Thank you for watching this video! If you enjoyed it, you might also enjoy our episode where we broke down the biggest lessons we learned from this conversation. You can find it here. ruclips.net/video/DOTwQ5k8lcQ/видео.html
Come to $LaZr shares are locked everyone from DOD to MIT media lab is in there and it's the same critters from the one laptop one child program You're looking for a price harbour trash lol arbitrage here it is Nice $3 Spike you get out and you beat the s&p yearly by multiples Instead of getting your pension robbed for your retail account decimated
I’ve been at it for 2 years now but still inconsistent. Lost over a hundred K so trust me when I say even following these RUclips tutorials doesn’t always cut it
You say it like it's easy forgetting that not everyone is as lucky as you are. Understanding market concepts and stock picking can indeed be overwhelming, not to mention grasping the nuances of entry and exit points, it's sooooo confusing.
It's totally far from luck. If it was easy everyone would be at it and we’d have walking billionaires, It’s why my message is always to do it alongside other things, or get a job, work on yourself your mindset your emotional composure, habits, health it's way more than just technicals and I found that out the hard way myself. I’d say a smart approach to securing successful trades while still improving as an amateur is having guidance from an experienced pro who has already navigated the complexities and gone through all the hassle of refining and applying trading rules to suit. This strategy has proven effective for me!
Hi Barb, that makes sense. However, reaching out to a regulated expert can be more challenging than one might think. They are often hard to find and typically have a heavy workload. Could you provide a recommendation, if it's not too much trouble
Oh very well then, conducting due diligence on *Lina Dineikiene* should suffice. The lady has established herself over time and really does a great job on the charts. I've gone from 27K to ~$100K+! in just eight months; conservatively following her recommendations and market entry and exit points... I am convinced it's not just hard work but smart work:-)
Mr. Schwager is unaware of how important he and his work are to generations of traders worldwide. I am from a small European country called Serbia, and I didn't know where to learn about trading and investing and how pros do it. He helped tremendously, and I will never be able to thank him enough. You single-handedly helped thousands of new traders and investors grow in this business. Thank you a million times!
Check out market wizards, new market wizards, and unknown market wizards. Also look at some michael covel books, he also interviews amazing traders, some pf which are in the wizards books@@mondaysoon4550
I was 14 as I heard about him, a Son of immigrants who got his freedom with your help Jack. Today with 35 I can live wherever I want. Not a month goes by without me reading one of your interview books! Thank you for everything even I don't know u personally!
It took me time and patience to become a good trader. I was liquidated twice and lost my mortgage deposit when I started, but instead of giving up, I learned and practiced trading. Then got a CFP. Four years later, I'm glad I did. $430k accumulated till date.
Wow, this is excellent! you worked hard there. As a beginner, it can be challenging to keep up with all this information. How do you stay informed? You must be an experienced trader with many years of experience to be that profitable.
That's great. The entry and exit orders for my portfolio, which has grown to about $550k, are determined by my advisor using a starting reserve of $80k.
I have his Futures book. Reading it makes you realize how top-notch Schwager is. A lot of people know him from him famous interview books, but reading this give me some insight into how sophisticated and knowledgeable he is.
Love this advice!!! ---> if you're uncertain, cut postion in half. If still uncertain, cut 1/2 again, and continue. Eventually you'll no longer have a problem.
Right. I had the pulling the trigger problem. The issue was I was trading to big size. The problem there was I couldn’t handle being down a thousand dollars 7 seconds after entry. I needed to expand my stops, and like you said, the only way to do that was shrinking my trade size. One of the mental dysfunctions I was dealing with was thinking “Well, if you traded 50 contracts you would have made $5000.00 there as opposed to $500.00.” I think they call that greed and or fomo. Patience and discipline are your only allies. More important than financial, you’ve got to know your own emotional limitations. Some people don’t have a problem risking a large percentage of their account. Im not one of them.
IMHO i think most folks do not undertand that a market, stock, etf, futures only can do one thing over and over again. it consolidates (price and moving averages close) it exits that usually with force and then goes into stage two trend ...either up or down, it then goes into a consolidating phase (topping or bottoming phase) and then starts the reverse of the prior trend or what is know revision to the mean, then the cycle starts all over again. It is critical to know what stage the instrument we are trading is in. Each one of those phase requires different tools. so if you are in stage 1 (consolidating) we need setups that capture the break or move (either way) into the stage 2 up or down trend. then we need to capture that stage 2 trend for all it is worth. once the price and moving averages get really far away from say the 200 simple moving average and our rules tell us the market has topped or bottom we have certain events like a topping or bottoming tail bar or igniting candles and we get out of that trade and go in the opposite direction. Rinse and repeat. Of course there is more to this but this is the start IMHO.
You are spot on. That candle with long wick. I have been noticing them after mentioned by a young professional trader who is new to the market and successful. This was my takeaway from him and I see them all the time now. Game changer l, but I am still not profitable where I can leave me job. I am still working on it.
@ That is awesome. Keep at it.. Use stop loss, risk, money managment, set ups (1 at a time until you master it). This takes years and usually a lot of money. But if you can get to the other side and become one of the 6% that makes it you and your family will never have to worry about money again. Look at it like becoming a doctor... that doesn't happen overnight it takes a long time, a lot of effort, and a lot of money. It is supposed to work that way. Nothing is free. And if it free... give it back right away. It's not yours you didn't earn it. And Karma always takes it back with a pound of flesh. Best of luck.
