i think each one has to decide for himself what he's shooting for. some people want to swing for the fence. some want to swing for the averages. if it helps you make more money that I understand that, I am glad.
i called him a 'great trader' and a 'great human being.' It's a long way from that to being the greatest human being or trader that ever lived. I daresay, he's on top of anyone who has posted here so far.
Just like 1 * -1 = -1, a trader that blows up on a loss is just a CRAP TRADER. Considering losses are just a natural part of the game we play, good traders are good even when they are losing.
number of years daniel m was rated top in his field? number of millions daniel m has made for his clients? number of trades daniel m has done for george soros? number of books written by daniel m? number successful traders daniel m has trained? number of groundbreaking research papers written by daniel m? remember, daniel, Taleb says it's only a matter of time.
I'm 25 right now. The odds are very favorable, almost overwhelming, that I'll make quite a few millions in my lifetime. Guess what...I'll keep most of them too. Rated top of my field? I hope I never reach the level where I'll be "rated" at all. EDIT. You gave me a few more to answer there. Trades for George Soros. That's no measure of success or competence. Number of books written. I plan to write a few books over my lifetime. Not for another 30 or so years though. I've got other fish to fry till then. Number of successful traders trained? Not a road I'm interested in going down. Not interested in writing "research papers" either. If I discover something new, I'm keeping it to myself. It's only a matter of time, says Taleb? That's what I think too. Only a matter of time until I reach my goals.
"{I} respond to it with grave concern. It's obvious that it's only a matter of time before you go under. Why in the world would I ever risk my money in the futures market and if I ever gave in to such a folly, why should it be with Niederhoffer!??? I know this must come accross harshly BUT I thought it would be better than sugarcoating it" He says a friend wrote him this agitated message shortly after reading an early draft of the book...
the last thing i have to say about this debate is this: The guy took risks. They wowed him when he was winning. Now the new generation of turks dances on the news of his failure. Dance on. He's probably still trading. Monday morning quarterbacking never paid well (except for talking heads).