Archive for April, 2008
A Reader
Of course its a fake, but I wonder who exactly had the Photoshop time to make it and why?
Looking for the Man Behind the Curtain Is Perilous Work
From Trader Daily’s ear to the ground comes a list of questions posed to guest John D’agostino (a former Nymex executive) from FOX’s Bill O’Reilly:
Now, who’s driving [the price of gasoline]?
Is that the greedy sheiks and Hugo Chavez?
Is there a guy who says $121 a barrel?
Somebody has to put the $125 a barrel on the barrel. WHO does it?”
Bill, come on, you can’t be serious?
Art Collins Interview for “The Complete TurtleTrader”
The following links are an interview I did with Art Collins about my book “The Complete TurtleTrader”. The interview appeared in TradersWorld.com:
Part 1
Part 2
Part 3
Part 4 (4-page PDF version)
That interview took place July 2007 even though the publish date was Spring 2008. Thanks to Michael Martin for spotting the interview and reminding me!
Embrace Failure
Consider: “Like public speaking, failure is not inherently bad. We’re conditioned to avoid it, but there are plenty of reasons to change our perspective. Here are nine advantages to failing.”
Prenuptial Agreement with the Market
At the panel I moderated today in Paris Peter Borish put the concept of a stop loss into terms everyone can grasp. He called it a “prenup” with the market. You have to know your downside, his simple but crucial point.
Paris Panel on April 24
I am moderating a panel on Thursday in Paris at TradeTech. The panel includes Salem Abraham and Peter Borish.
Head in the Sand
A reader writes:
This post is a complete contradiction to everything you write about on your site. Automated systems don’t have character - objective. They are specifically designed to override human weakness and character traits - subjective. Are you losing it Mike? Loll! Best regards, Vince
This reader missed the point. A system does not override “human weakness and character traits”. An easy example can be seen in the comparison of three individuals profiled in chapters 11, 12, and 13 of my book “The Complete TurtleTrader”. Those chapters outline winners and losers. This reader apparently missed these chapters or just did not get the message. If the system was the only issue that mattered then why did some Turtles fail? Failure by some Turtles started with human weakness (character trait issues). Those kinds of issues can be overcome, but not if you avoid admitting their existence. So yes, a system is critical, but as those three chapters in my book point out there is more at play in the long run then just saying: “I got a system”.