Jonas Herman, a certified fiduciary is the brain behind my success. I've gotten into a plethora of assets with $15k spread across fx & stocks (options and futures) for the short term and, index funds, and ETFs, for the long term. Now with over 81k, I sit back and just reinvest at intervals while I focus on my job and family.
It's nice to see this fairly recent appearance by Jack. Of course I have his books and would enjoy reading them again. I recall quite some years ago sitting next to him at an evening meeting at Market Technicians Association in the World Trade Center. I think that was an evening when well-known market technician Ralph Acampora was speaking.
I started with unknown market wizards and fell in love... I love the style of writing in interview format... Currently reading Hedge Fund Market Wizards... I refuse to NOT master trading... Even through the bad days and me running my acct to 6 figures then tanking it... My hunger to master trading is immense
When i saw how many views this video has after 2 years it confirms for me once again, that i have an edge, such a legend sharing information and all the upcoming new or old traders dont have the attention capability to listen to this.
I enjoyed seeing evidence of Schwager's appreciation for Mondrian... but I, personally, would never hang up a reproduction of a Robert Indiana... no way in the same league!!!!!!!!! [Before trading, Fine Art was and still is my First Love!] Anyway.. we all gained quite a lot from Jack Schwager's books. For myself, they were an integral part of my "education", vis a vis the Stock Market, about how the best traders think and approach it. Having become amazingly successful at all this, I have to thank my roots. Schwager was a good part... Larry Williams was a good part (I treasure meeting him and talking to him about his methods at a NYC seminar).. and so many others.. the great futures analyst and trader, Stanley Kroll, who I was so honored to have him sign my books... Steve Nison, who wrote "The Book" about Japanese candlestick charts, and once asked me to write a review for it... and many others. Thank you all! ... and God Bless Capitalism for making all this possible!
At 38:24 "It was amazing how badly the system did when it stopped working". This makes me wonder why someone in this situation wouldn't then short his picks instead of purchasing them, I imagine a trader would be comfortable doing that. A bit like how George Costanza in Seinfeld began to do the opposite of what his natural inclinations were to start having success.
the markets ups and down is still a great profit with my financial Advisory Ryan stinger currently a stock professor and general market analyst, I started my portfolio with precisely $84,000 in stocks last month and currently over $796,000 in my portfolio , never had major loses all of that covered by his strategy policies and the auto stop loss is generating profits every minutes why are you all are crying in the market? .contact him with the above email, and feel comfortable to quit your jobs earn while relaxing at home you can start with as low as $250
It depends on whether the previously blow up of the system was due to continuous losses, or just a few big losses at the end. If it is the second case, then it may not be profitable just going the other direction.
If I didn't buy and sell excessively, I would have been much richer than I am today. Now, I realize that be a simple investor just buy a few major indexes and a lesser percentage into high growth etf then sleep on it for two decade. It will generate more income. Don't get suck in by the news and talking heads influencers.
so big on stocks and it has worked great for me, but I also like to have a well balanced, low-cost set of ETFs that keeps the money in my pocket. How effective is your approach returns on the long run?
An insightful method from a top performer always brings more interest, no matter what. Last year, the yield interest remitted 44k in passive income. Q2 this year was 17k, as it takes time and the magic of compounding. It's truly great to see steady growth.
Amazing! seems like a lot of your interest is riding on your source ability to perform hefty, I could really use your viewpoint bcos I need a lot as rent, inflation alone eat up almost all of what I make. If I can mirror your last yr interest get me involved.
What is weird that Jack is a Brown University graduate (he's supersmart without doubt) and obviously has gained insight into the thought processes of the best investors. But he was not successful as a fund manager. I vaguely remember that 20 years ago (in this ballpark), he made an effort to launch a fund under the market wizards umbrella. But the fund failed to deliver satisfying returns and was closed quickly.
Yeah, and I spoke to Myron Scholes multiple times who is pretty knowledgable... he still was involved in LTCM blow up. It is very hard to outperform consistently.
@@jasperoeberiuskapteijn6894 ... 100% agree. Which makes it impossible to understand how the Medallion fund by Renaissance Tech was able to deliver such incredible returns (Jim Simons is dead, but I guess the employees can still invest). Edges become smaller and smaller.
I read both Market Wizards books decades ago - twice. Are there more? I knew this guy had to be pretty smart to write such good books, but he's really impressive on video. He talks just like Feynman! Yes, obviously a New Yorker, but his voice is the same too. Great books.
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
Read how to make money in stocks by William j O'Neil 15 times. Yes 15 times. Print the 100 charts. Study them. Read the fine print. Learn what position sizing is. Read. You will have to know the big picture as well as a top pro. Gl.
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the best strategy in roulette, is to either walk away...or determine if the table is improperly balanced...by watching it over a thousand times...and taking notes.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
Avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Kenna Muriel Hesseling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing. I scheduled a caII..
