Not too much, looking for unconfirmed consensus, and flat no.

Continued discussion of comments about buy/sell tips appearing in Market Wizards: Interviews with Top Traders

Michael Marcus.

Q: Do you still talk to other traders about markets?
A: Not too much. Over the years, it has mostly cost me money. When I talk to other traders, I try to keep very conscious of the idea that I have to listen to myself. I try to take their information without getting overly influenced by their opinion.

Q: I assume that we are talking about very talented traders, and it still doesn’t make a difference. If it is not your own idea, it mess up your trading?
A: Right…

Bruce Kovner.

Q: …Do you also pay any attention to the various market advisory letters?
A: I get a “guru report” every day…

Q: Do you use your guru report as a measure of contrary opinion?
A: I try not to be too much of a wise guy because during major price moves, they will be right for a portion of it. What I am really looking for is a consensus that the market is not confirming. I like to know that there are a lot of people who are going to be wrong…

Q: Do you think people can trade profitably by just following the guru?
A: Probably…

Richard Dennis.

Q: Would you consider the work of outside analysts as an input in a trade?
A: No…

...continued tomorrow...

Copyright 2008 Raymond T. Lee. All rights reserved.
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