Really Rich Guys - Top 10 Traders

[ArturiusX]

Kevroc: You are so wrong. Reducing volatility by 5% thanks to some wizbang computer stuff is not going to 'kill the markets'.

[ArturiusX]

Also, if you want to learn how NOT to day trade, read this guys blog and do exactly what he does.

http://www.boogster.com/blog/

[Kevroc]

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I cant believe a natural gas guy is complaining about his market not being volatile enough.

And as far as the market being destroyed, the floor maybe obsolete in a few years, but this doesnt hurt anyone but the floor traders. Nymex floor is notorious for bad fills, I cringe when I cant get something done on the screen. And thanks to the amount of volume done electronically its extremely rare for that to happen.

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bad fills?

You're not using me, thats the problem!

[Kevroc]

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Kevroc: You are so wrong. Reducing volatility by 5% thanks to some wizbang computer stuff is not going to 'kill the markets'.

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okay, we'll agree to disagree.

I cannot trade, so I must watch and listen.

From what is seen in the pits and heard from clients that use Globex and Nymex, they don't like the current state of the market.

I mean.. I'm still doing volume (I have a few funds that call up and I use a mix of Globex and ring to get best possible fills) but, seems like I'd be doing alot more if the human element was prevalent as it was when we had fifty cent plus ranges.

[ArturiusX]

Traders have been saying the market is bad for years though. "It doesn't trend like it used to" or "There's too many false breakouts now days". I remember reading Market Wizards, and one of them addressed the question of "Are the markets like what they used to be?" by simply saying, "the markets evolve naturally, and people have a history of resisting change, thus when the markets do begin to change, they complain its the markets fault they can't make the money the used to and not themselves".

They're probably right, its probably a little different to what it was, but to say the amount of profit to be had has shrunk is ridiculous. If anything, computerisation is cutting out the rake that exists from the brokerage firms, which should add more money to the pool.

[snowbank]

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How much does it take to invest with a trader? Is it available to the public? You don't hear of many people doing this. I don't know a lot about this, could someone elaborate. Do you have to be an accredited investor to invest with them or something?

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I'm not sure what to say. You can invest in any securities you want, and seek advice out on that. Traders often run hedge funds and the like, a lot are closed because they can only find X amount of good trades with their strategy, so more money doesn't really help them. Some are always looking for money.

There's no 'accreditation' persay, but there are requirements for setting up your own fund. Anyone can give investment advice though.

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Wouldn't it make sense to pay extra fees to guys making 20%+ on your money, instead of getting 8% and paying little to no fees?

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[ArturiusX]

snow: crunch some numbers, high fees is all well and good in high return years, but they really really [censored] with you in low return or negative return years.

[poker1O1]

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recommend a reading list for the trading industry?

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[ozyman]

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recommend a reading list for the trading industry?

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I don't work in a trading capacity but I enjoyed both of these:

When Genius Failed by Roger Lowenstein (about Long-Term Capital Managment and the near collapse in 1998)

Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

[ChipStorm]

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Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets by Nassim Nicholas Taleb

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Read my mind