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
I enjoyed this interview but my inner skeptic kept on whispering in my ear : "how do we know this wasn't just blind luck ?" I can accept that before the arrival of desktop computers, it was possible for a human expert to beat the other humans. These days, i'm much more doubtful. I can see why people want to believe in star traders, because their stories offer hope that perhaps - with enough hard work and perseverance - you can emulate their success. Personally I believe that markets are effectively random, that there's no longer any conceivable 'edge', and that you're better off just sitting back and harvesting the risk premium. With that attitude, I guess I'm never going to be featured in one of Mr Schwager's books :)
Hi Chris, thanks for watching and commenting. That is a perfectly fair comment, and I think Jack would say luck and good timing are important variables and probably do have some impact on the success of each trader, especially early on. However, over a long enough period of time and throughout different markets, luck becomes less important and skill matters more (this is why we asked Jack about the track record question). It sort of reminds me of Michael Mauboussin's, "Alpha and the Paradox of Skill". You can download the paper here, tinyurl.com/ffs96emz. Here is the summary from the paper: *There are two aspects to success in investing: proficiency and choosing an attractive game. The key to an attractive game is dispersion in skill, where more skillful participants can benefit at the expense of less skillful ones. *The paradox of skill says that in activities where results combine luck and skill, luck is often more important in shaping outcomes even as skill improves. In many competitive interactions it is the relative level of skill that matters, not the absolute level of skill. In many fields, including investing, the dispersion of skill is shrinking, which leaves more to luck. *There is a positive correlation between the breadth of opportunities and the dispersion of fund returns. *Pockets of inefficiency persist. These include diversity breakdowns, institutions competing with individuals, and trading with distressed counterparties. Thanks again for watching!
How lucky could you get in a casino? Could you get lucky 50 times out of 100? Probably not But you can be lucky 40 times out of a 100 in trading and you can still make a killing
Putting well-earned money into the stock market can't be over emphasised for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $2M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me??
Personally, I would say have a mentor. Not sure where you will get an experienced one, but if your knowledge of the market is limited, it seems like a good bet.
I do see a lot of that. Folks don't undertand that is never going to work because even if they told you to buy, they don't tell you where to put the stop loss order or where to take profits. This is why learning to do it yourself is key if you ever want to succeed.
I just see angry comments everywhere on chats. Folks running their fingers that have refused to study. They want a cheat sheet and live bear porn talking heads. Thats why so few have successs
I think there is a place for investing, swing trading and day trading (if you have skill). For me the setups, trades, stop losses, adds, move stop to break even and take profits are all the same for each of those. The only thing that changes is the time frame of the chart. Investing monthly / weekly, swing daily / 4 hr and day trading 5 / 2 / 1 min. Day trading is the hardest becuase it is so fast. But if you can day trade with consultancy swing and investing is easy. Also, anyone who is invested in the stock market without stop loss orders is at great risk. Risk should always be defined and protected against. Which is why I think the best traders and investors use stops. The really great traders know how to take profits. Everything in a trade is mechanical but taking profits is a bit mechanical and a bit art.
I think this is true for most. That is why 94% of all traders fail. But what about the 6%? They figured it out. They use the stock market like an ATM. So really the statement is a bit missleading. What I think he meant to say is the chances of you getting there is only 6% and most don't, but it is possible. Those 6% that did make it live a life most can only dream of. It took extreme dedication, study, sacrifice, time and the ability to keep getting back up after getting knocked to the ground. Most give up. My personal journey, it took me years and about 28k to get to the other side and become one of those 6%. The whole process was very humbling and it has made me a much better human being. I love his books I have read all of them, but not just his... more than a hundred more. Like I said, extreme dedication, and sacrifice (almost to the point of obsession) is what is needed. I think most don't have that fire. Those that do, in anything, are going to be successful. Not just in the financial markets.
History’s best trader? Jack Schwager is a well-known author and financial expert, particularly famous for his series of books titled "Market Wizards," which feature interviews with some of the most successful traders and hedge fund managers over the last several decades. Born in 1948, Schwager has made significant contributions to financial literature and thought, but there is no concrete evidence that he himself is one of history's best traders. His fame and reputation primarily stem from his ability to distill and share the wisdom of those who are considered top investors. For that, you get a THUMB DOWN!!!
I don't think he is claiming that, is he? He is a great author and those great traders that he interviewed have helped me go from the 96% that lose to that 6% that win. Have you read his books? If not and you are are a trader ... I highly recommend them, they are on the must read list. If not you might just be a passive investor, which is fine, and this content and his books are not for you. I would recommend reading about Warren's Buffet or folks like him ...not content about trading. There are lots of ways to make money in the markets. The right way is the way that works for you. All that said I think it it's important to undertand this or view in all things. As humans we recently got into this trend that if it is not correct for us, it is incorrect PERIOD. That is a super dangerous lope to get on. Sometimes what didn't work or was incorrect just a few years ago became correct and is exactly what we need. People grow, things change. The flexiablity of thinking and seeking out those that oppose you is key to growth. Maybe they are correct and we are wrong. I am so scared that what I think is correct but is actually wrong ... I continually seek out people who differ in my thinking. It has made me a much better person.
Gambling. A few who make it have become professional gamblers. The rest are just gamblers. 97% lose money, 3% win money. For every 100 traders, 97 people will lose money over time. This is actual statistics from actual research.
