Despedimentos ilegais: reintegração pode ser excluída em todas as empresas e funções

[LTCM]

Sim, acho que ele faz a referencia ao horizonte temporal precisamente pelo que aconteceu ao Livermore. Apenas não o quer dizer de forma literal. O que me deixa impressionado é que ele ainda é um "miúdo".

Este caso é a prova, pública, de algo que eu já tinha ouvido falar entre dentes no E.trader.com: Os melhores resultados em termos de rentabilidade consistente são conseguidos, por mais incrível que posso parecer, através do pessoal que pratica day-trading.
E se não estou em erro, julgo que, também aqui no fórum existem membros que conseguem esses valores.

Eu sou muito novo nestas andanças nos mercados, por isso a minha opiniao pode nao ser a mais acertada... mas olha que não sei se terás razão...

A ver porque razao nao temos o day trader como homem mais rico do mundo em vez do W.Buffett ? Obviamente é uma comparação um pouco descabida mas o Warren Buffett, durante 8 anos apenas se serviu de análise técnica e day trading...e depois chegou a' conclusao que PARA ELE fazia mais sentido a Analise Fundamental, e dai ter-se virado para os ensinamentos de Graham.

A meu ver, e pelo que tenho experienciado, é que a analise tecnica e o day trading são muito mais trabalhosos do que a Analise Fundamental... há que estar sempre em cima, e o preço é sempre um factor importante no curto prazo...

A análise fundamental podemos fazer a analise/tese uma vez e depois se decidirmos avançar, e se o preço estiver de acordo com os nossos perspecçoes acompanhar os resultados futuros, etc e noticias mais relevantes...a volatilidade a curto prazo não preocupa a AF...

De facto este rapaz teve resultados extraordinarios... mas se virmos bem foi apenas o ano de 2000...de resto as percentagens são normais pelo que tenho visto, ate entre membros aqui do forum, ganhos entre os 50-90% ...realmente só aquele ano de 2000 foi atipico e deriva do facto de ele ter shortado as empresas tecnologicas durante o crash...

Como aquele artigo dos crashes, nao me recordo se do Ulisses ou do MArco Antonio, os crashes são muito raros, duvido que ele venha a ter um ano como aquele...não so' ter de esperar por um crash, como na altura identifica lo antes dos outros e começar a shortar forte e feio numa possivel "bolha" ...

but that's just my opinion

Pelos muitos anos que levo disto, acredito piamente que o longo prazo é melhor em termos de rentabilidades para a generalidade dos investidores.
Porém também admito que alguns, muito poucos, conseguem por períodos relativamente grandes (5-6 anos) rentabilidades elevadíssimas!
Não quero contudo dizer, que todas as rentabilidades que se atiram para o ar no fórum sejam verdadeiras, mas algumas são.

[salvadorveiga]

Sim, acho que ele faz a referencia ao horizonte temporal precisamente pelo que aconteceu ao Livermore. Apenas não o quer dizer de forma literal. O que me deixa impressionado é que ele ainda é um "miúdo".

Este caso é a prova, pública, de algo que eu já tinha ouvido falar entre dentes no E.trader.com: Os melhores resultados em termos de rentabilidade consistente são conseguidos, por mais incrível que posso parecer, através do pessoal que pratica day-trading.
E se não estou em erro, julgo que, também aqui no fórum existem membros que conseguem esses valores.

Eu sou muito novo nestas andanças nos mercados, por isso a minha opiniao pode nao ser a mais acertada... mas olha que não sei se terás razão...

A ver porque razao nao temos o day trader como homem mais rico do mundo em vez do W.Buffett ? Obviamente é uma comparação um pouco descabida mas o Warren Buffett, durante 8 anos apenas se serviu de análise técnica e day trading...e depois chegou a' conclusao que PARA ELE fazia mais sentido a Analise Fundamental, e dai ter-se virado para os ensinamentos de Graham.

A meu ver, e pelo que tenho experienciado, é que a analise tecnica e o day trading são muito mais trabalhosos do que a Analise Fundamental... há que estar sempre em cima, e o preço é sempre um factor importante no curto prazo...

