Here is an excerpt from an interview with Paul Tudor Jones:
Q: What sparked your original interest in trading?
I went to New York and saw the floor of the commodities exchange and there was such an energy level there and so much excitement that I knew that was the place for me. ...
Larry Hite, who was profiled in Jack Schwager's Market Wizards' series, spoke recently to a group of students. An excerpt:
I believe I had to get into this business because it was simple. There are just a few questions you got to ask yourself. It's like a checklist that you have to ...
Good investing is a peculiar balance between the conviction to follow
your ideas and the flexibility to recognize when you have made a mistake.-Michael
Steinhardt
I advise you to always use stops. I mean ...
Michael Shannon was a Turtle trained by Richard Dennis. He recently offered this update to TurtleTrader.com:
The term "turtle" comes from a potential investment by Richard Dennis into a turtle farm in Southeast Asia for use as fertilizer and animal feed. In an obscure interview ...
Q. What led you to become a trader?
A. I was a caddy for some grain traders when I was in high school. In college, a friend of mine asked me if I would like to be a broker. I though that he meant doing the same thing as the guys I had caddied for. ...
We approach markets backwards. The first thing we ask is not what can we make, but how much can we lose. We play a defensive game.
Larry Hite
Former Profession: I was a rock promoter in ...
Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don't take a hard look at risk, it will take you.
Larry ...
The buy and hold investor has been led to believe (perhaps by an industry with a powerful conflict of interest) that if he has tremendous patience and discipline and stays with it he will make a good long term return. These investors fully expect that they will make back most, if not all, of recent losses soon enough. They believe that the best place for long-term capital is the stock market and that if they give it 5 or 10 or 20 years they will surely do very well. Such investors need to understand that they can go 5, 10 and 20 years and make no return at all and even lose money.
Richard Rudy
You have to be very, very honest with yourself. You must not kid yourself. Whether you have a position that is underwater or you are sitting on a huge profit, you have to look at it in exactly the same way. That is the main reason why people lose money in the market. I am very glad that that's the case because if it wasn't the case, it would be very difficult for people like me to consistently make money in the market.
Alpesh B. Patel
Richard Dennis was interviewed nearly 20 years ago. His thoughts and insights are timeless. Ignore his wisdom at your own peril.
On Trading Plans...
I'm relaxed at what I am doing [trading] because I have a plan. I know what I want to do, and I am really ...
Jesse Livermore's
How to Trade in Stocks
Jesse Livermore wrote one book: How to Trade in Stocks: The Livermore Formula for Combining Time, Element and Price. It was published in 1940. The book is very rare and not easily found.
Some excerpts from the original ...
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When I was in college I read an article on Richard Dennis, which made a big impression on me. I thought that Dennis had the greatest job in the world. (Read more)
