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Broker: Advantage, Trading Technologies, OptionsCity, IQ Feed
Trading: CL, NG
Posts: 1,038 since Jul 2010
Thanks Given: 1,713
Thanks Received: 3,863
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?
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
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
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.
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
Jack, what is the most important single difference in the trading environment between the times from your firsts books and these rather difficult days?
