Sunday, September 25, 2005

Market Wizards

Market Wizards by Jack Schwager is such a great book. I had a few quotes from that book on this blog a few weeks ago in an article on risk management, and I see that the Trenders blog has a much more comprehensive list of quotes from the interviewees in the book this weekend. Having just read the book myself, I found myself nodding and smiling as I read through the quotes. They are good ones.

I have an opinion on the segments at the beginnings and ends of the Market Wizards books where Jack Schwager talks about some of his own trades and his mixed success. He comes to some very good conclusions himself in the text, but I get the feeling that a mistake he is making is trying to ramp his account up too fast during and after winning streaks. From what I can tell, there are two ways of making money in the financial markets. You can make a lot of money fast, but the way you got it makes you incapable of keeping it. Or you can make money consistently, which is the only way to keep it. From what little Jack describes of his own trading, it doesn't sound like he is trying to make money consistently and that probably goes a long way towards explaining his difficulty in keeping his impressive winnings.

2 Comments:

At 2:50 PM, Anonymous Anonymous said...

What are your thoughts on DSTI's recent price action?

 
At 2:57 PM, Blogger jontait said...

Scaled completely out over the last two days. The last of it went about a half an hour ago ~ $12.00

 

Post a Comment

<< Home