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> ......... 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 .....
Exactly the same was told by Larry Williams in a seminar at the beginning of
past year.
Many other Authors (Van Tharp devoted an entire book to the same principle)
point in the same direction: money and risk management makes the edge, not
entry techniques.
Even if 99% of the items (SW, systems, etc.) in the market focus just on
entry techniques, yet "It's when you sell that counts"!
Regards
Tommaso Galanti
Italy
----- Original Message -----
From: Walter Lake <wlake@xxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Sent: Saturday, December 18, 1999 4:11 PM
Subject: Re: Jack Schwager presentation
> 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.'"
> | |
> |
>
|