Daily Speculations – Jason Shapiro’s journey

A long flight gives Jason Shapiro the time to do some thinking about his journey as a trader:

I have been involved in investing and trading the global markets for 18 years now. I’ve really never done anything else, never wanted to do anything else, and through thick and thin, which included more than one trip to the welfare line and some really cool sports cars, never tried to do anything else. For at least seven of those 18 years the money I have been trading has been 100% my own, and for many of those years nearly all the money I had. This has given me a different approach from most, since trading other people’s money while earning a 2% management fee or while taking in a nice salary while you hope something good happens can give a level of comfort I was not blessed with coming out of the gate. Whenever someone asks me how to learn to trade my response is that it’s easy to learn — take every dollar you have, put it in a brokerage account, put it all on the line, and I promise you will learn very quickly how it works. I don’t mean to be glib. It’s just that this is exactly how I did it so I know of no other way.

From Daily Speculations, my favourite web site … okay, second to Google.


4 responses to “Daily Speculations – Jason Shapiro’s journey

  1. Hard to imagine a successful trader doing what Jason is doing right now (as of Aug 14th 2007):

    “My systems got long on March 14 and have remained that way since. Has this trade worked? Sure, so far. Does this mean I won’t get stopped out? Not at all. This is by no means a magic system, but I stick to it because it works very well over time. ”

    Guess he got stopped out last week. There were many, many signs in July that the markets were in trouble. I wouldn’t want to use a system that was not able to recognize the increase in risk that the market action was telegraphing a month ago.

    On the other hand, there are many successful traders who went through (and survived) the 1987 crash with significant long positions. So who am I to criticize Jason.

  2. We also wonder how Victor Niederhoffer is doing these days – there has been a dearth of postings from the boss himself. He clearly prefers the long side in his trading, having been born a glass-is-half-full optimist. So I would expect that these recent days of market upheaval have not been kind to him. He is probably reflecting on the times when he’s been down 8-0 on the squash court, only to rally and come back to defeat his opponent 10-8. He can do it again.

  3. Hi IPDaily, Agree that recent moves will not have been kind to the long side … as you point out, those with prior experience of how to act and react in such times of adversity will be better placed to navigate through these difficult waters. all the best, Caravaggio.

  4. Hi. This site was pointed out to me today. Just to update, I did not get stopped out, but did take profit and got short in October on new highs. This helped along the way to what will be about a 22% year. Not bad for institutional investing.

    Anyway, the above referenced writing was unfortunately only party published on Vic’s website, and this caused a rift between he and I. As it turns out he was in the midst of blowing out yet again, so I guess wanted to publish as many bullish things as he could. If anyone wants to read the entire thing, email me. Hope all are doing well.

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