Trading is just professional gambling Managing risk and losses are the most important part Strategy doesn’t matter as long as you can make money with it
Not really ,if you understand. If the size of your win is two times the size and you win/loss ratio is 50/50. You are winning. Now you can even lose more times and still be profitable. Study study and paper trade until you are good.
The powers that be have an edge, its called manipulation through the working group, plunge protection team, treasury, government installed and employed floor traders on CBOE. Have you met any successful bears in the last 15 years ?🤣😂
In stock trading you need an edge. That is defined by a 70% expectancy (win) rate or better for your setups (the point you go long or short). Now follow me here because this is the most important thing to be a successful trader. If you can win 70% of the time but you understand that 30% of the time the setup does not work. All you need to do is limit the losses on the losing trades. This is why risk managment (risking no more than 1 or max 2 percent on any one trade) is so important. It goes like this. Trade 1. Loss 40 bucks. Trade 2. Loss 50 bucks, trade 3 loss 35 bucks (most give up right here), trade 4 win 120 bucks, trade 5 make 100 bucks, trade 5 make 235 bucks, trade 6 make 75 bucks trade 7 make 45 bucks, trade 8 loss 35 bucks, trade 9 make 200 bucks, trade 10 make 75 bucks. This example: the losses were kept small, the expectancy of the setup made up for those losses and then way more. Folks need to understand that they do not determine a set up is good or not until you trade it 20 time and then trade it 20 times again. If both instances you made money you know your set up is good. Rinse and repeat. almost all the folks in the stock market do not have setups or risk profiles or where to place their stops, max loss per trade/day/week rules. They just buy for whatever reason... they feel it, their friend said to do it etc. This is why 94% fail. They don't have a setup with positive expectancy and they don't have a trade plan. And those 96% feed the accounts of those 6% and every year we get new folks that join that 96% losers club. losing correctly is everything, and if that is true then correctly taking a loss is not really losing, it is just the cost of doing buiensess. Once folks get to this point... they join the 6%... and their lives will be forever changed. NO matter where they are or what they are doing... and as long as they have internet access they can make money. Think about that for a second. That is the real benfit for all the sacrifice to get to be in that 6% club. that and never having to worry about money again.
Thank you for watching this video! If you enjoyed it, you might also enjoy our episode where we broke down the biggest lessons we learned from this conversation. You can find it here. ruclips.net/video/DOTwQ5k8lcQ/видео.html
Come to $LaZr shares are locked everyone from DOD to MIT media lab is in there and it's the same critters from the one laptop one child program
You're looking for a price harbour trash lol arbitrage here it is
Nice $3 Spike you get out and you beat the s&p yearly by multiples
Instead of getting your pension robbed for your retail account decimated
Just got my 9th payout! I can't tell you how glad I am that I got into trading after being introduced to it last year.
I’ve been at it for 2 years now but still inconsistent. Lost over a hundred K so trust me when I say even following these RUclips tutorials doesn’t always cut it
You say it like it's easy forgetting that not everyone is as lucky as you are. Understanding market concepts and stock picking can indeed be overwhelming, not to mention grasping the nuances of entry and exit points, it's sooooo confusing.
It's totally far from luck. If it was easy everyone would be at it and we’d have walking billionaires, It’s why my message is always to do it alongside other things, or get a job, work on yourself your mindset your emotional composure, habits, health it's way more than just technicals and I found that out the hard way myself. I’d say a smart approach to securing successful trades while still improving as an amateur is having guidance from an experienced pro who has already navigated the complexities and gone through all the hassle of refining and applying trading rules to suit. This strategy has proven effective for me!
Hi Barb, that makes sense. However, reaching out to a regulated expert can be more challenging than one might think. They are often hard to find and typically have a heavy workload. Could you provide a recommendation, if it's not too much trouble
Oh very well then, conducting due diligence on *Lina Dineikiene* should suffice. The lady has established herself over time and really does a great job on the charts. I've gone from 27K to ~$100K+! in just eight months; conservatively following her recommendations and market entry and exit points... I am convinced it's not just hard work but smart work:-)
Mr. Schwager is unaware of how important he and his work are to generations of traders worldwide. I am from a small European country called Serbia, and I didn't know where to learn about trading and investing and how pros do it. He helped tremendously, and I will never be able to thank him enough. You single-handedly helped thousands of new traders and investors grow in this business. Thank you a million times!
The question is: Did you become a consistently profitable trader with decently good returns or not?
Books need to be re-read multiple times, especially when market is junk or one is in a trading slump
Frfr he saved and gave me ideas of creating my own trading system. Trading as a long creates more stress!
hello friend I am from a country neighboring Serbia. Is there a particular book you could recommend me by this gentleman? ty
Check out market wizards, new market wizards, and unknown market wizards. Also look at some michael covel books, he also interviews amazing traders, some pf which are in the wizards books@@mondaysoon4550
I was 14 as I heard about him, a Son of immigrants who got his freedom with your help Jack. Today with 35 I can live wherever I want. Not a month goes by without me reading one of your interview books! Thank you for everything even I don't know u personally!
It took me time and patience to become a good trader. I was liquidated twice and lost my mortgage deposit when I started, but instead of giving up, I learned and practiced trading. Then got a CFP. Four years later, I'm glad I did. $430k accumulated till date.
