Living off book proceeds?? Yeah right! Under $1000 cumulative royalties over the past five years. I quit promoting myself long ago. That is for the crooks, con men, and pretenders. My goal was to retire with $2,000,000. Mission finally accomplished. It took me awhile because from my trading I had to pay cash for my home, cars, and fund my living expenses, taxes, for the past many years. Oh yes, and had to pay for a divorce - a real millionaire killer. I am finding though traders never retire. At least it is proving difficult for me and doubt I will ever leave the game completely. But next year will be 70 and better get to spending some of my money before it is too late. While $2,000,000 is not the stuff of legends not all that bad considering what I had back in March 1985 ($2200) I now trade open end junk mutual funds - primarily junk corporates, junk munis, bank loan, and preferred. A penny here and a penny there really adds up plus the dividends. Not recommended unless you have at least $500,000 or more, albeit traded them some in the 90s when I had less. I am attracted to this category because of their peristency of trend combined with their low volatility. That way you can trade them with *all* your nest egg - something that would be suicide with equities, equity funds, futures, and more. The way I found this thread was I was working on a free online update about whatever happened to Gary Smith. A bit about trading, trading philosophy, and motivational books that helped me along the way and more. Since my book came out just a few months before the tech crash, many assumed I was just a one hit wonder and never to be heard again. But because of the compound effect have made far more since my book was published. As for pandering books, I tell traders buy a "used" copy on Amazon. That way neither I nor the publisher gets enriched - not that it was an enriching experience for me anyway. Plus, the book is getting real outdated anyway. What has surprised me is how the same crooks and con men who were out there pandering worthless trading systems, seminars, tutorials, etc 10 and 25 years ago are still hard at it. The one commonality they all share is their inability to provide multi year real money trading statements to validate themselves. It's a sad commentary to see so many Dream Merchants in their 60s, 70s, and even 80s still trying to bamboozle the public with their claims of having the Holy Grail. There is no Holy Grail or trading secret out there.
Cant edit the above older post. Unfortunately I am finding traders can never quit. I thought $2,000,000 was my goal but now approaching 2.7 million. Hard to sit idly by when opportunities arise. At 73 years old I need 2.7 million about as much as I need a hole in my head. Maybe someday before i get beset with health issues I will be able to cut back and relax. Albeit i doubt it. I actually enjoy the trading game.
007 are you Gary Smith? https://www.elitetrader.com/et/threads/what-happened-to-gary-smith.131578/ In your book: book https://www.amazon.com.au/How-Trade-Living-Gary-Smith/dp/0471355143 did you have a chapter or two about trading the SPI (ASX Futures), or am I confused with another book author?
Welp, many many years ago I bought your book and out of maybe 50-60 trading books I've read, that little book was one of my favourites, fair dinkum. Sheesh I've spent thousand of bucks on trading books, then after I got tired of shelling out big bickies on books, I resorted to visiting libraries all around Auckland some to borrow or read in situ. Several months ago I bundled up all my trading books all 100kg and sent them to my son on the Gold Coast, so they have a second life. Bloody trading books, cost me a fortune shipping all around the country as I've moved house and county a few times, hehehehe. Geez, am honoured you are on ET. 100% respect!
At one time I had over 600 books on trading. It was like I was a trading book collector. Have since culled that down to around 300. I also have about 20 or 30 books on trading psychology, self improvement, and success/achievement books. Those 20 or 30 books are by far superior to most of my trading books as far as helping me as a trader. One of my favorites is the Luck Factor by Max Gunther - mostly the second half of the book where he talks about the five ways where we can most influence our luck. Sometime will list more of those books. I seem to only check in here every few years or so.
TBH, I'd retire. Your MF timing edge is likely no longer persistent and you've done better than most. FWIW, I liked your book.
I'll take a look at that one. While you are here I'd like your take on the books I recommend to anyone who asks about trading. O'Neil, Weinstein, Darvas, and Wyckoff are the authors I suggest. All ancient stuff but still pertains today.
I am very glad to "hear" from you. I read your books (yes both) many time, and I really think they are not outdated We just have to read again what Bruce Babcock said at the beginning of your 1st book, to be convinced. Thank you.
Thanks. Wish I could retire but beginning to think traders can never retire. This year has been one of the best ever for bond traders. More specifically since the FED stepped in and for the busted mortgage funds such as BDKAX, IOFIX, and SEMPX.