Too bad there is zero evidence of success in either of the gurus. The least one can expect from a guru is evidence of success. When lacking, the non delusional or non cult blind discard the words and search for those with the evidence- if they need a guru. Folks like Toby Crabel , sir John templeton, Vic niederhoffer,soros, bill oneil, Etc. are all excellent role models. Their books came AFTER their success was proven in stone. Whereas the folks you list not only have no evidence of success but their words came prior to proving themselves in the topic-- if they ever will. surf
In my opinion, the importance of emotions and psychology are severly overrated in trading and commonly used as an excuse for failure. Sure, being disciplined and having the correct mindset is very important, but you need to start with a fundamental understanding of the markets, how price oscillates and a system to exploit those moves. Do you have that? My guess is that you don`t. Factors that may add emotion and negatively influence a winning system may be: 1) Trading an overleveraged account where normal losses leads to large swings in the account and eventually takes it to zero. 2) Pressure to perform, i.e., trading for a living, having an unrealistic dead line, etc. Then there's the less commonly known secret desire to fail, self-sabotage and actually wanting to lose. There you have it. Find out where you`re lacking and get to work! : ) Kind regards from Norway.
I was able to read the words and view the illustrations provided by Mr. Brooks and Mr. Hershey, apply their concepts to price action on static charts, develop rules based on price reactions to certain isolated patterns in various market environments (context), and trade profitably based on these patterns when the context is favorable. Crabel indeed has provided me with valuable trading information, as did O'Neill. I'm unfamiliar with the specific trading methodologies of Templeton, Niederhoffer, and Soros. Whether or not any of these people were, or are, successful is absolutely irrelevant to me. If I'm profiting regularly from trading methods I derived from their words and illustrations, then I have all the evidence of success I need. Suppose you developed a day trading plan based on Brooks' price action concepts and had been profiting nicely for years, then found out that Brooks never traded a live account in his life and derived all his trading income from sales of his books and subscriptions to his trading room. Would you stop trading your Brooks-based plan?
Those are good points, nodoji. But I still prefer to take advice from proven entities. By the way, you have major writing talent-- have you considered your own book? surf
Mrnatte22 You are trading mainly for emotional or ego gratification. You probably want to get rich for those same reasons. Your emotional brain from time to time, eg. When you are impatient, is overpowering your outer or rational brain, it takes you over and controls your thoughts and actions. It needs stimulation NOW so will make you pull the trigger because it needs another hit. Don't try to directly stop this from happening or it will get worse, you need vigalence and awareness not struggle. Hope this helps.
Templeton=essentially be the Warren Buffett of non US markets, buy and hold with multi decade patience. Discreetly give up US citizenship and move to a Caribbean tax haven rather than fart on all day about how the rich should pay more tax Niederhoffer=write put options until your fund blows up. Several times, preferably. After blow up(s) inform investors that no profits are ever made without risk. Find time to write book about what an all American hero you are. Soros=take huge macro bets based on whether your back is hurting or not. Allow winners to run and let the media write about it. Cut losers (the majority) short and make sure media NEVER finds out, thereby giving the impression that all your bets are huge winners. Date women 1/4 your age by promising to purchase an apartment for them. Reneg on said apartment purchase. Hope that helps
You may be referring to me. I have written 31 books. With respect to my professional status, I believe the publisher's invitation to write came before I wrote and after I had gained a reputation in the given field. I do admit I was given some range as to topic for the first book I wrote under a grant from a New York outfit (the Ford Foundation). I chose water quality. It was their first grant on a topic that became known as the "environment". I was the recipient along with others of the first Ford grant on the Environment. Our team also received the first "program of the year" on environment from the NSF. This project got started in a library on New Years. The others in the room were from Bronxville a pert of New York City. They were all relatives but not blood relatives. The host was a New Yorker writer and his usual topic was space projects. I met him at one of my relative's homes in upper New York State. we alternated New Years parties at one home or another. When I was pressed to write a book and choose the topic, we were all in a library in Cooperstown,New York and the host sister was married to the Chairman of the SEC (Bill Carey) formerly on the Faculty at NYU. He became chairman suddenly while planning stint on the faculty of the London School of Economics which was overseas somwhere. It was a time before I was appointed Adj Prof at a university in Philly (I was later solicted to become the head of their liberal arts college. My first Tenure was at the UCSC and thier business school whose name I can't recall. So 30 books later, I only have been asked (and assigned an senior editor) to do a five book suite in the financial sector (I declined)). My 30th book sold 400,000 copies in four months. So it ws just one of those rapid flame outs of little importance except to change the energy industry significantly and permanently. I am not an author of any finacial books of any sort. I was asked by O'Neil, whom you mentiion to be a beta tester for his institutional investor srvice (he has over 100 subscribers as you may know) I am not one of them since it would have been free to me. Why did he make this mistake in asking me to help bring it public? Here I am known because of threads on trading where actual calls and trades were posted for periods of over a year in several trading strategies. You missed them s you say and invited several of the posters to a party you had in an eastern city (I can't recall where). When Pete Peterson was CEO at Lehman he loaned me his chauffer when I was in New York. We also hd breakfast with his bro from Omaha (John) and others at the Links Club. His bro and I were in the same industry (cattle feeding). And we both formerly worked at EOP at the same time. The phone number there was 1-202-456-1414 as it is today. I have lots of vidence of success in a lot of fields. I am well written in several fields. I hve worked in plces very famous for there cultural contributions. i hve invented many things that are used in the finacial industry. And I am classified as an amateur and ALL cittations I have received raltive to trading were just mistakes made by federal regulators. the SEC mistook me for an "insider trader". to be cited there are some salient factors; to whit: 1. You have to have trading account(s). 2. The accounts have to be monitored by regulators. 3. The accounts have to be tested under "profiles" related to significant activity which is regarded as unfair to the public and the industry. 4. my lawyers had to make an effort to explain my activities and how they came about. That was not possible, however. the overall settlement that was reached was an SEC reflection and I quote: "...he could not have known that many people". Let me translate to you what that means from the actual record of a trader (me). I fucking trade. My fucking trading is spectacular and the trades are real (paraphrasing one of Jerry seinfeld's stacked GF's.) THE SEC fucked up and had to be educated and still they could not "get it". You do not have the brains to understand the people who you invite to parties you pay for to hustle for fees. I have a little sculptered ant I call Harold. Harold is a guy who was a CEO of a Chicago firm. he was down 40 mill one friday. I pointed to his screen with my finger touching a place on the screen. He could have been "even" at the locus. but this fucker, Harold, tried to out trade me "one more time". He as, you do all the time, fucked up. Today, again, you fucked up. Don't apologize, asshole, just keep being an asshole. Don't expect to hear from Al Brooks, he is a professional. You are NOT a professional. I am an amateur and I am spectacular at trading. So re those with whom I work to help them work. You are not even an amateur. You are what is called a "fuck off". So "fuck off".