Wow, this is excellent! you worked hard there. As a beginner, it can be challenging to keep up with all this information. How do you stay informed? You must be an experienced trader with many years of experience to be that profitable.
That's great. The entry and exit orders for my portfolio, which has grown to about $550k, are determined by my advisor using a starting reserve of $80k.
Can you recommend your Advisor? My portfolio isn't doing well, and I need help.
"Melissa Elise Robinson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks.
I have his Futures book. Reading it makes you realize how top-notch Schwager is. A lot of people know him from him famous interview books, but reading this give me some insight into how sophisticated and knowledgeable he is.
what book is it? Would you recommend? I trade futures as well. Thanks
Love this advice!!! ---> if you're uncertain, cut postion in half. If still uncertain, cut 1/2 again, and continue. Eventually you'll no longer have a problem.
Right. I had the pulling the trigger problem. The issue was I was trading to big size. The problem there was I couldn’t handle being down a thousand dollars 7 seconds after entry. I needed to expand my stops, and like you said, the only way to do that was shrinking my trade size.
One of the mental dysfunctions I was dealing with was thinking
“Well, if you traded 50 contracts you would have made $5000.00 there as opposed to $500.00.”
I think they call that greed and or fomo.
Patience and discipline are your only allies. More important than financial, you’ve got to know your own emotional limitations.
Some people don’t have a problem risking a large percentage of their account. Im not one of them.
IMHO i think most folks do not undertand that a market, stock, etf, futures only can do one thing over and over again. it consolidates (price and moving averages close) it exits that usually with force and then goes into stage two trend ...either up or down, it then goes into a consolidating phase (topping or bottoming phase) and then starts the reverse of the prior trend or what is know revision to the mean, then the cycle starts all over again. It is critical to know what stage the instrument we are trading is in. Each one of those phase requires different tools. so if you are in stage 1 (consolidating) we need setups that capture the break or move (either way) into the stage 2 up or down trend. then we need to capture that stage 2 trend for all it is worth. once the price and moving averages get really far away from say the 200 simple moving average and our rules tell us the market has topped or bottom we have certain events like a topping or bottoming tail bar or igniting candles and we get out of that trade and go in the opposite direction. Rinse and repeat. Of course there is more to this but this is the start IMHO.
Dope observation
You are spot on. That candle with long wick. I have been noticing them after mentioned by a young professional trader who is new to the market and successful. This was my takeaway from him and I see them all the time now. Game changer l, but I am still not profitable where I can leave me job. I am still working on it.
@ That is awesome. Keep at it.. Use stop loss, risk, money managment, set ups (1 at a time until you master it). This takes years and usually a lot of money. But if you can get to the other side and become one of the 6% that makes it you and your family will never have to worry about money again. Look at it like becoming a doctor... that doesn't happen overnight it takes a long time, a lot of effort, and a lot of money. It is supposed to work that way. Nothing is free. And if it free... give it back right away. It's not yours you didn't earn it. And Karma always takes it back with a pound of flesh. Best of luck.
Mr. Schwager all I can say is thank you from the bottom of my heart ❤ great interview!
Thank you for watching!
Trading has been rather rewarding to me and I've learned that getting a good roi is very much attainable if you know your way around it.
How are you making profit from trading? It's not just clicking for me.
How are you able to make profit? I’ve not been profitable the past 4 months I started trading.
Jonas Herman, a certified fiduciary is the brain behind my success. I've gotten into a plethora of assets with $15k spread across fx & stocks (options and futures) for the short term and, index funds, and ETFs, for the long term. Now with over 81k, I sit back and just reinvest at intervals while I focus on my job and family.
That's your view. In my experience, there is no such formula, it is nearly impossible to achieve success with trading. It’s all just gambling.
I’m new, I don't mind using a mentorship because I'm frustrated with the results I've been getting. How can I connect with him, please?
It's nice to see this fairly recent appearance by Jack. Of course I have his books and would enjoy reading them again. I recall quite some years ago sitting next to him at an evening meeting at Market Technicians Association in the World Trade Center. I think that was an evening when well-known market technician Ralph Acampora was speaking.
Jack Shwager the goat
I started with unknown market wizards and fell in love... I love the style of writing in interview format... Currently reading Hedge Fund Market Wizards... I refuse to NOT master trading... Even through the bad days and me running my acct to 6 figures then tanking it... My hunger to master trading is immense
The only books that i am ready to read again and again are Market Wizards by Jack Schwager
When i saw how many views this video has after 2 years it confirms for me once again, that i have an edge, such a legend sharing information and all the upcoming new or old traders dont have the attention capability to listen to this.
I read 4 books of his series of market wizards, and really they're the best books I ever read.
Jack Forehand is a legend! I learn from him so much. Thank you Jack Forehand!
He at least is in his own mind.
