{"id":2777,"date":"2020-05-12T10:30:26","date_gmt":"2020-05-12T17:30:26","guid":{"rendered":"https:\/\/www.steadytrade.com\/?p=2777"},"modified":"2020-05-19T17:23:25","modified_gmt":"2020-05-20T00:23:25","slug":"ep-147-interview-with-legendary-victor-niederhoffer","status":"publish","type":"post","link":"https:\/\/www.steadytrade.com\/ep-147-interview-with-legendary-victor-niederhoffer\/","title":{"rendered":"Ep 147: An Education From a Speculator \u2014 Interview with Legendary Victor Niederhoffer"},"content":{"rendered":"<div id=\"backtracks-player\" style=\"max-width: 100%;\" data-bt-embed=\"https:\/\/player.backtracks.fm\/st\/steadytrade-com\/m\/ep-147-an-education-from-a-speculator-interview-with-legendary-victor-niederhoffer\" data-bt-theme=\"dark\" data-bt-show-description=\"false\" data-bt-show-comments=\"false\" data-bt-show-art-cover=\"true\"><\/div>\n<p><script>(function(p,l,a,y,e,r,s){if(p[y]) return;if(p[e]) return p[e]();s=l.createElement(a);l.head.appendChild((s.async=p[y]=true,s.src=r,s))}(window,document,\"script\",\"__btL\",\"__btR\",\"https:\/\/player.backtracks.fm\/embedder.js\"))<\/script><\/p>\n<p><span style=\"font-weight: 400;\">In today\u2019s episode, <\/span><b>Kim Ann Curtin interviews trading legend Victor Niederhoffer.<\/b><span style=\"font-weight: 400;\"> Though he\u2019s modest in saying he\u2019s \u201conly\u201d traded for 55 years, he\u2019s actually enjoyed quite a storied career.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">An informed trader is a smart trader! At the SteadyTrade Podcast, we like to feature traders and financial figures from all sorts of backgrounds. It\u2019s a fantastic way to increase your knowledge and examine trading from a variety of different angles.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among Victor\u2019s professional highlights? Hedge fund manager, bestselling author and statistician, and (naturally!) champion squash player.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You won\u2019t want to miss what this long-time trader has to say!\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">An Education Through Books<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Kim figures they can kick off the conversation by talking about Ayn Rand\u2019s \u201c<\/span><a href=\"https:\/\/amzn.to\/2Wdv7MI\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">The Fountainhead<\/span><\/a><span style=\"font-weight: 400;\">,\u201d which she\u2019s currently reading for the next installment of the <\/span><a href=\"https:\/\/www.steadytrade.com\/book-club\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">SteadyTrade Book Club<\/span><\/a><span style=\"font-weight: 400;\">. (Follow the adventure and weigh in on social media with #SteadyTradeBooks).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Victor disagrees with co-host Tim Bohen\u2019s stance that every trader should read the book right away. He thinks \u201c<\/span><a href=\"https:\/\/amzn.to\/3ccNEP7\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Atlas Shrugged<\/span><\/a><span style=\"font-weight: 400;\">\u201d is a better choice. He explains how it offers a great lesson about American business enterprise and how this mirrors the stock market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But that\u2019s not the only book he suggests reading. Victor\u2019s got a long reading list for traders, starting with \u201c<\/span><a href=\"https:\/\/amzn.to\/2LcAmG8\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Triumph of the Optimists<\/span><\/a><span style=\"font-weight: 400;\">\u201d by Elroy Dimson, Paul Marsh and Mike Staunton.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This book shows an optimistic view of the stock market. Learn how \u201cby investing in the stock market you\u2019re participating in the enterprise system\u201d and taking advantage of the collective know-how of corporations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Victor, this book is not just an inspiring read &#8230; It\u2019s possibly \u201cthe most important book written about the stock market\u201d and a \u201cgood antidote to all the baloney\u201d out there!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Victor has a TON more books to suggest \u2014 <\/span><a href=\"http:\/\/www.dailyspeculations.com\/list.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">check out his full reading list here<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">(As an Amazon Associate, we earn from qualifying purchases.)<\/span><\/i><\/p>\n<h3><span style=\"font-weight: 400;\">Was Jesse Livermore a Hero?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Jesse Livermore (featured in <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=1NLYSWqWPow\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">an earlier podcast<\/span><\/a><span style=\"font-weight: 400;\">) is considered the first day trader and the father of short selling. He was active in the late 1800s through the 1900s and pioneered a lot of trading techniques that are still popular today. But is he really a good role model?