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Webinar: Jack Schwager of Market Wizards
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Webinar: Jack Schwager of Market Wizards

  #21 (permalink)
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Q3

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

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  #22 (permalink)
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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."
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  #23 (permalink)
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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:
https://futures.io/traders-hideout/20294-millions-made-now-what.html

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

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #24 (permalink)
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?

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

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  #25 (permalink)
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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:
https://futures.io/traders-hideout/20294-millions-made-now-what.html

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."

Last edited by liquidcci; June 28th, 2012 at 08:43 PM.
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  #26 (permalink)
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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."
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  #27 (permalink)
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Does anyone have questions about specific interviews conducted in the series? If so, please be specific.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #28 (permalink)
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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?

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  #29 (permalink)
legen...wait for it..dary
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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.

Last edited by qqqqqiang; June 29th, 2012 at 01:44 PM.
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  #30 (permalink)
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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?

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