Are you kidding me? Michael Covel wrote his first book in 2004, Jack Schwager wrote his first (and extremely, extremely, extremely widely read) book in 1988... let me repeat that NINETEEN EIGHTY EIGHT.
Although I'll be reading Schwager's book first, this book might also be an interesting read (not yet released): http://www.amazon.com/gp/product/11...&pf_rd_t=101&pf_rd_p=470938631&pf_rd_i=507846
Jack's book about Hedge funds with their billions in AUM have little applicability to the retail trader on ET. I would rather see Schwager have another book similar to Market Wizards 1 with recent successful individual traders who started with small capital bases.
Are you kidding me...this guy lost all credibility when he put Mark Cook in one of his books. How can you believe anything he writes?
=========== Good points. I found his 3 top trader books excellant, more helpful than his tek analysis book........................
It is fun to be aquainrted with this left out group. Collectively, they do like to stay in contact and their personal stories are much more interesting than the stories of people who work the turf of the financial industry. One common thing is that they usuually avoid the lime light expcept for one or two kinds of special occasions. 1. competing in pairs where there is a no nothing moderator type to compete with. 2. Doing panel discussions where they know they can easily get the moderator to shut down and just let their differences of opinion become the feature of the pamel discussion. 3. Doing solo presentations to seleceted qualified audiences. 4. attending vendors suppliers presentations when they use the vendor's products. (often they are invited). 5. One of the most fun things is some of them do is form a small group and go harass ait head type vendores (Fidelity has always been the most fun to toy with) Et should probably take the place of attractor and nediator of a forum where non skillled ET'ers are deleted and a group of 10 or 12 of there cool poeple could hold forth for a few years. Right now there is no ET forum for very skilled selfmade guys. I remember there ws a list made up form run of the mill ET types who nominated others to the list. The OP of the list making could evaluate the input he got. The list got done and had no significant value. There is a very great deal of humor in comments made by "know nothings" about some of these very skilled amateurs and amateurs turned pro. One of the common tactics used by these self made individuals is to lay off the excess capital they are constantly being offered. Most rich people who do not know much about trading to grow capital are trying to do financial industry type deals with these very skilled unknown types, never catch on to what is really going on. They make rotten deals and keep inquiring about if the capital they think they have at "top risk" for them is making enough money for the dealthey have argued for. A lot of ET'ers think these special traders do not exist. If an ET type person does learn a marginal lelevl of profit taking, they usually can't ever get past building cap-ital and, further, even "risking" trading the additional pile of capital. In the past fw years there was a classic unfolding of this. Enough money was made to c9over a life style and then it was impossible to carry the approach ant further to be ble to shift over into the category which is, as yet, undocumented. So did anyone here figure one why it is still undocumented? The answers are easy. 1. Skilled people in this category have no writers to talk to. 2. A few of these people, just turned to being entrepreneurs in other or allied services fields. To name two: W. J O'Niell went into information delivery (newspaper and technique books) and providing a fund level info package at an annual fee. "One Shot One Kill" turned out to be instructive but more autobiographical; Jon now apends his time callingthe college football line and playing poker with the very skilled and rich out of the public's eye. 3. The Covell tease, when talked about, just didn't have any lastig humor. Watching writers fumble all over the place is a silly game. 4. the moderator "pre lunch". A humor book could be written about how ignorant people try to set up panels. the self made trader part would be especially funny. And documenting the actual tranition of the moderator being silenced would be cool too. There was one Washington columnist that could have written that book. These self made guys who got past the kneee of the curve, all can take the market's offer and the spetrum is so wiade. they all have top programmers who can "translate" what they do to ATS's. THis is what lets them do the OPM deals and not run formal "businesses" in the financial industry molds. All the financial industry molds are designed around the one thing that the financial industry owners can do: charge fees and commissions for do occassional ill chosen trading. Lastly, look at the vacuum of talent never approached by Schwager type writers that comes from academia. THe academic king of corn, this year, got in Time's 100 for the sage myth of CW "long term buy and hold doesn't work anymore" There are not many financial books written with "So What" in the title. This undetected and unwritten up group colud very easily contact Corning Glass and produce every decade a sovenier set of disciple count "holy Grail Memorial decade wine glasses". I know that each of these guys has a set of personal holy grails that just appear in their shops decade after decade. the bar is so low to play in the CW of the financial industry, that that is all the financial journalists have to use as fodder. Too bad there never was an Art Buchwald of the financial industry. the closest he ever came was commenting on the acedemic output to the politicians in the range of bailouts and too big to fail humor we now endure.