This is a longer 8 minute plus interview excerpt that I have never posted before. How many great lines does Howard Lederer throw out? <object width="560" height="340"><param name="movie" value="http://www.youtube.com/v/qcPD9AmVdl0&hl=en&fs=1&"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/qcPD9AmVdl0&hl=en&fs=1&" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="560" height="340"></embed></object>
So the Question is are you the Yankees of trading, or just some little league? Anyways I like how this guy represents himself. Very informative and strategic player. I would be quite nervous up against him.
He didn't say anything useful about trading and what he said about poker was mostly cliche. Howard is a smart guy but this clip is dreadful.
You must have missed the bit at 2:15. This applies directly to trading, and to trend trading in particular. I'll take "small loss, small loss, small loss, small loss, big win" every time over the inverse. Most traders experience the inverse, which, combined with under-capitalization (also realtes to poker) goes a long way toward explaining the washout rate in trading.
I think well over 90% of those here (successful or not) understand that you need to be willing to take your small hits repeatedly in exchange for the runner. Doing it is harder than knowing it and I think Howard has contributed nothing of value. Many cliches are true but once they are cliche (having been repeated 7,000 times) it contributes little to simply repeat it without adding value. As I said, he is a very smart guy. But this bit is pathetic.
This person, Howard Lederer, knows about poker and sounded interesting. But he showed that he doesn't know about trading - I don't hold that against him Lets look at a comparison with poker. I liked what he said about folding and the need to fold often as part of being a winner. When a market session, open to close, has ended, it will have offered a certain number of points. From that maximum, when daytrading the session, you could have compiled a series of winning 'hands' from each 'leg' (swing). Here is where great importance lies in fashioning success in trading. You have to be in, to collect any of those winning 'hands'. If you are not in the whole session you secured no winnings. If you are not in most of most sessions then almost certainly you cannot make yourself rich. This is not understood at ET by most. The daily gyrations, open to close (eg NG,CL), offer successive opportunities, to take down a slug of points from each swing as they follow each other. Whenever you are not in to take those successive opportunities, you are not fashioning success.
These guys are fearless.. unbelievable BALLERS! :eek: Dwan Drops $3 Million to âIsildur1â In Four-Day Heads-Up Duel http://www.pokernews.com/news/2009/...ort-dwan-drops-3-million-to-isildur1-7542.htm
Howard changed the way many of us poker players use math to play correctly but sadly his game is very outdated by todays standards. I hope he changes up his play rather than continue in the direction he's going in.
Small summary if you don't feel like watching: Bet big when the odds are in your favor (with your setup). There's times to trade and there are times not to trade (albeit small bets happen). Don't try and win the most or play the most. Make more money playing less. Small losses, big wins. Not a bad video but wow does he like to ramble.