stock newbie here needs help

[kimchi]

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Burn those books. Buy new ones.

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OP knows he wants new books. That was the point of his post.

But why would you burn those books?

[DcifrThs]

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Burn those books. Buy new ones.

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OP knows he wants new books. That was the point of his post.

But why would you burn those books?

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due to the high price of oil & nat.gas, SlowHabit thinks OP has a tough time heating his home at night??

[SlowHabit]

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[ QUOTE ]

Burn those books. Buy new ones.

[/ QUOTE ]

OP knows he wants new books. That was the point of his post.

But why would you burn those books?

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due to the high price of oil & nat.gas, SlowHabit thinks OP has a tough time heating his home at night??

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Actually, my intention was burn those books so you can use the extra lighting [and obv heat] when reading others books.

[DesertCat]

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Burn those books. Buy new ones.

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OP knows he wants new books. That was the point of his post.

But why would you burn those books?

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It's the age old dichotomy of trading vs. investing. Those books are heavily oriented towards trading, and some of their authors are questionable. Victor Niederhoffer has gone broke at least three times, as did Jesse Livermore (the reminences of a stock operater protagonist) who ended up committing suicide after he went broke the last time. You have to question whether guys who go broke so often aren't just putting all their money on black repeatedly, and you know their names because they got very lucky for a time.

And as hlacheen pointed out, some of the IBD rules would be terrible for an investor to follow.

[pig4bill]

There's nothing wrong with going broke multiple times if you are a trader. Just part of the tuition.

[Sniper]

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There's nothing wrong with going broke multiple times if you are a trader. Just part of the tuition.

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Hopefully, after the first time you've learned something about risk management [img]/images/graemlins/smile.gif[/img]

However, in this case, Cat is not talking about newbie traders. These guys blew up primarily from Black Swan events; and there are still things you can learn from both their methods and blowups.

So, I wouldn't write them off as fast as DC seems to be saying. People trade using these methods, and if you want to be successful, it pays to understand all the methods used by your competition.

[DcifrThs]

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There's nothing wrong with going broke multiple times if you are a trader. Just part of the tuition.

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Hopefully, after the first time you've learned something about risk management [img]/images/graemlins/smile.gif[/img]

However, in this case, Cat is not talking about newbie traders. These guys blew up primarily from Black Swan events; and there are still things you can learn from both their methods and blowups.

So, I wouldn't write them off as fast as DC seems to be saying. People trade using these methods, and if you want to be successful, it pays to understand all the methods used by your competition.

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is there a good brief summary of people like niederhoffer's stories (w/o a lot of excess commentary)?

i agree that we should study what they did and what the world looked like from their eyes and what they were exposed to that wasn't necessarily plausible to see from their vantage point.

id love to read a bunch of condensed versions of stories like LTCM's but not in "when genius failed" book form.

any suggestions?
Barron

[Sniper]

You can take a look at Neiderhoffer's Daily Speculations site.

If you click on the "About..." headline, you'll get a brief overview, and some links to other articles that fill in some gaps.

You might find some of his comparisons between Poker and Speculation interesting.