Street Stories: Managed Futures
Michael Marcus is a trader profiled in Market Wizards
Marcus has been one of the most successful traders. Over a ten-year period, he multiplied his company account by an incredible 2,500-fold!
Q. Did you know what you were doing wrong then?
A. Good question. Basically, I had no real grasp of trading principles; I was doing everything wrong. Then in October 1971, while at my broker's office, I met one of the people to whom I attribute my success.
Q. Who is that?
A. Ed Seykota. He is a genius and a great trader who has been phenomenally successful. When I first met Ed he had recently graduated from MIT and had developed one of the first computer programs for testing and trading technical systems. I still don't know how Ed amassed so much knowledge about trading at such an early age. Ed told me, I think you ought to work here. We are starting a research group and you can trade your own account. It sounded great; the only problem was that the firm's research director refused to hire me.
Source: Market Wizards by Jack Schwager
