times have changed in the past 5-7 years. I'll do a more updated post at some point about my experiences trading. -James
I'm sure the riff raff will love that. Be sure to mention you're BFF w/ SAC and reiterate that all hedge funds trade w/ inside info.
Altucher also wrote one of the worst trading books ever, supercash. Even he now admits the book is bad. What sort of person would accept a cash advance on a bad book and cheat his readers in the process? "So I wrote âSupercashâ about hedge fund strategies. This time, to Pamelaâs surprise, I got an agent. My advance: $30,000. The book is horrible. I cant even open it. Here, right now as I write this I am taking the book off the bookshelf and throwing it in the garbage. "
James Altucher doesnt trade, he is a buy and hold investor. I have to say I agree with him (most of it at least), its almost impossible to know where the market will go in the near future because its pretty much random. Trading direction is extremely tough and most traders do that, this is why most end up failing. When I started trading I did mostly spreads (pretty exotic instrument), its difficult to lose making markets, the money kept rolling in. Too bad that edge has now been exhausted after more traders got in on it. Been trying to do a little directional trading with tiny size lately but I've had very little success, its difficult and borderline impossible, anyone who says its easy doesn't have a clue. Hats off to anyone who is able to make a nice living trading direction...
This blog is along the same lines but with a slight quantitative touch: The Secret to Profitable Trading
Just scanned his piece. He's probably right for the most part. 99% of the money is made by those people and 1% of you get lucky long enough so that you think you're smart . The other 99% that get their sphincters retreaded come to et and post how they are the incarnation of Livermore.