A análise fundamental podemos fazer a analise/tese uma vez e depois se decidirmos avançar, e se o preço estiver de acordo com os nossos perspecçoes acompanhar os resultados futuros, etc e noticias mais relevantes...a volatilidade a curto prazo não preocupa a AF...

De facto este rapaz teve resultados extraordinarios... mas se virmos bem foi apenas o ano de 2000...de resto as percentagens são normais pelo que tenho visto, ate entre membros aqui do forum, ganhos entre os 50-90% ...realmente só aquele ano de 2000 foi atipico e deriva do facto de ele ter shortado as empresas tecnologicas durante o crash...

Como aquele artigo dos crashes, nao me recordo se do Ulisses ou do MArco Antonio, os crashes são muito raros, duvido que ele venha a ter um ano como aquele...não so' ter de esperar por um crash, como na altura identifica lo antes dos outros e começar a shortar forte e feio numa possivel "bolha" ...

but that's just my opinion

[HeikinAshi]

Sim, acho que ele faz a referencia ao horizonte temporal precisamente pelo que aconteceu ao Livermore. Apenas não o quer dizer de forma literal. O que me deixa impressionado é que ele ainda é um "miúdo".

Este caso é a prova, pública, de algo que eu já tinha ouvido falar entre dentes no E.trader.com: Os melhores resultados em termos de rentabilidade consistente são conseguidos, por mais incrível que posso parecer, através do pessoal que pratica day-trading.
E se não estou em erro, julgo que, também aqui no fórum existem membros que conseguem esses valores.

LTCM

Cuidado que o pessoal que investe a longo prazo não vai gostar de ler isso e isso pode desencadear uma questão muito antiga.

Abraço
HA

[LTCM]

Sim, acho que ele faz a referencia ao horizonte temporal precisamente pelo que aconteceu ao Livermore. Apenas não o quer dizer de forma literal. O que me deixa impressionado é que ele ainda é um "miúdo".

Este caso é a prova, pública, de algo que eu já tinha ouvido falar entre dentes no E.trader.com: Os melhores resultados em termos de rentabilidade consistente são conseguidos, por mais incrível que posso parecer, através do pessoal que pratica day-trading.
E se não estou em erro, julgo que, também aqui no fórum existem membros que conseguem esses valores.

[Jesse James]

Sim, acho que ele faz a referencia ao horizonte temporal precisamente pelo que aconteceu ao Livermore. Apenas não o quer dizer de forma literal. O que me deixa impressionado é que ele ainda é um "miúdo".

[salvadorveiga]

Edwin Lefèvre's Reminiscences of a Stock Operator is one of Flemming Kozok’s absolute favorite books about investing.

Se ele tivesse lido com atenção, iria descobrir que o Livermore identificou o overtrading como uma das razões para a primeira e segunda falência. Se ele continua assim, ou acaba falido ou acaba falido e com o mesmo fim do autor do livro...

Mas até agora com um balanço daqueles, tem mérito sim senhor

Bolas 513 000 % em 8 anos é obra... é pegar em 1000 euros e transformalos em 514,000 €

Tiago por acaso ao longo do artigo fiquei com percepçao que ele tem noçao disso e dai dizer que agora diversifica muito mais a nivel temporal...

mas o que sobressai ai eh apenas o 1º ano de ganhos nas dezenas de milhares de %% que devem ter provindo de shorts do crash das dot.com porque para alem desse ano os outros anos foram 80% e afins...ou seja o crash foi o grande responsavel...mas mesmo assim curriculo impressionante

[tiagopt2]

Edwin Lefèvre's Reminiscences of a Stock Operator is one of Flemming Kozok’s absolute favorite books about investing.

Se ele tivesse lido com atenção, iria descobrir que o Livermore identificou o overtrading como uma das razões para a primeira e segunda falência. Se ele continua assim, ou acaba falido ou acaba falido e com o mesmo fim do autor do livro...

