I spent perfectly good money on his book, it never reached the book shelf. Finished the book, said to self "that was a total waste" book went right in the trash can. Lesson: never buy books from guys that wear orange, lime green or pink pants.
it must be nice to throw stones from the security of an annonymous message board. tell us something about yourself, muscle man. surf
The name E Prado means nothing to you Surf? You must not be a racing fan. He rode Barbaro to victory in last years Derby!
surf, it's not like me to trash anyone - I do it, but it's rare. However, my criticism of Niederhoffer is not a personal one. I am just wondering how it is possible for a professional who manages money to not control their risks so that a single event can cause them to be forced to liquidate. It doesn't seem that he used any risk control whatsoever, a la Brian Hunter.
neidorhoffer is an iconoclast, which is to his credit ( i like em) but... imo, and this is the first thing i teach traders, RISK MANAGEMENT is paramount. without proper risk management, even a pretty good methodology is probably gonna lose. neiderhoffer's entire schtick is that "i'm smarter than the market" combined with 'technical analysis doesn't work' etc. it gets old he got what he deserved - he blew out
Vic is 1) very smart and 2) very hubristic and idealistic. Figure out which parts fall into which category (he's very open with his thoughts; it's not difficult), and you can make a LOT of money.
You clearly arent a premium seller..... I am in no way defending VN,but he has met the same fate that probably every premium seller has met if their clearing agent didnt treat(or at least consider) all short options as if they had a delta of 1. VN is your classic monster ego trader who needs to be managed and report to a risk manager.Having him in charge is equivalant to letting the inmates run the asylum