I enjoyed seeing evidence of Schwager's appreciation for Mondrian... but I, personally, would never hang up a reproduction of a Robert Indiana... no way in the same league!!!!!!!!! [Before trading, Fine Art was and still is my First Love!] Anyway.. we all gained quite a lot from Jack Schwager's books. For myself, they were an integral part of my "education", vis a vis the Stock Market, about how the best traders think and approach it. Having become amazingly successful at all this, I have to thank my roots. Schwager was a good part... Larry Williams was a good part (I treasure meeting him and talking to him about his methods at a NYC seminar).. and so many others.. the great futures analyst and trader, Stanley Kroll, who I was so honored to have him sign my books... Steve Nison, who wrote "The Book" about Japanese candlestick charts, and once asked me to write a review for it... and many others. Thank you all! ... and God Bless Capitalism for making all this possible!
Outstanding! Thank you so much. I’ve read all of his books. Learned bigly😮
Thank you!
At 38:24 "It was amazing how badly the system did when it stopped working". This makes me wonder why someone in this situation wouldn't then short his picks instead of purchasing them, I imagine a trader would be comfortable doing that. A bit like how George Costanza in Seinfeld began to do the opposite of what his natural inclinations were to start having success.
the markets ups and down is still a great profit with my financial Advisory Ryan stinger currently a stock professor and general market analyst, I started my portfolio with precisely $84,000 in stocks last month and currently over $796,000 in my portfolio , never had major loses all of that covered by his strategy policies and the auto stop loss is generating profits every minutes why are you all are crying in the market? .contact him with the above email, and feel comfortable to quit your jobs earn while relaxing at home you can start with as low as $250
this is because its hard to differentiate between reverse signal and noise, the reversal of the signal could still have significantly high drawdown
Slight correction: why wouldn't someone then _fade_ his picks?
It depends on whether the previously blow up of the system was due to continuous losses, or just a few big losses at the end.
If it is the second case, then it may not be profitable just going the other direction.
@leophotographyhk5248 im thinking it would be if he was selling options. Even sideways makes theta.
Interesting reflections, Thank you for sharing. Greetings from Medellín, Colombia.
Thank you!
Thank you Jack for inspiring me and changing my life with your books
If I didn't buy and sell excessively, I would have been much richer than I am today. Now, I realize that be a simple investor just buy a few major indexes and a lesser percentage into high growth etf then sleep on it for two decade. It will generate more income. Don't get suck in by the news and talking heads influencers.
Sounds like you are absolutely crushing it now. Just buy and hold
so big on stocks and it has worked great for me, but I also like to have a well balanced, low-cost set of ETFs that keeps the money in my pocket. How effective is your approach returns on the long run?
An insightful method from a top performer always brings more interest, no matter what. Last year, the yield interest remitted 44k in passive income. Q2 this year was 17k, as it takes time and the magic of compounding. It's truly great to see steady growth.
Amazing! seems like a lot of your interest is riding on your source ability to perform hefty, I could really use your viewpoint bcos I need a lot as rent, inflation alone eat up almost all of what I make. If I can mirror your last yr interest get me involved.
Oh that's fine, props to Frost Hilda, her name, and resourceful stock wits structures my holdings quality merits.
What is weird that Jack is a Brown University graduate (he's supersmart without doubt) and obviously has gained insight into the thought processes of the best investors.
But he was not successful as a fund manager. I vaguely remember that 20 years ago (in this ballpark), he made an effort to launch a fund under the market wizards umbrella. But the fund failed to deliver satisfying returns and was closed quickly.
Yeah, and I spoke to Myron Scholes multiple times who is pretty knowledgable... he still was involved in LTCM blow up. It is very hard to outperform consistently.
@@jasperoeberiuskapteijn6894 ... 100% agree. Which makes it impossible to understand how the Medallion fund by Renaissance Tech was able to deliver such incredible returns (Jim Simons is dead, but I guess the employees can still invest). Edges become smaller and smaller.
i thought he said he never traded?
Jack is a legend! I learn from him so much. Thank you Jack!
This is a great interview.
Thank you!
I read both Market Wizards books decades ago - twice. Are there more? I knew this guy had to be pretty smart to write such good books, but he's really impressive on video. He talks just like Feynman! Yes, obviously a New Yorker, but his voice is the same too. Great books.
I’ve been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?
I've seen a lot of positive reviews about this professional, she must be exceptional for people to talk about her goodness
Please how can someone get to speak with her?
i also have been seeing so many recommendations about this viola patterson, is she really that good?
Read how to make money in stocks by William j O'Neil 15 times. Yes 15 times. Print the 100 charts. Study them. Read the fine print. Learn what position sizing is. Read. You will have to know the big picture as well as a top pro. Gl.
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the best strategy in roulette, is to either walk away...or determine if the table is improperly balanced...by watching it over a thousand times...and taking notes.
Love is art on the wall as well the sage advice thanks guys.
Thanks for watching!
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
Avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective most importantly consider financial advisory for informed buying and selling decisions.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
This is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Kenna Muriel Hesseling is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing. I scheduled a caII..
Well. The number one in my book, is to cut your losses quickly, follow your plan.
Jack has never met a mic he didn’t love. Jack loves some Jack
Great interview.
Amazing interview - thanks. Subbed
Thank you!
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second daughter. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks.
@@ЕленаФирсова-ц6м Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time. MARGARET MOLLI ALVEY, a licensed fiduciary whom has made me over 5 figures in profit in less than seven months, handles my investments. I could leave you a lead if you need help.
@@VivekLuna Oh please I’d love that. Thanks!
