Rossini
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I think he had excellent money management skills. He must have had to make the millions.
You obviously don't know what MM is then? ;-)
I think he had excellent money management skills. He must have had to make the millions.
I think he had excellent money management skills. He must have had to make the millions.
10 mill can't buy a decent yacht! Unless your talking old money?
I've seen many people mention Douglas' books. The "Disciplined trader" and "Trading in the Zone". I can't comment on either, but there might be a review somewhere on the site.Can anyone reccommend a really good book on the psychological aspects of trading?
When you're speaking about long term success, you could mean that the person themselves feels that they are successful towards the end of their life. Or you could mean that their contribution will still have an effect decades later. I think the latter is a better judge, but I see where you're coming from theBramble. Cobain for example might have hated his life, but if people are still listening to his music in 100 years, he was long term successful as far as music and the world is concerned. Was Cobain in a good position to really judge whether he was a failure or not? Sure that is his life, but if he killed himself, perhaps his mental state wasn't the best, and so his judgement was impaired. By the same token, Einstein who in his last days was frantically trying (and failing) to produce his unified theory might not in those moments consider himself long term successful because there was something he couldn't do (plus several marital problems etc.). But how many would consider him a failure? We still use things he wrote 100 years ago, and traders still pore over Livermore's words even now. In that way, he is certainly long-term successful in parts of trading, if not in life.
Perhaps you could consider trading as a mixture of forecasting and money management (for when your forecasts are wrong). So Livermore was a brilliant forecaster and poor at money management. Then we should learn everything we can from him about forecasting, and everything from him that we should not do regarding money management.
I've seen many people mention Douglas' books. The "Disciplined trader" and "Trading in the Zone". I can't comment on either, but there might be a review somewhere on the site.
He's just a c*ck head. If that was me I'd have f*cked off after I made 10+ mill, bought a yacht with a speedboat and jetski (or whatever the equivalent was in his time) and just got smashed everyday doing water sports in the south of france. IMO if you're good enough to make serious cake in this game you should just pass it on to a fund and retire before you blow up.
He had a 40 foot yacht and did enjoy atleast one water sport (fishing), from reading Reminiscences of stock operator he mentions fishing, and i always thought that a bit tame, but look at the size of the fish he used to catch!
All the fish are pointing down. It's a sign. Short fish futures!!!!! Scale in.He had a 40 foot yacht and did enjoy atleast one water sport (fishing), from reading Reminiscences of stock operator he mentions fishing, and i always thought that a bit tame, but look at the size of the fish he used to catch!
He had a 40 foot yacht and did enjoy atleast one water sport (fishing), from reading Reminiscences of stock operator he mentions fishing, and i always thought that a bit tame, but look at the size of the fish he used to catch!
I dunno....seems he went out with a bang.So it sounds like the guy was crap at exits.
Anyway, I think I remember reading somewhere the main reason for his trading demise was that after he and a couple of others got the blame for the 29 crash the US Government introduced regulation which cramped his trading style too much.
That was LeRoy Livermore, surely."I always loss money, when I stopped following my rules"....Livermore
Read "How to Trade In Stocks" by Livermore, the one with oversight by Richard Smitten, as I think this book will clearly show you how good Livermore's trading principle were/are.
For example His "10% loss & out" rule is superb in my eyes (I use a modified version for my own trading).
I think that Livermore is still being dabated is a testament to the man and his legacy.
I think livermore has come as close as anyone to figuring out "the market", based off of his tradering principles and his huge successes, but ultimately he could not conquer the "human factors" which would have enabled him to keep much of the proceeds of his trading successes.
"I always loss money, when I stopped following my rules"....Livermore