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

  #31 (permalink)
Elite Member
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I have a few questions for Jack.

1. Over the course of all of your interviews, what appears to be the biggest period of growth in the trading world? This would be in terms of markets/products traded, brokers competing for business, volume/participants, 3rd party indicator/trade system vendors, trading coaches, etc?

2. Do you feel that the market's dynamics have changed? Meaning, very short term oriented vs. long(er) term oriented since you began interviewing traders? If so, have you noticed a change in the number of successful traders because of this shift?

3. Have you kept in touch with some of the people you've interviewed and how have they adapted their trading to the continual advancements in the markets and in technology to keep them at the forefront of the business? Have there been some that simply threw in the towel?

4. Are their significant differences in the mind set of today's traders vs. the traders you first started interviewing? An example would be a very short term, technical analysis reliant approach vs. a more traditional method of fundamental analysis with some basic technical analysis with a longer time frame.

5. What are your thoughts on the advancements in technology and how computer algorithms are moving the market at the speed of light? Do you feel the human/discretionary trader can still maintain an edge in competing with these programs? Have you ever interviewed a High Frequency Trading firm? (Note: I haven't read your latest book yet).

6. Do you plan to do an updated version of your "Market Wizards" books with interviews of the modern day individual discretionary trader?

Hope that helps!

Cheers,
PB

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  #32 (permalink)
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liquidcci View Post
@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.

I know this is off topic here but the Renascence fund tweaks their mechanical systems every night. They were and are one of the biggest and most successful funds ever.

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #33 (permalink)
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One thing I have seen over the short time I have been actively trading is that there seems to be a large number of traders that blame the algos for their own failure and destroying their edge. How have the traders you've interviewed seen the issue of algo trading and do they think it shifts the advantage away from retail traders or larger position traders trading discretionary systems based on technical analysis? In other words, are the ones blaming algos full of crap?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #34 (permalink)
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PandaWarrior View Post
One thing I have seen over the short time I have been actively trading is that there seems to be a large number of traders that blame the algos for their own failure and destroying their edge. How have the traders you've interviewed seen the issue of algo trading and do they think it shifts the advantage away from retail traders or larger position traders trading discretionary systems based on technical analysis? In other words, are the ones blaming algos full of crap?

BTW, I asked Al Brooks about this on Tuesday at the end of the webinar during the Q&A, if you are curious about his answer it is in the recording.

Mike

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  #35 (permalink)
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I have few question for Jack -

1) what in your view are the most common psychological traits in the journey of from being unsuccessful trader to successful trader ?

2) what is your view on HFT ? Have that changed the edge for individual trader ?

3) what are the five most common factors you found in the success of all the traders that you interviewed ?

Best Wishes
Nilesh

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  #36 (permalink)
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Popular interviews by Jack Schwager:

Richard Dennis
Paul Tudor Jones
Ed Seykota
Martin Schwartz
Van Tharp

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.

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  #37 (permalink)
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@ Jack

What successful traders think about discipline/ psychology in trading. Is this more important than having a profitable system / Edge or less important or not at all important if you have a profitable edge ??

Reason for asking this question is I don't buy this concept of psychology in trading. I believe if you invested enough time in understanding the market (screen time), & seriously back-tested, sim traded & forward tested (with some real money) than you understand the probability of its win/loss ratio & success failure rate in different mkt conditions you accept that & evolve/improve your system overtime.
While I think psychology/discipline give cushion to unsuccessful traders that there is nothing wrong with your system problem is deep inside you... go medidate , go for walk, shutdown your system & the best one HIRE ME as your coach/psychologist .
Our profession is not much different from all other professions out there like surgeons , lawyers etc.I have never seen a book like disciplined surgeons or something like that.
I think psychologist make the traders feel that they are unique & they are into unique profession one of its kind & they need professional help like them.

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  #38 (permalink)
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@ Jack,

What do you think would be the single most important common trait among all of the successful traders you have interviewed?

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  #39 (permalink)
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Hey Jack,

Can't wait for the webinar, haven't had the chance to read your new book, but its on the list
The previous work was great and it helped and continues to do throughout my trading journey.

Thanks a lot for all the hard work you do!!!
Mircea

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  #40 (permalink)
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Differences Between Now and Then


Jack, what is the most important single difference in the trading environment between the times from your firsts books and these rather difficult days?

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