Friday, October 26, 2012

Market Wizards - Jack Schwager

Jack Schwager - Author of Market Wizards.

http://www.meetup.com/Singapore-FOREX-Group/messages/boards/thread/28195032

The .PDF files available to be downloaded at above members file area:
http://files.meetup.com/1777129/jack%20schwager%20-%20the%20new%20market%20wizards.pdf

Thu 18 Oct    Lessons of the Market Wizards   6.30pm - 9.30pm
SHINE Auditorium @ Shaw Towers #03-01
$18 offer for MayBank-KE

Programme:
6.30pm
Registration
6.45pm
Trading Success: Lessons of the Market Wizards Part 1 MrJack Schwager
7.30pm
Q&A with Mr Jack Schwager
7.50pm
China's slowdown: Is the government's attempted reflation working? Will the economy turn around or just the property prices? What are the implications for the markets?
Mr PK Basu, Regional Economist and Research, Maybank Kim Eng Securities
8.10pm
Maintaining Market Exposure with Less Capital - Singapore warrants update and leverage without margin calls
Mr Henry Ng, Associate Director, Warrant Sales and Trading, Macquarie Capital Securities (Singapore) Pte. Limited
8.20pm
Q&A with Mr PK Basu and Mr Henry Ng
8.30pm
Trading Success: Lessons of the Market Wizards Part 2
Mr Jack Schwager
9.15pm
Q&A with Mr Jack Schwager
9.30pm
End of Programme



Overview:

Trading Success: Lessons of the Market Wizards Part 1

This talk seeks to answer the question: What traits set apart those individuals who have achieved extraordinary success in the markets from everyone else? The talk is heavily anecdotal, based on the interviews conducted in the three
 Market Wizards books.

  • There is no single true path
  • The personality key
  • Do not buy a trading system
  • The importance of an edge
  • Method
  • Hard work
  • The paradox of trading
  • Good trading is effortless
  • Risk control
  • Discipline
  • The monk
  • Independence
  • Confidence
  • Losing is part of the game
  • You can not win without losing
  • Patience to wait for opportunities
  • The importance of sitting-in a trade
  • When I am right, I stay in the position
  • Loyalty
  • Trading more an art than science
  • Intuition
  • Buy on fear, sell on greed
  • Contrarian works, must have risk control
  • Market can stay irrational
  • Measurement by return is meaningless, use return-to-risk instead

Trading Success: Lessons of the Market Wizards Part 2
The talk is similar to Part 1 with the essential difference being that it focuses specifically on the personalities and lessons of the traders profiled in Hedge Fund Market Wizards, the newest book in series (2012). It is very well suited for audiences that might contain a meaningful percentage of people who previously heard Part 1.

  • Good trade / Bad trade versus Winning trade / loosing trade
  • Implementation is as important as ideas
  • Stops – pain versus proof
  • Stops should be where market will go to, not your pain level
  • Adjust exposure to changing volatility
  • Money management can be counter productive if inconsistence with trade hypothesis
  • Stops may not be good thing to do
  • Stop is not good for investment
  • Mistakes provide path to improvement
  • The loosing trade dilemma, cut and rebound, hopeful – not sure cut half
  • Caution against trading to meet Profit goals – target is not a good idea
  • Buy strongest / sell weakest
  • Failure to respond to correlated market moves
  • Effective money management can be simple
  • The Blue Crest Model
  • System that work on many markets are likely to be stronger
  • Betting more on high probability hands can even transform negative edge
  • Do not trade beyond comfort level as fear will dominate your decisions
  
Some Pointers

  • Option pricing assume equal probability of prices going up or down. Identifying when this is wrong leads to opportunity to trade. That is, when option is mispriced, trade it!
  • Volatility does not equal risk – under appreciated reason for avoiding large loses : mentally impede trader and result in missed winning opportunities.
  • If market news is adverse to Position and you do not lose much – add position, do not liquidate
  • Do more of what works and less of what does not
  • You do not turn a losing streak around by trying harder.
  • The mindset of a good trader turns idea fast.
  • Music is the space between the notes; Successful trading is the space between trades.
  • Think Contrarian is right but difficult to implement. Think contrarian if there is bubble.
  • Risk if not controlled by Stops, you can use size or position. Treat trade dynamically
  • Buy long term Options.

Maintaining Market Exposure with Less Capital
We will discuss about Singapore warrants update, what are warrants and how you can leverage without margin calls.


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    8. Patience to let profits run but courage to cut loss when proven wrong
    9. Discipline in setting up entry point, stop-loss level and take-profit targets
    10. Fire to succeed: Total involvement, not haphazard approach

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