No one said he should "sell", whatever that would mean. I just was responding to the idea that he continued on, doing the same thing, even when the trend had turned. That obviously didn't work as he lost 70% of his profits. I just was pointing out that sometimes people may recognize that it's time to take a profit and try a new tact. And as far as Mark Cuban and Prokhorov go, maybe they were just lucky. I've heard that Mark Cuban shorted the market heavily on the steep sell off from the Dot-com bubble. But that may be just part of the myth that surrounds him. In my years of trading, one of the most prominent things I see over and over is that when the market turns it takes most traders quite a while to change their strategies. After the market has sold off and starts to rally many people are still trying to short the rallies but this obviously doesn't work then. And when the market has peaked out most of us are still trying to buy the dips which doesn't work either. I'm not criticizing Dan Zanger. He had the balls to put it on the line originally and did extremely well. But one does need to be able to change ones trading tactics and strategies when the market conditions change. That's what makes someone a really successful trader, like a Paul Tudor Jones for instance, who made some of his biggest profits when the market turned. http://en.wikipedia.org/wiki/Paul_Tudor_Jones BTW is Wittgenstein your real name? I used to be a philosophy major in college. "Whereof one cannot speak, thereof one must be silent." Ludwig Wittgenstein
Great interviews, loads of useful info in there. It's interesting how even now over a decade later, Zanger's late 90s run is still so legendary and virtually unmatched by anyone else. That record might stand for a very long time.
Sorry - I thought you meant that Dan should sell his newsletter-business - and give up trading. Dan also tries to use his strategy in bear markets, but he admits that it's not a big success.
No I didn't mean that. He had one hell of a ride. But to be really successful you must have different strategies for different markets and learn to adapt. Hey, the guy did great. Better than any of us. Better than Larry Williams, for instance. But Paul Tudor Jones is a multi billionaire. http://www.benzinga.com/trading-ide...-like-hedge-fund-billionaire-paul-tudor-jones Thanks for sharing the videos guys. Always good to hear what other traders are up to, especially ones who have been so successful.
I didn't knew that, but accordring to this forum Dan Zanger also has a hedge fund... http://www.investors.com/forums/t/1459336.aspx
A new report about Dan Zanger: http://www.chartpattern.com/cf/images/new/articles/traders-mag-aug2010.pdf