Nice insights so I obviously agree wholeheartedly. I've always felt the more indicators you use (one is too many) the further away it takes you from what pure price action is telling you. So to me there is no science or left brain thinking needed or required. Of course easy for me to say since fortunately I am a southpaw.
I also agree "screen time" + "price action" = "a feel" for the market - and that brings success. So let me just state that my original post is for curiosity sake, nothing more. Meaning, I am not thinking that any answers will be magical or anything. Maybe insightful. Or, just interesting, that's all. It is like "Blind Men and an Elephant": http://en.wikipedia.org/wiki/Blind_men_and_an_elephant Everyone has a belief that is very real to them. They will always describe their belief in terms of what they personally perceive. And, their descriptions can even persuade others to believe the same thing. But in the end, who is correct? In the stock market the question "who is correct?" is easily answered: The one with the biggest-weatherproof-pile of money. Remember the "Boy who Cried Wolf": http://en.wikipedia.org/wiki/Boy_who_cried_wolf No one pays attention to those who happen to be right "once". The same thing applies to market gurus. Pay no attention to those who claim to know anything (in a Bull market), but are then easily eaten alive by a Bear. Honestly, this really all boils down to "inspiration" for me. It would just be nice to read a biography of a truly successful trader. Not just another story about a math nerd who writes books and wins awards. (Yes, I have read Jesse Livermore's - it is disappointing that he continually loses it all, over and over.)
If ya wanna read real trader stuff read education of a speculator by niederhoffer and winner take all by Gallacher. Both real hands on market players. 100%
I think the Market Wizard books by Jack Schwager are what you're looking for. The first one especially should be required reading for all wannabe traders.
Gallacher is was a full time pro trader. Niederhoffer turned a small amount into 50 million then became one of the top ranked hedge fund managers for a decade-- so WTF are you talking about? This is proven and verified fact, chief.
Gallacher I don't know about but wasn't Niederhoffer the guy who blew up big twice and not in the learning phase? That doesn't qualify. Madoff was also a "top ranked hedge fund manager" so what's your point, buddy?
This is an interesting thread, taking the case of Jesse Livermore, great book for those starting the journey of trading, the reality is I think that the majority of true succesful traders keep their thoughts and memos to themselves. They won't write books, they won't tell it as it is on a bulletin board. They may well make comments on ET for example, but will be very tight lipped re their methods. 007Arb who has posted on this thread has written a great book, it is one of my favourites alongside Livermores when I was starting out. I doubt 007Arb trades the same way he mentions in his book all those years back, as trading is an evolving game and many find better methods as the years roll on.
Oops, sorry I came across as "disappointed" in Jesse's life story. His biography actually borders on quintessential. It's just that I am a pure American - I prefer happy endings. So, do you think a billionaire trader who is "very tight lipped" will remain unknown? I tend to think not (e.g. Paul Rotter, whose story is a good read): http://www.trading-naked.com/library/paul-rotter-trader-monthly.pdf Plus, Warren Buffet has never pimped a book either, and everyone knows him too. But you are correct about the idea of being an unknown. Meaning, I agree with d08 concerning the reason for someone being known: I also agree with d08 in the correlation that "hedge fund managers" all tend to be conmen. Whether this is true or not is irrelevant. It depends purely on whether you would dare give them control of your own millions: http://www.forbes.com/sites/advisor/2011/11/22/hedge-funds-are-an-expensive-way-to-lose-money/ marketsurfer, Thanks. I have enjoyed reading about Victor Niederhoffer so far - I'll continue to. His story reminds me of Icarus, which is actually a great reminder to have: http://en.wikipedia.org/wiki/Icarus I can't find much out there about William R. Gallagher's life though.