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is controversial: Victor doesn\u2019t think so!\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the interview, he explains how his own bestselling book has been likened to the bestselling book \u201c<\/span><a href=\"https:\/\/amzn.to\/3bbkw9u\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Reminiscences of a Stock Operator<\/span><\/a><span style=\"font-weight: 400;\">,\u201d by Edwin Lef\u00e8vre about Livermore. Learn why Victor despises this comparison, and why he thinks Livermore\u2019s work is a \u201clesson in failure!\u201d <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He also cautions that traders should avoid walking directly by the site of Livermore\u2019s suicide on 62nd street in New York \u2014 the very first SteadyTrade ghost story.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Advice for Day Traders\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Does Victor have advice for new traders? You bet your bottom dollar he does.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Learn why he has a different take than many traders, and why he cautions, \u201cDon\u2019t go for small profits!\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Among his other can\u2019t-miss tips? Avoid too much turnover during the day \u2026 He explains why he always prefers to take a position and hold until the end of the day or until the next open!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Victor also dishes on his take on what might happen in the next six months \u2026 Tune in for his predictions, including why the \u201ctheory of ever-changing cycles\u201d is a key approach. Traders might consider embracing this strategy, especially in these times of uncertainty.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">What\u2019s More Important Than Emotions?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">According to Victor, certain things ARE more important than emotions in trading.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For him, it\u2019s all about the quantitative things. As a trader, it\u2019s your duty to avoid getting into \u201ca position where you\u2019ll be forced out because you\u2019re in over your head.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Victor talks about how traders need to use tested methods that they\u2019ve created themselves. He even talks about some of his own patterns. He\u2019s developed a system where he can have a different approach on different days of the week and work on a rotation.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Got a Question?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Victor had a lot to say in this episode \u2026 Has it gotten you thinking? Let us know what\u2019s on your mind!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember: if your question is chosen as an on-air topic, you could win a SteadyTrade mystery gift box. Leave a comment below or on <\/span><a href=\"https:\/\/www.youtube.com\/user\/stockstotrade\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">YouTube<\/span><\/a><span style=\"font-weight: 400;\">!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks for tuning in to the SteadyTrade podcast. Stay tuned for weekly episodes featuring the hottest topics for aspiring traders.<\/span><\/p>\n<p><b>Fan of the podcast? Please leave a review on <\/b><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/steady-trade-the-profitable-side-of-trading\/id1275946076?mt=2\" target=\"_blank\" rel=\"noopener noreferrer\"><b>iTunes<\/b><\/a><b>.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s episode, Kim Ann Curtin interviews trading legend Victor Niederhoffer. Though he\u2019s modest in saying he\u2019s \u201conly\u201d traded for 55 years, he\u2019s actually enjoyed quite a storied career. An informed trader is a smart trader! At the SteadyTrade Podcast, we like to feature traders and financial figures from all sorts of backgrounds. It\u2019s a [&hellip;]<\/p>\n","protected":false},"author":2283,"featured_media":2779,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ep 147: An Education From a Speculator \u2014 Interview with Legendary Victor Niederhoffer - SteadyTrade.com<\/title>\n<meta name=\"description\" content=\"Kim Ann Curtin interviews trading legend Victor Niederhoffer he\u2019s traded for 55 years and enjoyed quite a storied career.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.steadytrade.com\/ep-147-interview-with-legendary-victor-niederhoffer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ep 147: An Education From a Speculator \u2014 Interview with Legendary Victor Niederhoffer - 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