Good quote..

..from Commodities legend Paul Tudor Jones:

“I see the younger generation hampered by the need to understand and rationalize why something should go up or down. Usually, by the time that becomes self-evident, the move is already over. When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned to go with the chart. Why work when Mr. Market can do it for you? These days there are many more deep intellectuals in the business, and that, coupled with the explosion of information on the Internet, creates the illusion that there is an explanation for everything…..There are young men and women, graduating from college who have a tremendous work ethic, but they get lost trying to understand a whole variety of market moves….[at the end of a bull market or bear market] there’s typically no logic to it; irrationality reigns supreme, and no class can teach you what to do during that brief, volatile, reign.”

SAINT said:

..from Commodities legend Paul Tudor Jones:

When I got into the business, there was so little information on fundamentals, and what little information one could get was largely imperfect. We learned to go with the chart. Why work when Mr. Market can do it for you? At the end of a bull market or bear market there’s typically no logic to it; irrationality reigns supreme, and no class can teach you what to do during that brief, volatile, reign.”

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Black Swan said:

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I think it would be a bit simplistic to assert that Paul Tudor Jones only trades off the chart. He will have teams of analysts providing reports on what is currently moving the markets in addition to his own experience, knowledge and observation.

While it's true that his wikipedia entry says "He believes prices move first and fundamentals come second.", it also says that he uses a global macro strategy. Look this up and

The term global macro is used to classify the strategy of certain hedge funds—those that take positions in financial derivatives and other securities, on the basis of movements in global financial markets. The strategies are typically based on forecasts and analysis about interest rates trends, movements in the general flow of funds, political changes, government policies, inter-government relations, and other broad systemic factors.

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At the end of the day he might trade on gut instinct, but it is highly informed gut instinct.

This interview is interesting:
http://chinese-school.netfirms.com/Paul-Tudor-Jones-interview.html

Q: Let's play a word association game. I'll say a word and you say whatever comes to mind.

Q: Technical analysis

Paul Tudor Jones: Made well over half the money that I've made in my lifetime.

Q: Fundamental Analysis

Paul Tudor Jones: Made the rest.

Q: Are you better at one or the other?

Paul Tudor Jones: Probably technical analysis.

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Hi Mike,
I like the attitude of the quote, I see myself as working with the market, being in that zone; accepting what it 'offers up' and being satisfied with 50-60% of an available swing...Also given the last week, where I've witnessed 3-4 violent swings, the quote reminds me that you have to be constantly on alert, price action? Lol!!... you havn't got time to see it when cable drops 100 points inside ten minutes...

I constantly feel the need to figure out why things do what, from everything to my car to my lawnmower to my daughter... Forex is no different, although the abundance of technical analysis tools makes it much easier than all those other things! Well, I am pretty good with cars!

Much easier eh? A hostage to fortune if ever I heard one.

I think that (just possibly) daughters, and even wives are slightly easier to figure out.

And given that the latter two are damn near impossible to figure out ....

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