Mas até agora com um balanço daqueles, tem mérito sim senhor

[Jesse James]

The 27 year old dane Flemming Kozok Sørensen has traded stocks for almost 12 years. He entered the market at the age of 15 by investing the savings from his job as Dishwasher. Kozok began his day trading-activities in January 2000 and has consequently daytraded the US stockmarkets for roughly 6½ years. Kozok has in the period generated a yield measured in USD at about 51,300%; i.e. doubled his entry-capital 514 times.
This yield is based on the entry-capital of $4,100 or ca. 32,500 Danish kroner when Kozok reorganized his strategy to pure day trading. Kozok was at that time just past a 6-digit debt in Danish kroner after a loss of more than one million Danish kroner during the second half-year of 1999. According to him “the most worth-while experience one can imagine”. He was able through the year of 2000 to double his capital 129 times by 25,019 trades in the US stockmarkets; i.e in average more than 110 trades per day consequently through one year. DKK 32,500 yielded in only one year to DKK 4.2 million, which built the base for Kozoks further activities as a full-time day trader.
Kozok however no longer work quite as intensively with day trading and opereates generally on a lower basis than earlier. Among other things Kozok has been member of the board in two smaller companies, including an IT-company. Besides this he is currently the managing director for Bridge Ventures Fund III A/S, a Danish IT- and venturecapital-company. In spite of other activities and generally less focus on day trading Flemming Kozok has achieved to generate the following yield based on the day trading dedicated capital.
Kozok generated:

- In 2000 a yield of 12,800% based on 25,019 trades.

- In 2001 a yield of 114% based on 20,241 trades.

- In 2002 a yield of 84% based on 10,285 trades.

- In 2003 a yield of 274% based on 11,856 trades.

- In 2004 a yield of 141% based on 8,687 trades.

- In 2005 a yield of 118% based on 7,828 trades.

- In the first half of 2006 a yield of 115% based on 8,494 trades.


Taken together Kozok has generated 92,109 trades (as per June 30th. 2006) in the US-stockmarket. In sole transaction costs in form of brokerage and ECN-charges he has all in all paid close to 15 million Danish kroner. Kozok has solely made use of info- and tradingsystems offered by Track Data Securities, Inc. (Nasdaq SC: TRAC) www.trackdata.com

As accumulated earnings amount up to 15 million Danish kroner Flemming Kozok has consequently paid about the same amount in sole transaction costs as earnings amount up to after costs. He has in other words by his day trading activities before expenses generated earnings at about 30 million Danish kroner or a yield at about 92,300% analogous to a doubling of the originally capital 924 times. In other words the potential day trader should be prepared to defray considerably transaction costs before the business will be profitable.
A considerably amount of these costs should though not be seen in pure brokerage, but instead in the form of charges per traded stock, or ”per share fees” which particularly in the last 3 years has risen considerably. Costs related to active trading in stocks with absolute low qoute-value can hence turn out to be particularly expensive. Kozok has as day trader been engaged in trading stocks listed on Nasdaq NM (National Market), Nasdaq DC (Small Cap), NYSE (New York Stock Exchane), AMEX (American Stock Exchange) and OTC BB (Over the Counter Bulletin Board).
He has been trading stocks listed in almost all imaginable sectors and niches of the market. Kozok trades both ”long” as well as ”short”. Long means in short that the investor is betting on a rising market and hence an expression for what we can consider the “traditional” type of trade. On the other hand when selling short the investor is betting on a falling market. In short, borrowed stocks are sold and afterwards bought back at a later time at an expected lower price. This is the type of trading Flemming Kozok in particular take advantage of it and contributed highly to his success at the market in the period when the dot.com bubble burst back in April 2000 and afterwards began a longer downward journey categorized by falling stocks.
Trading Strategies & Methods

By far the most of the trading day precedes with a constant screening of 400 selected stocks in the actual trading system. These stocks have been chosen from the selected stock lists wich are listed at Finance.yahoo.com. Certain parts of the stocks in the trading system are basis for constant replacement. In addition to this on a daily basis a “focus list” is being prepared, typically consisting of 30-50 stocks solely registered on Nasdaq and in particular cases also on NYSE and AMEX (excluding OTC BB). Consequently these stocks are beforehand selected for active trading if Nasdaq is expected to fluctuate considerably. This list is prepared for fluctuations in upward as well as in downward direction because the focus list consists of both stocks for long as well as short positions. In addition to this on a daily basis a list of about 20-30 stocks listed on the exchange for micro caps, the OTC Bulletin Board is being prepared. OTC-stocks are however frequently repeated from the previous trading day. Naturally constant trading precedes throughout the trading day on any considerably news from by far all other companies.

