The Ed Seykota Interview in "Market Wizards"

The first time I read this book a couple of years ago I was struck by what at the time seemed like the superfluous tone of this particular interview. Seykota seemed to be going out of his way to give "cute" answers. Anyway I read it again this morning and found myself laughing out loud in agreement...funny how time changes your perspectives. Quotes...

"Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them 'funny-mentals'. However if you catch on early, before others believe then you might have valuable 'suprise-a-mentals'"

"A lot of people would rather understand the market than make money"

"A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do"

"Everybody gets what they want out of the market"

Great stuff.

I love this one. It's an outrageous idea. I can't decide if I wholeheartedly agree or think it's complete twaddle.

Has your view of all the Market Wizards stories changed from your first reading?

A little bit, some of them have blown up in the meantime, so my estimation of those particular 'wizards' has obviously gone down somewhat. But overall I think the book(s) are great inspiration.

More Ed Seykota 'Humor'.

That Seykotas simple Koan-like responses in that interview fly over the head of many first-time readers is the reason so many traders go bust. If you are finally starting to "get it" when you reread that interview, you are probably finally starting to make some money for the first time via your trading. He is pure genius.....