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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: pezz who wrote (13003)	1/8/2002 1:50:06 PM
From: carranza2	Read Replies (3) \| Respond to of 74559

The simple response to high IQ, neural net, Cray super computer-enabled, PH.D. hot-shit traders is: "But look at Long Term Capital." A trading partnership of two or three Nobel Prize winners in Economics equipped with state of the art machines (and lots of brains, not to mention hubris) went spectacularly down the gurgler. Lost untold billions. Trading is an art and a science. A "feel" for the market is essential. The market is entirely too complex and chaotic to be quantified successfully by even the best equipped trader. The mathematical and physical tools LTC used were fine, but did not take into account panic, emotions, and other imponderables. It takes something else which is akin to the ability of a masterful diagnostician to read tea leaves, focus on the important, and make the correct finding. It is based on years of practice, wisdom, a passion for the market, lots of relevant experience, and "being in the zone."