@@ЕленаФирсова-ц6м MARGARET MOLLI ALVEY , lookup with her name online.
@@VivekLuna Great , i will do that now . Thanks for sharing
I missed when he talked about insider trading as one of the best kept secrets.
😂
I think he doesn't know much and hasn't found out how exactly these successful traders made money! Not from a single one. ❤❤
Big Salute To The Genius of Jack Schwager Helping Us To Continue To Make These Excess Returns!🎓📉💵
Thanks Sir
"only one systematic wizard"
:)
36:40
Accuracy beats everything
I enjoyed this interview but my inner skeptic kept on whispering in my ear : "how do we know this wasn't just blind luck ?" I can accept that before the arrival of desktop computers, it was possible for a human expert to beat the other humans. These days, i'm much more doubtful. I can see why people want to believe in star traders, because their stories offer hope that perhaps - with enough hard work and perseverance - you can emulate their success. Personally I believe that markets are effectively random, that there's no longer any conceivable 'edge', and that you're better off just sitting back and harvesting the risk premium. With that attitude, I guess I'm never going to be featured in one of Mr Schwager's books :)
Hi Chris, thanks for watching and commenting. That is a perfectly fair comment, and I think Jack would say luck and good timing are important variables and probably do have some impact on the success of each trader, especially early on. However, over a long enough period of time and throughout different markets, luck becomes less important and skill matters more (this is why we asked Jack about the track record question).
It sort of reminds me of Michael Mauboussin's, "Alpha and the Paradox of Skill". You can download the paper here, tinyurl.com/ffs96emz.
Here is the summary from the paper:
*There are two aspects to success in investing: proficiency and choosing an attractive game. The key to an attractive game is dispersion in skill, where
more skillful participants can benefit at the expense of less skillful ones.
*The paradox of skill says that in activities where results combine luck and skill, luck is often more important in shaping outcomes even as skill improves. In many competitive interactions it is the relative level of skill that matters, not the absolute level of skill. In many fields, including investing, the dispersion of skill is shrinking, which leaves more to luck.
*There is a positive correlation between the breadth of opportunities and the dispersion of fund returns.
*Pockets of inefficiency persist. These include diversity breakdowns, institutions competing with individuals, and trading with distressed counterparties.
Thanks again for watching!
@@ExcessReturns Thank you very much for such a comprehensive reply ! I'll read the paper later, much appreciated :)
Pretty simple actually. Just go short the SP500 for the next month :) But with low leverage
How lucky could you get in a casino? Could you get lucky 50 times out of 100? Probably not
But you can be lucky 40 times out of a 100 in trading and you can still make a killing
It's not a random walk all the time.
the problem with the books, they never shared there systems with you
Putting well-earned money into the stock market can't be over emphasised for first-time investors, unlike a bank where interest is sure thing! Well, basically times are uncertain, the market is out of control, and banks are gradually failing. I am working on a ballpark estimate of $2M for retirement, and I have a good 6-figure loaded up for this, could there be any opportunity for a boomer like me??
Personally, I would say have a mentor. Not sure where you will get an experienced one, but if your knowledge of the market is limited, it seems like a good bet.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website… thank you for sharing
What is the one thang
You can skip the first part of this video to get to the lessons learned starting at 1:04 and the last 11 minutes.
I think its very interesting that this video on has 15 comments. Its the old, dont teach me anything, just tell me what to buy. ;)
I do see a lot of that. Folks don't undertand that is never going to work because even if they told you to buy, they don't tell you where to put the stop loss order or where to take profits. This is why learning to do it yourself is key if you ever want to succeed.
Sorry, I didn't realize you must comment on something in order to appreciate the message.
I just see angry comments everywhere on chats. Folks running their fingers that have refused to study. They want a cheat sheet and live bear porn talking heads. Thats why so few have successs
swing trading and long term investing I have found to be the most profitable for sure
I think there is a place for investing, swing trading and day trading (if you have skill). For me the setups, trades, stop losses, adds, move stop to break even and take profits are all the same for each of those. The only thing that changes is the time frame of the chart. Investing monthly / weekly, swing daily / 4 hr and day trading 5 / 2 / 1 min. Day trading is the hardest becuase it is so fast. But if you can day trade with consultancy swing and investing is easy. Also, anyone who is invested in the stock market without stop loss orders is at great risk. Risk should always be defined and protected against. Which is why I think the best traders and investors use stops. The really great traders know how to take profits. Everything in a trade is mechanical but taking profits is a bit mechanical and a bit art.
Cohen gets outside when he gets inside information.
100%+ per annum is very achievable
compound your returns
Go for stocks that can make 100% to 300% in less than five months. Some in just a few weeks
Low signal to noise ratio.
Too many commercials
Best
Interesting to see matthew mcconaughey intervewing jack
Alright Alright Alright 😏
What are you guys taking …. It’s all just talk
Your best bet is your first bet in line with your edge! 🙌
Cause if you sit there long enough, the market is made for you to lose 🤣
FACTS!
