Something to think about....
Read this first: http://www.gladwell.com/2002/2002_04_29_a_blowing… and this afterwards: http://www.newyorker.com/reporting/2007/10/15/071… Print it, it's a bit lengthy but worth reading. Cheers, Luke
niederhoffer takes crazy risks and blows up from time to time....not sure he's really that well respected.
neiderhoffer is only an example...even the most respected traders blow up after a while. point is that nobody is invincible. people, aspiring traders, on this board need to realize that. what makes a great trader is not two three years of positive pnl in a bull market but positive pnl in a long run...many years out. there is only few people who can manage to do that. cheers, luke
victor is done. on wall street, you get second chances, not third.
...Neiderhoffer is just another short vol trader. He blows up every time volatility picks up. He is just another one of the legion of traders on Wall St. that have gotten rich without even having a lifetime positive P&L. He will be back. The above poster is way off their are multitudes of traders that have gotten many more then two chances. On a side note niederhoffer lives in my neihgborhood and I have seen him a couple of times in stores...he literally acts like a homeless person...mutters to himself, is unkept, etc. Also in his office he dosent not allow people to talk or wear shoes...seriously.
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