I've read it, nothing too spectacular, I couldn't make heard nor tail of the atticus chapter. From what I remember it mostly boils down to lengthening time horizons and not using market orders (something like that).
Right. But that's what I really liked about this book. It supplied practical advice to the typical day trader that you won't find anywhere else. Other trading books talk about TA and set ups, but his book gives info that you can really use to improve your day trading.
HEllo, I have just finished reading this book - a very good read. The tone is very honest and frank. Some of the traders in the book are a little bit secretly about their trading strategies. But most tells openly about how they survive in a very changing trading environment. One of the greatest point in the book by all the traders is, to be able to think in new ideas and setup while things are changing. And then maybe go back to the old obsolete strategi, becourse now suddenly after three years, it works again Another thing is that I have now been reading thousands of forum threads about how to trade. ( I have been studying trading for merely a year now.) (also blown a small account) (then studying some more , LOL) The thing is that there is always a guy or woman in the longs forum threads about how to become a successfull that always talk about backtesting!! In this book, all the traders explained that they did not "backtest" or ever have done it!! Maybe one options trader was making some kind of statistically testing. But it was amazing to me how this backtesting thing not at all was any of these guys strategy. All the times people in online trading forums talk about not backtesting as the straight way to the poorhouse. Funny... Who's right? Though another thing that also i very common i trading forums threads is about having the "stop loss" in use. Certainly , this aspect of trading is used very carefully by all the the traders in the book. Actually very much recommended by all the traders, i think. For me as a beginner - this book is very good value. I think the 20 hours spend reading it carefully have been much better spend, than alot of my long 100 hours in front of the pc screen reading loooong forums threads. Of Course I am now myself contributing to a forum thread and maybe this reply of mine is one off the useless boring ones, I don't hope... Best... One thing
how do they trade then? using their 'gut'? today i feel that i can win big in a casino. i have no plan,but it's just feels great and i'm very certain and confident about it. should i just go there and bet 50K on black?
Only total idiots do not backtest their strategy first, so don't listen to anyone that says something like "Oh I did not test my trading system but it seems to be working fine, I made 2000 bucks last week". On the other hand it's good for us systematic traders, after all we make our money from their mistakes and lack of discipline.
I Think they guys just where forwardtesting with succes - one guy made +100K USD a Day on routing his trades through differens's electronic auctions platforms. There was a huge difference in the spread on the varius platforms. After a week the party was over and the trick didnt work anymore. No time for backtesting, just do it... If it works it works as one guy in the book says, I recall....
That was (if in reference to me) the RAES inter-exchange arbitrage on the single-name vol with multiple listings. The biggest trade was COMS (3Com) options prior to the Palm spinoff. Huge volume and an average +ev of $17 per car, $340 on a 20-lot minimum, and as fast as you could click the mouse. The party lasted a lot longer than a week, but I got into it very late. It was the trading in COMS that caused the OCC to initiate a halt whenever a quote was crossed. Then they hit us with fees, but it was over by then. Jerry Putnam wasn't in COMS as far as I know. http://business.highbeam.com/435571/article-1G1-77105340/cboe-taxes-raes-bandits-cancellations My apologies to Daal for not editing my piece... entirely not his fault as he asked me many times over a 6 month period.