|
PureBytes Links
Trading Reference Links
|
Hi
Thanks for your email. Ya, I know that spreads are pretty boring, but things
can get pretty hairy at times. You might want to check out the Nasdaq/Spoo
spread ... so far since Oct 19th it has moved $222,800.00 on a single
regular contract spread set (3NDH/2SPH). No wonder everyone is piling on.
Regarding Schwager's use of the word "edge", I agree that it's over used. I
stopped using it when someone wrote to me that they were getting Trade
Station so that they could get the "edge". I've tried to use "market and
structural inefficiency" in organizing the various things send to me ... but
I've gotten endless grief because this personal typology too close to
other's use of the words.
Maybe I'll switch to Michael Porters use of "sustainable competitive
advantage". It's a mouth full but at least it gets the "sustainable" part
across. Schwager's example of "edge" is clearly in the sustainable area.
His other point ..."Moreover, Schwager was keen to decry the notion that
even a
fairly mediocre system allied to good risk management techniques will
ultimately win the day. ..." is something that you might want to talk about.
Clearly it flies in the face of general opinion. Sweeney is definitely with
Schwager on this one. Maybe his volatility article in the Jan TASC will have
something to say about it.
Best regards
Walter
----- Original Message -----
From: "Walter Lake" <wlake@xxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Friday, December 17, 1999 7:43 AM
Subject: Re: Jack Schwager presentation
| Hi Glen
|
| Thanks for your link. I liked the rest of the paragraph also, especially
the
| reminder about the hard work.
|
| "Amongst the many aspects to being a market wizard, Schwager highlighted a
| number of the most important. One tenet with which this Editor could not
| agree more was Schwager's exhortation to "Fit your methodology to your
| personality." Equally important is to have an edge in your trading. If you
| don't have an edge in your trading rationale, then you won't win. Equally,
| Schwager noted that almost all of the truly top traders are workaholics.
The
| concept that a mere few hours of research will garner enormous profits is
| sadly mistaken. Moreover, Schwager was keen to decry the notion that even
a
| fairly mediocre system allied to good risk management techniques will
| ultimately win the day. Rather, Schwager pointed to one of the folk he has
| interviewed for his new book, who was formerly a physicist and has now
| turned his hand to trading markets. Thanks to finding a chink in the Black
| Scholes model, he has amassed a handy fortune. That's the sort of edge
which
| market wizards commonly possess. "
|
| Best regards
|
| Walter
|
| ----- Original Message -----
| From: "Glen Wallace" <gcwallace@xxxxxxxx>
| To: "MetaStock listserver" <metastock@xxxxxxxxxxxxx>
| Sent: Thursday, December 16, 1999 10:57 AM
| Subject: Jack Schwager presentation
|
|
| | An excellent report on a recent presentation by Jack Schwager at
| | http://www.adtrading.com/adt45/schwagwiz.hts Here is an excerpt:
| |
| |
| | "Amongst the many aspects to being a market wizard, Schwager highlighted
a
| | number of the most important. One tenet with which this Editor could not
| | agree more was Schwager's exhortation to 'Fit your methodology to your
| | personality.'"
| |
|
|