The best trader

[N Rothschild]

yes mate i trade pocket money as i hold positions over the weekend. excellent conclusion.

 

[wackypete2]

yes mate i trade pocket money as i hold positions over the weekend. excellent conclusion.

Was that your hand in ODT's pocket??

Peter

 

[oildaytrader]

This is dumb.
Whether its their own money or firm/fund money their job is based on their performance. Your definition excludes prop traders who often trade their own money along with backed funds and I think you will find most traders in salaried employment are much more cautious than most home-based traders.

Evidence suggests otherwise, the money invested in the Dotcom bubble was other people's money, yet the advisors were ramping up stocks .Goldman Sachs fared better in the financial crisis, unlike Lehman,Bears and Merril .Until recently Goldman partners used to cough up their own money for losses, whereas the others had shareholders to rely on.

 

[oildaytrader]

Qualities required

1)trade his own money - yes
2)is disciplined - no
3)never relies on inside information - why the hell would this matter?
4)consistently profitable - define consistently profitable.
5)Made his entire wealth from trading. no
6)came from average background (no family wealth) no
7)can trade any time frame,any instrument and any amounts yes
8)very flexible and easily adaptable to all market conditions yes
9)Really nice person who helps others. yes
10)Doesn't talk about other people's success , but only his own no
11)Humble yes

I presume the yes are your own traits , that is pretty good .We are not all perfect traders and I have a lot of no answers.I am working on improving 2, 4 and 8 in my manual trading and trying to achieve it automated with difficulty.

 

[Martinghoul]

Evidence suggests otherwise, the money invested in the Dotcom bubble was other people's money, yet the advisors were ramping up stocks .Goldman Sachs fared better in the financial crisis, unlike Lehman,Bears and Merril .Until recently Goldman partners used to cough up their own money for losses, whereas the others had shareholders to rely on.

What evidence? The examples you have given above are not even anecdotal, they're just plain wrong...

 

[oildaytrader]

What evidence? The examples you have given above are not even anecdotal, they're just plain wrong...

There is no anecdotal evidence.

Is there any anecdotal evidence to suggest the contrary?If yes how could 2,000 hedge funds managing other people's money close down , and why do we have pension shortfalls in trillions of dollars?

I go by the rule people protect their own interests better in anything, as opposed to bonus /commission incentive greedy traders who trade for short term gains.They are known to take greater risks for short term gain.

O D T

 

[Martinghoul]

There is no anecdotal evidence.

Is there any anecdotal evidence to suggest the contrary?If yes how could 2,000 hedge funds managing other people's money close down , and why do we have pension shortfalls in trillions of dollars?

I go by the rule people protect their own interests better in anything, as opposed to bonus /commission incentive greedy traders who trade for short term gains.They are known to take greater risks for short term gain.

O D T

First of all, you're the one making a categorical statement, not me. Therefore, the onus is on you to provide at least a modicum of satisfactory evidence to support your claims.

My view is that you're confounding a whole variety of issues...

There is definitely evidence that agency problems are present in trading/asset management, just as they're present in a whole slew of other human activities, such as politics, management etc. Do you have any evidence to suggest that more agency problems appear in trading or that they are somehow more harmful than normal?

So what if 2000 hedge funds managing other people's money closed down? What percentage of assets of the hedge fund universe do these 2000 represent? Is that percentage higher than the total percentage of household wealth lost? 'Cause, guess what, if these hedge funds lost less money than the mkt as a whole, they actually did a BETTER job managing people's funds. Wouldn't you agree?

As to the pension shortfalls, don't get me started. Pension shortfalls have so little to do with how the pension funds are managed it's beyond funny. Pension fund managers, at least in the UK and the US, have been given a mandate that cannot be satisfied, because past politicians and CEOs have, in their infinite wisdom, taken on such massive deferred liabilities, no amount of returns can ever hope to cover them. Moreover, the Dutch, Danish and Swedish pension systems offer good counterexamples of managers systematically doing a pretty good job with other people's money. My point is that you can't cherry-pick your facts to suit your hypothesis.

As to your last point, I really don't know if I'd be able to make such an optimistic and hopeful conclusion. Did people in the US who got into the housing mkt at the very top, hook, line and sinker, protect their own interests better than, say, a greedy trader John Paulson?

 

[MrGecko]

 

[Largesse]

I just read this dumb ass thread from start to finish and I now want to kill myself.

 

[megamuel]

I think we should all have a competition on http://www.bullbearings.co.uk and see who is the best. That will settle it!

 

[elitejets]

I have to say I am not a fan of those paper money competitions in general. You can win by using stupid risk.

I am thinking of doing the Varengold Challenge this year because the competition is won by the participant with the highest risk-adjusted net yield at the end of the three months and not the participant who achieves the highest yield.
Its run by a German bank and you win trading capital, not bragging rights on a forum.

http://www.trading-challenge.com/en/index.html

 

[N Rothschild]

2.04% return? might have well opened a savings account

 

[elitejets]

It's risk adjusted. The guy that came third for example made 40% in three months but used bigger risk, the guy that came 7th made 70.53% but used yet bigger risk.
That's the point.

 

[GladiatorX]

9)Really nice person who helps others. yes
11)Humble yes

Rofl.

Irony

 

[Waterfield]

You can latency arb bullbearings anyways, that's why there are hundreds of people with trillions from 100k.

 

[FXTrend240]

Who is the best trader on this forum?

Qualities required

1)trade his own money
2)is disciplined
3)never relies on inside information
4)consistently profitable
5)Made his entire wealth from trading
6)came from average background (no family wealth)
7)can trade any time frame,any instrument and any amounts
8)very flexible and easily adaptable to all market conditions
9)Really nice person who helps others.
10)Doesn't talk about other people's success , but only his own
11)Humble

O D T

.....

 

[GladiatorX]

.....

Extensive use of smilies means only one thing;

Drugs ? :-0

 

[GladiatorX]

I am thinking of doing the Varengold Challenge this year ...[/URL]

Don't think,
Do it.

You can win it arty: Just got to participate

' Take action: Goals are nothing without action. Don't be afraid to get started. Just do it. '
' Unless you enter the tiger's den you cannot take the cubs. '

 

[temporarilylight]

Never mind the 'list' of prerequisites .
I guess for us to have an idea, the poster should have posted lots of good trades in realtime. Maybe posted account statements from a live account?

Im gonna go with....................:........................








Spanish89

 

[FXTrend240]

Extensive use of smilies means only one thing;

Drugs ? :-0

drugs?