|
PureBytes Links
Trading Reference Links
|
More quotes from Ed:
"great traders don't have the talent,
the talent has them...."
"systems trading is ultimately discretionary..."
"all trading is done by on some sort of system,
whether or not it's conscious..."
"if I am bullish, I neither buy on a reaction,
or wait for strength; I am already in. I'm bullish
the instant my buy stop is hit...."
"the markets are the same now as they were five
to ten years ago because they keep changing - just
like they did then...."
FWIW, Seykota was (is?) an EOD trader who didn't
even have RT quotes. As the story goes, he created
the first mechanical computerized trading systems
on an old punch card IBM system.
I've often thought about Seykota when reading this
thread.
BW
>From: TaoOfDow <TaoOfDow@xxxxxxxxxxxxxx>
>To: Omega List <omega-list@xxxxxxxxxx>
>Subject: Beliefs Was:Re: Work 50-70 hours a week
>Date: Mon, 15 Jul 2002 14:00:47 -0400
>
>Gentlemen,
>
>This subject, "how much work is required for success" brings up for me a
>statement made by one of the original "Super-Traders" in the book published
>around 10 years ago; I believe it was Ed Seykota, an MIT graduate who
>wandered
>off into professional trading several decades ago, and who took over Tick
>Data
>Services in the 90s. Anyway, his statement: "Everybody gets from the
>market
>exactly what they want."
>
>Similar to his belief, what I have come to believe is that the market is a
>remarkable mirror, reflecting back your image to you as seen with your own
>eyes. If you believe that "In order to be successful, you must devote
>50-70
>hours to the market", then you will devote 50-70 hours to the market and
>you
>will find some way to "see" success reflected back to you from the market.
>The
>problem is that it is a self-fulfilling prophesy --- you will attribute
>your
>success to "That is what the market requires of me for success." All this
>proves is that "You've got to believe something in order to see it."
>Chances
>are that if you changed your belief to "I can be successful in the market
>by
>devoting only 10-20 hours to the market," and if you committed yourself to
>that
>belief, you would find a way to see success reflected back to you by
>devoting
>only 10-20 hours, and then you would attribute your success, just as with
>the
>prior example, to "That is what the market requires of me for success,"
>proving
>once again that "If you believe it, you will find a way to see it."
>
>In my opinion, technical trading works, not so much because of anything
>magical
>about it, but because its adherents believe in and have become dedicated to
>technical analysis, and they will devote themselves long enough and hard
>enough
>such that eventually they will find something technical that will produce
>what
>to them is "success," giving them justification for their original belief
>"technical trading works." Ditto for discretionary trading. Ditto for
>Elliott,
>Gann, sunspots, moonbeams, whatever. To me, the "beauty" of the market is
>that
>it is so amorphous, so ambiguous, so absent of any obvious structure,
>pattern,
>or "rules" that it allows everybody to bring his own beliefs about "how the
>market works" to the table, play them out, and find subjective success ---
>cumulatively providing substantial support for Seykota's original belief:
>"Everybody gets from the market exactly what they want."
>
>As in baseball, "If you build it, they will come."
>
>Sincerely,
>
>Richard
|