Registered: Nov 2010
03-02-12 10:58 PM
You've refered to Gary Smith as your mentor even though you only read his book. He's cited you as misrepresenting him. Can you elaborate on this?
First, I originally referred to him as my "book mentor". I don't like the way that sounds though and overtime I just shortened it. He's probably correct that I'm using the wrong terminology..I don't kow the proper vocabulary. But certainly HIS BOOK influenced me greatly. As for the misrepresenting, I have read the book over 5x, and I don't think I've misrepresented anything. However, it is hard to express anything fully and accurately. It takes what 4 GIGABYTE to store a 2 hour DVD.. obviously there is no way with a few words to express a much more complex reality. This is why I've gave him a pass without correcint him or citing references. But, I've read the book many times and know and agree with many of the ideas that he expressed. However, I've, also, expanded on that. I've understood the things he were struggling with and found the answers. Answers that I offered to share with him but that he refused. These are the answers to the questions he grappled with. If I so desired too then i'm sure I could find many references to back up anything I've ever attributed to his book.
Can you expand on how what you mean that you discovered answers to questions he sought?
I'm not interested in sharing these answers at this time. It would give too much away. Its not about edges but about other matters.
Speaking of edges, you've been cited as saying edges don't exist?
First, I have dozens of paradigms that I operate on the market with. I don't claim any single paradigm is the truth. What most people talk about as edges though are really just tendencies that may not exist in the future. This is expressed with statistical notions such as non stationarity and with philosophical underpinnings such as the Turing machine makes it impossible to prove any statement about the future until it has passed.
Gary wrote to much effect about the limitations of systems and how he operated on the market with a much less rigid and dynamic basis. He wrote for example about how these systems might go flat for years or just quit working. I've had good success with both programmed systems and discretionary trading. I thus have a unique experience of attaining a rather high degree of success in both. I've a good understanding of how many professionals trade, as well. I'm of the belief that the trader with a richer understanding, a more complex understanding of the market, a more discretionary understanding is better preprared for long term success. Ray Barros made the distinction between a methodology vs a gimmick and I liked that analogy.
This doesn't mean I don't believe that traders shouldn't have systems. To the contrary, I have systems and they help a lot.. I view them as "profit centers" or traders I can put into the game when I'm too tired or unable to trade.
But edges? People talk about edges as if they were absolute. I imagine that if anyone knows what an edge is then Bob Bright would know and you know what business he's in? He's in the broker business. The broker is the only game with a true edge -- that and pure arbitrage.
What about proving your ability? Some people don't feel that what you've did has any merit because it was hypothetical.
First, I'm willing to challenge anyone here from Don Bright, Professor Bone, Gary Smith, Maverick - even Bob Bright. I'm willing to challenge anyone in directional trading the S&P 500, predicting it or the market in advance, and I'm confident that I'll trounce all of them handidly in day trading. I mean that I'm willing to demonstrate my abilities for a worthwhile reward. This gesture is strictly a ploy for anyone foolish enough to play into it -- to benefit me.
But, I've no interest in proving my abilities. Most people end up latching on to 'end result' ideas, that is jump thinking without taking a step back to understand the path, that is the ideas that led up that thought. Its a shortcut thinking and this is where most people go wrong.
I mean I've spent 3 years+ saving for my little 6k account. These guys are millionaires. The notion that my trading a real money small account vs them just isn't comparable. Likewise, I mean let's say I double this account. There are traders who will say that's just because you were trading a micro account. that it doesn't mean anything because its not a million dollars.. Others will say okay you did that iwth a million but its not meaningful to the average guy with a 50k account..
You see why I don't play this game. That's why I don't answer to you. Yes, for me my record and my accomplishments whether in written form, with 6k, or a 50k are all meaningful to me. I don't subscribe to your beleifs.
I don't see any fair way to make a real money competition. You could do it where everyone had to put up a fixed % of their net wealth and then they'd be trading everything against my little 6k account. You could do it on earning potential and time value of money. I mean you could do a lot of things. The end result you see how meaningless it is to compare yourself to others.
What is more worthwhile in terms of seeing trading ability is to create a contest that has tight risk controls built in and uses very accurate simulation, which is possible with OEC Demos which montor the book. I mean max % loss per day, max loss per position, cut backs.. that would answer something as to ability. I would think PFG Best would be interested in sponsoring such a competition but I haven't seen that. The reward needs to be worthwhile too.. which might be difficult to many to come up with.
Let's go back, you mention "jump thinking", can you elaborate?
Yes and this is where both Gary and I are in agreement. There are vendors out there who are claiming to trade for a living who probably can't even trade for a profit. Any reasonble person should demand they produce records or don't give them your money!
In this case, there is a legitament basis to demand they produce some proof. However, I've never CLAIMED to trade for a living. I've made it abundantly clear that much of my trading has been hypothetical. I am thus not compelled to do anything. There is no reward for me to produce anything. I'm not a SUBSCRIBER to YOUR ideas about what is meaningful. I don't report to you, not responsible to you, and therefore not obligated to do anything.
What I've received is more of the greedy notion from some people who feel that I owe them something. I don't.
And, yet you've produced some of the most detailed trading track records of anyone with your C2 recrods.
Exactly.. this is the preposterous thing. Don Miller claimed to bring transparency but made a blog full of fluff. I've got evey trade out there I made for past year available to anyone to see. I've got real-money fills that are reported from brokerage accounts of my subscribers making thousands of dollar. I do believe that Gary Smith is profitable but the only record that i know that exist in the PD (public domain) is his record where he didn't do well in a trading contest.
Dr. Steenbarger wrote little affirmations on a website.. I've produced a winning track record and only received what for it? What for it? I'm out of that. I guess for bringing truth.. i get flack..
Show me any vendor or education provider with track records as public, transparent, as third party, and easily accessible as my own. You won't find any! You won't find a single one.
What do you say regarding some who claim you've an inflated ego? What are your plans going forward?
I believe its important to be strong when you step up to trade. I disagree with Gary on this notion. But, I also believe you have to be ruthlessy honest.. I may have a large ego but I'm also brutally honest with myself. And i see that combination working well. Remember also that Dr. Steenbarger discouraged me from trading. This is someone who claims to want to inspire people to performance. Bone was rather nasty to me. Even Gary now doesn't want to be associated with me.. I call it the smell of winning and it smells good to me.
As far as plans, I haven't made anything tangible from selling signals. I'm pessimistic that there is any reward in that. My plan is to just to keep training, keep working, and just do my best. I don't see myself answering to anyone here, ever.
My return goals are modest.. I just want to STAY in the game. Get on the floor and stay on the floor.