I think this is true for most. That is why 94% of all traders fail. But what about the 6%? They figured it out. They use the stock market like an ATM. So really the statement is a bit missleading. What I think he meant to say is the chances of you getting there is only 6% and most don't, but it is possible. Those 6% that did make it live a life most can only dream of. It took extreme dedication, study, sacrifice, time and the ability to keep getting back up after getting knocked to the ground. Most give up. My personal journey, it took me years and about 28k to get to the other side and become one of those 6%. The whole process was very humbling and it has made me a much better human being. I love his books I have read all of them, but not just his... more than a hundred more. Like I said, extreme dedication, and sacrifice (almost to the point of obsession) is what is needed. I think most don't have that fire. Those that do, in anything, are going to be successful. Not just in the financial markets.
💯
For a sec.. I was like, what df happened to Bill gates!! 😅
Just follow Nancy
there are real traders - then there are people who write books and have schools
Schwager is a fund manager or at least always was. While not technically a trader he’ll tell traders that work for him what to buy or sell.
Decimation gambling always loses
The longer i live, the greater the chance i have of dying.
Nothing burger...waffling on n on...
You can do better?
History’s best trader?
Jack Schwager is a well-known author and financial expert, particularly famous for his series of books titled "Market Wizards," which feature interviews with some of the most successful traders and hedge fund managers over the last several decades. Born in 1948, Schwager has made significant contributions to financial literature and thought, but there is no concrete evidence that he himself is one of history's best traders. His fame and reputation primarily stem from his ability to distill and share the wisdom of those who are considered top investors.
For that, you get a THUMB DOWN!!!
Rtfb
I don't think he is claiming that, is he? He is a great author and those great traders that he interviewed have helped me go from the 96% that lose to that 6% that win. Have you read his books? If not and you are are a trader ... I highly recommend them, they are on the must read list. If not you might just be a passive investor, which is fine, and this content and his books are not for you. I would recommend reading about Warren's Buffet or folks like him ...not content about trading. There are lots of ways to make money in the markets. The right way is the way that works for you. All that said I think it it's important to undertand this or view in all things. As humans we recently got into this trend that if it is not correct for us, it is incorrect PERIOD. That is a super dangerous lope to get on. Sometimes what didn't work or was incorrect just a few years ago became correct and is exactly what we need. People grow, things change. The flexiablity of thinking and seeking out those that oppose you is key to growth. Maybe they are correct and we are wrong. I am so scared that what I think is correct but is actually wrong ... I continually seek out people who differ in my thinking. It has made me a much better person.
This would be better if the host just ask questions. We don’t need to hear his input.
Gambling. A few who make it have become professional gamblers. The rest are just gamblers. 97% lose money, 3% win money. For every 100 traders, 97 people will lose money over time. This is actual statistics from actual research.
Trading is just professional gambling
Managing risk and losses are the most important part
Strategy doesn’t matter as long as you can make money with it
Not really ,if you understand. If the size of your win is two times the size and you win/loss ratio is 50/50. You are winning. Now you can even lose more times and still be profitable. Study study and paper trade until you are good.
I nwed a job
The powers that be have an edge, its called manipulation through the working group, plunge protection team, treasury, government installed and employed floor traders on CBOE. Have you met any successful bears in the last 15 years ?🤣😂
Host got to slow down when he speaks. He speaks way too fast.
You look like Bill Gates's Elder brother!! Really💥💥👌®️®️®️
No, he is Woody Allen's younger brother.
Spitting image of my uncle.
Spores stole gold from Jews during ww2 - lost interest when the opening was sorors this Soros that
Wrong rulette example.
If i win on black 3 and loss 1 .. and if i bet on red 1 and loose 1
Then i will always win 🤠 this game
In stock trading you need an edge. That is defined by a 70% expectancy (win) rate or better for your setups (the point you go long or short). Now follow me here because this is the most important thing to be a successful trader. If you can win 70% of the time but you understand that 30% of the time the setup does not work. All you need to do is limit the losses on the losing trades. This is why risk managment (risking no more than 1 or max 2 percent on any one trade) is so important. It goes like this. Trade 1. Loss 40 bucks. Trade 2. Loss 50 bucks, trade 3 loss 35 bucks (most give up right here), trade 4 win 120 bucks, trade 5 make 100 bucks, trade 5 make 235 bucks, trade 6 make 75 bucks trade 7 make 45 bucks, trade 8 loss 35 bucks, trade 9 make 200 bucks, trade 10 make 75 bucks. This example: the losses were kept small, the expectancy of the setup made up for those losses and then way more. Folks need to understand that they do not determine a set up is good or not until you trade it 20 time and then trade it 20 times again. If both instances you made money you know your set up is good. Rinse and repeat. almost all the folks in the stock market do not have setups or risk profiles or where to place their stops, max loss per trade/day/week rules. They just buy for whatever reason... they feel it, their friend said to do it etc. This is why 94% fail. They don't have a setup with positive expectancy and they don't have a trade plan. And those 96% feed the accounts of those 6% and every year we get new folks that join that 96% losers club. losing correctly is everything, and if that is true then correctly taking a loss is not really losing, it is just the cost of doing buiensess. Once folks get to this point... they join the 6%... and their lives will be forever changed. NO matter where they are or what they are doing... and as long as they have internet access they can make money. Think about that for a second. That is the real benfit for all the sacrifice to get to be in that 6% club. that and never having to worry about money again.
E.T. Was never Hin G.
Another scam trading channel
SUCH NONSENSE