WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS – PART 14
“My advice to… both strategy creators and investors — is
to always have a ‘what-if’ plan. Always know what you're going to do, when the
unlikely or unexpected event occurs. You can't anticipate everything in
advance, of course — not specifically — but you can generally know in advance
how you will handle surprises when they occur. My advice is to be ready for
surprises, because they will happen, sooner or later.” - William Gandini (Source: Collective2.com)
Name: Jerry Parker
Nationality: American
Occupation: Trader and portfolios manager
Website: Chesapeakecapital.com
TRAINED TO BE A SUPER
TRADER
Jerry was one of the original Turtles trained by Richard
Dennis. He’s also the most successful of the Turtles, given his performances in
the past and recent times. He’s one of the most successful speculators in the
trading industry.
When he finished his stint with Richard, he founded his own
funds management business, named Chesapeake Capital Corporation.
According to the firm’s website, Chesapeake Capital Corporation
was founded in 1988. With over 26 years of managing client capital, they are
focused, consistent and single-minded in their approach. Chesapeake provides
investors uncorrelated returns through consistency in approach across a broad
range of global markets and variable market conditions.
The firm is regulated in the U.S. by the Commodity Futures
Trading Commission as a Commodity Trading Advisor and Commodity Pool Operator
and by the Securities and Exchange Commission as an Investment Adviser.
Jerry’s been interviewed on numerous occasions.
What You Need to
Know:
1.
Intelligence alone isn’t enough for trading success.
Though a trader may be brilliant, but a high IQ isn’t enough for success,
otherwise big companies (like Enron) wouldn’t have crashed as a result of
numerous Ivy League schools graduates that were working for them. After all, there are hugely successful
companies in the world, whose founders and CEOs aren’t from top schools. It turns out that most successful CEOs
attended lesser-known schools. Jerry is quoted as saying: “The Ivies and other
A-league schools have a lot of prestige because they’re supposed to open doors
and lead to successful careers. But parents who expect the Ivies to ensure
their kids’ success are going to be disappointed. The old-boy network isn’t
much good in an economy like this. It’s competence that counts.”
2.
Trading success is beyond intelligence: What makes
Jerry Parker to have had good performance for nearly 3 decades is more than
intelligence. When he was a trainee with Dennis, some of his colleagues failed
at trading and some of them succeeded at trading. For example, David Ricardo
advised many, many years ago, that losses should be cut and profits should be
run. This working principle, doesn’t require any intelligence, and it works
till tomorrow.
3.
Yes, the Turtles, including Jerry, were given trading
rules. They treated trading as business. You need trading rules and you need to
treat your trading as business.
4.
After you get trained for trading, you’ll need to
answer for yourself as to whether or not you’ve the ability to succeed on your
own. You success has to do with how well you employ principles that work for
you. You need to believe you’d make it, and you must be willing to do what
would help you.
5.
“You’d to be really smart to be hired by Dennis,” says
Jerry. Dennis earned $80 million in 1986, but some people thought they couldn’t
achieve that. The Turtles were lucky to be trained by a great trader. If you
come across a professional who’d help, you’re lucky.
6.
Trading competence is not easy to acquire, according to
Jerry. He further says: “Trading for the
rich, you got in at 7 a.m. and at 2 p.m. you watched the Cubs game.” But once
he became a money manager for clients he’d to raise money, hire people, do
research, track his performance, and trade. “The degree to which you are
successful will be partly because of your buys and sells. But you’re also
running a business: hiring, making sure you have good accounting and legal and
marketing systems in place.” He said.
7.
Jerry’s success is also made possible by other factors,
apart from Richard Dennis. Part of those factors are some helpful books on
trading, which Jerry cherished.
This article is ended with this quote from Jerry:
“An honest, humble mentor is the best thing going. Learn
from other people. Do the right thing every day, focus on what you’re doing,
and let the cards fall where they may.”
Source: www.tallinex.com
Super Trading Strategies: Super Strategies
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