In terms of the specifics of trading methodologies, I wholeheartedly agree... in any case, I am one of those who strongly believes that the best trading methodology that you can have is one that you have arrived at through a blend of experience, trial and error, and the occasional bits 'n bobs of others... simply taking another guys methodology in its original form and trading it can't work in my view (unless the methodology is 100% systems based and the trader has a 100% systems trading mindset coupled with 100% faith in the vendor's system), cos I believe methodology needs to be aligned with the psychology of a given trader... and only a given trader can create such an alignment (usually subconsciously, as opposed to explicitly)... Having said all of this, what some of the Market Wizards have done for me is to provide the occasional inkling or hint of information that I have interpreted in my own way, developed in a proprietary manner and incorporated into my trading strategies as one of my bells 'n whistles... And, of course, another thing that Schwager's books have done, at least for me, is to inspire... take the example of a former meat-packer like Tom Baldwin who started out with a small grubstake of $25k and made a million in his first year, never looked back and became the biggest pit trader around... never underestimate the power of inspiration, since inspiration takes motivation for success to new levels... lest we forget that trading is simply an exercise in psychology (with perhaps the exception of the 100% systems traders)...
Candle, Great post I couldn't agree with you more. I have been daytrading for three years and my motivation and desire have allowed me to "outlast" better capitalized traders. Your desire to be honest with yourself and learn from your mistakes and willingness to learn from others (market wizards) is as big a part of trading as any chart pattern.
------------------------------------------------------------------- Dont leverage my home any more to trade stocks; i like the way Mark Weinstien mentioned how he misused leverage also. I reread and reread Jack Schwager much.
I'm a fan of Gary Bielfeldt. Any guy that can start with 1k and run it up to be one of the largest bond traders in the country has my admiration. I did a search of him on Google and loved looking at his fight with the IRS in an attempt to get a 85 mill. refund for Tbond losses in the 80's. Anybody that can go from 1k to this kind of money is my hero. His poker insight's were great. I also liked how he used MA's to tell him when he's wrong in a trade. His story was certainly one that most of us would love to emulate.
Brother no_pm_please I re-read Bielfeldt after your comments, and must concede that his chapter is possibly one of the most overlooked (from my perspective)... Bielfeldt's achievements are truly staggering, and a genuine source of inspiration... Candle
MY MARKET WIZARD HERO IS........................ ME! IF *YOU* HAVE ANOTHER.... WHO IS *NOT* YOU... YOU ARE A FOOL.. *I* AM MY OWN HERO! IN MY EYES... *I* AM THE GREATEST!!! THERE IS NO OTHER CONCLUSION! (IN MY EYES)
Mark Ritchie's book, "God in the Pits", had a profound impact on my own methods, my self-perception and my thoughts on spirituality. I found him through the "Wizards" series. Beyond that, I would LOVE a 'Where (financially and geographically) are They Now' follow-up book!! Good idea on starting this thread. . . .
Baldwin retired from the Bond pit several years ago with about 30 million. He promptly sunk almost all of it in a publicly traded tech (forgot the name, it's history) and lost it all. Now he's back in the pit trying to scrape out a living. Very Sad.