanks Received: 23

Absolutely love the market wizards books! My situation is just like big mike when i first read the book, I was not ready and over the years as i progress along my trading journey, the books became my anchor and I continuously refer back to the book for advice.

Question for Jack: Out of all the traders that you interviewed, which trader has the most lasting impression on you and why?

Another question for Jack: As I enjoy your latest book very much, do you intend to write the 5th market wizard book? If not, why so? If yes, what would be the likely theme?

Trading is not a game of perfect.
Reply With Quote
Thanked by:
  #30 (permalink)
 
anituchka's Avatar
 anituchka 
Vancouver, Canada
 
Experience: Intermediate
Platform: Ninja
Broker: IB and Scotia iTrade
Trading: futures, US stocks
Posts: 40 since Jun 2011
Thanks Given: 78
Thanks Received: 40


Question: I am surprised that Al Brooks, Lance Beggs or Mike Reed were not interviewed in any of the books. I am curious as to why: didn't meet you criteria or declined?

Reply With Quote




Last Updated on September 7, 2012


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts