Gold

N Rothschild,...Why would it be hard to learn a doctorate,..unless, it was something you hated,.or thought you had to do it,..because of Daddy's expectations.
Some folk find it hard to swim,..especially if they've only a torso and a head,....
Maybe, it would be more advantagious for them to sit at a desk and trade,..
"we use the tools god gives us",...Disclaimer: I don't believe in "God",...tis just something I heard on a film,..
 
N Rothschild said:
im talking about the effort required to reach a pro level. Think hedge fund managers get paid millions/billions because they read a TA book?
Click to expand...

Let's not lionise these people too highly, some did quite poorly during the 08 crash when they should have known better.

I'm with you in that trading requires considerable dedication, but let the poor lad read a book or two for heaven's sake..! Even surgeons read books from time to time.
 
Some interesting things happening in 10 Year Bonds at the moment, someone is loading up big.

TNX280610.png
 
You won't suck me in - I just found a website where I can learn to trade like the big dogs for $495!

Where's my credit card . . .
 
Oh dear, you start talking about animals and ODDT will soon be on this thread.. he loves animal analogies, bark with the big dogs, swimming with the sharks, running with the herd, stampede of the bulls and so on.
 
Dunecat said:
Man, I spent 3 hours reading "trade your way to financial freedom" and I got through 70 pages. That is just not good enough. There needs to be something done about my slow reading.
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Maybe it's your slow thinking that's the problem :p

Just kidding. As someone else has said, quality beats quantity.
There is a time to skim read, but not (IMO) when trying to master new and possibly difficult concepts.
 
N Rothschild said:
im talking about the effort required to reach a pro level. Think hedge fund managers get paid millions/billions because they read a TA book?
Click to expand...

Na, I wouldn't think a hedge fund manager is a true pro unless he can maintain a decent return through a recession.. it's all fine until the good times stop rolling.
I really want to see how well schiff will be doing in a decade, he appears to have maintained a decent return on capital for his fund through the recession, but that means little without actually knowing the numbers ;)... which I haven't taken the time to find...
www.europac.net/

And I just have to add, what I'm reading is an introduction to trading. I don't think many of these fund managers or traders started looking into financial markets when they were this age. I believe what I am reading now is a good pre-requisite, and I can try to prevent the development of biases that aren't going to help me in the market. Development of this type of thinking while the brain is still developing is probably going to benefit me a lot.
 
Most hedge funds fail - the good ones have very good risk control and either well designed trading systems, or uniquely single minded and imaginative managers. Those managers probably haven't read Van Tharp, however most of the concepts you're coming across are timeless and equally applicable to what they're doing. Take your time - theres a lot to take in and think about.
 
Dunecat said:
Na, I wouldn't think a hedge fund manager is a true pro unless he can maintain a decent return through a recession.. it's all fine until the good times stop rolling.
I really want to see how well schiff will be doing in a decade, he appears to have maintained a decent return on capital for his fund through the recession, but that means little without actually knowing the numbers ;)... which I haven't taken the time to find...
www.europac.net/

And I just have to add, what I'm reading is an introduction to trading. I don't think many of these fund managers or traders started looking into financial markets when they were this age. I believe what I am reading now is a good pre-requisite, and I can try to prevent the development of biases that aren't going to help me in the market. Development of this type of thinking while the brain is still developing is probably going to benefit me a lot.
Click to expand...

Two points -

1. Hedge funds are SUPPOSED to make money during a recession. They are "alternative investments" to mutual funds, and are meant to be non-correlated to equities, whilst still producing positive alpha.

2. I bet you the best fund managers were reading about all this stuff before even you were, Dunecat. Some of them probably started their own businesses, e.g. selling lemonade at a fair. There is no age minimum at which one is allowed to become interested in the markets. I and several of my friends were making money on Thatcher's privatisations in the mid 80's when we were your age (this is not to compare myself to a top fund manager, it's simply to illustrate the point).
 
I am not trying to say I am the only one doing this. The point is however, that I think it is a good idea to learn about this stuff now as opposed to later. Also from what i've read, some hedge funds were doing the exact opposite to hedging; over leveraging on one highly speculatory area to maintain competitive returns.

Making lemonade is cool, and I've delved into similar profit based activities (using gas mask carbon filters to remove toxic SO2 from cheap automobile nos to make it possible to inhale. not that it ever went anywhere though...)

Just a question though, how were you making profit doing that in the 80's? There's most definitely been a fundamental shift in attitude towards doing these small time business adventures. People just don't do it much anymore in my schools...
 
Thatcher sold off the nationalised industries, e.g. BT, BP, British Gas and others. Individual investors were encouraged to apply, and the pricing was usually very competitive. On the day of float, the stock price usually went up 50-100 pct, so if you were lucky enough to be allocated shares then you had instant profit.

Due to massive demand, the individual allocations were kept fairly small, so the way round this was to get every single member of your family to apply (provided you had the available capital).

BT floated in 84 or 85, when i was 12, and was followed by several other companies. It was this which probably got me interested in markets, although back then I'd check share prices on Ceefax or in the newspaper the next day.
 
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