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While I respect and admire Tim’s drive as a trader, I can’t help but think it was sheer luck that he didn’t completely blow up before he made serious money. Although the story takes place during the tech bubble of the late 1990’s, when turkeys flew like hawks, his complete disregard for risk is breathtaking.
Agreed on the risk part, not so much on the luck as the hype and manipulation are easy to predict…you have to be downright illiterate/Elitetraderate not to see how to profit from it all….but I wish somebody had created a PennyStocking DVD when I first started trading….as you can see now, I’m much more conservative/successful/stable trader.
TN summarizes my book as:
In this end, this book is a worthwhile read for novices who are starting out in trading or investing. It reminds me of an ancient Persian parable. I’m probably going to mangle it since it loses much in translation… the story goes that there was a man of singularly upright character and manners. He is approached one day and asked, how it is that he came to acquire such virtue? He responds, from sinners.
Yup, that’s what it’s about, learning from your mistakes and improving…as my losses are wholly responsible for putting me up 259% since November 2007 and, even more importantly, made me an infinitely better trading coach/teacher, Archie Manning-style.
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