If the offense / defense thing had a standard formula mix, there wouldn't be any great traders, just formula followers. Why aren't there more Schumachers or Federers or Jordans? Not everyone gets to a badass. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ because of "limiting beliefs".
Keep in mind that the Market Wizards interview took place in late 1980's. Jones didn't start his futures fund until September, 1984. So we're talking 5 years after he started. I don't get the impression that Jones changed anything at that point. Looks to me like he was trying to pick tops and bottoms, pick the turns. But in the process was willing to take a number of losses until he got the right spot. Looked to me that he had a very strong idea of risk control. OldTrader
Good post. By the way, I wouldn't have thought of Schwager as a "neophyte" interviewer. But I think the central point of your post is a good one. OldTrader
Vince Lombardi knew the mentality --- "Life's battles don't always go to the stronger or faster man. But sooner or later the man who wins, is the man who thinks he can" if you "believe" then you are not on defense from my way of thinking.
Eesh, Deja Vu. It seems that ET has a number of "infinite loops." Psychology is the holy grail, Tony Robbins can make us all winners of the zero sum game, losing traders can fade themselves to profitability, XYZ equation of the week / flavor of the month is the key to market mastery, how do I tell my jealous friends I am a way cool trader, yada yada yada... SSDT. P.S. not to be overly cynical, but how much value would this quote really have if not for Vince Lombardi's name attached to it. I prefer, "The race is not always to the swift nor the battle to the strong -- but that's the way to bet."
True -- I was thinking more of the interview he did with the UVA reporter, as well as his natural desire to be accessible to a mass audience (the readers of the book). If he and Schwager had drinks after the close, I'd bet that conversation was much more interesting.