All trades takes place in a information and trading system with option for routing to many different market makers and ECNs. These have what we can describe as different “intelligences” or slight differences for executing trades in the market.
Some good advice

Flemming Kozok will in the following spare some good advice for the person who consider trying one's skills with day trading. Kozok will also refer to potential risks and consequences combined with day trading.
What is my profile?

If you want to practice day trading it is extremely important to find out what sort of trader you are. Which of the above categories do you fit into – and not least: What do you uttermost feel like? Is the feeling not present when you already are considerably weakened, as day trading is an immensely fatiguing discipline.
In spite of the method chosen – or more – which you think suits you best, it is extremely important to become closely acquainted with the market and the stocks you chose to day trade. This naturally is a must for any stock trader, day trader or not. Still day trading in particular will ”exhibit” the traders acts if he has not managed the demanded close relationship with plays in the market as well as the relevant stocks way to behave. This is wisdom one continually will acquire, but only achieved – and not least fastest – by dedicating a lot of time and many efforts on the activity. In other words, let the acquaintance with day trading be a very intensively development.
Regardless of the approach practiced discipline will be a keyword. Only the disciplined day trader will survive in the long run. This may sound like a cliché; but none the less it is completely true.

Prepare the trade


Another fundamental must for the day trader is to have a plan of how to approach the actual trade:

- What are the arguments to perform the actual trade?
- What is the basic approach to the trade and what is the purpose of it?
- How will you execute your entry?
- How will you leave the position and what are the arguments?
- How will you execute your exit?


The successful day trader will always have a clear idea of the above aspects before the entry of any position. The ability to throughout a trading day to perform a flood of the above sort of analysis in extreme short time is a ability the day trader over time will develop. Experience and a close insight in how the market, as well as the actual stocks performs under given circumstance is the most important ingredients for development of this skill.

In relation to the view of the above analysis and on a general basis a sound attitude for the day trader is to be humble. He should also take note of what Socrates once said, “I know nothing except the fact of my ignorance.”. Only the stupid thinks he knows what a stock will do. The educated will live with the knowledge that one never at any time knows anything, but instead solely observes indications of varying strengths. This consciousness and attitude will contribute the active trader to identify wrong trades at an earlier stage, as well as accepting the need of stop loss. This element is partly related to another important fundamental attitude which the day trader should be aware of, namely always to be prepared for the unexpected; always being open-mined for anything to happen. Even when you think it cannot happen. With the right attitude you will achieve by far the most.
Psychological pitfalls
Day trading requires a clear mindset. The successful day trader possess discipline, not only about his strategy but also in relation to his consciousness about his mindset. This is an area with numbers of pitfalls and many traders make their mistakes exactly here, aware of it or not.

One element here is what we can describe as the inner ”fool”; an inner demon which will only harm you. In other words it means that the self-destructing mindset and acting herby should be defeated. It’s a demon all humans posses in their subconscious mind, which cannot be killed but controlled. The day trader should through his consciousness increase his skill to aware trades which he deep down knows are not appropriate. Basically this is a matter of learning and getting better to understand yourself at this level and decide what you find the right thing to do. It may sound strange but the truth is that many – particularly new players – relatively often will perform loss-making trades which they in reality and in advance of executing the trade clearly know was not rational.
This element relates to a certain extent to one of the potential dangerous pitfalls for traders and investors, namely greed. As day trader it is extremely important learning the skill to control your psychological related weaknesses in general, including greed. This will among other things appear in form of the above wrong dispositions. Greed can divert attention and blur the clear view; in short strongly be contributing to inappropriate trades.
The second of the psychologically pitfalls is surprisingly not fear, which typically can be very growing. These two conditions – greed and fear – should the day trader actively seek a high level of awareness about. This condition of self awareness should be reached because it is the foundation of being able to work with the two conditions. Being able to control your psychological pitfalls is an absolute must for the day trader which continually is seeking success within the area.
Strict discipline is in this connection two important keywords, as the level of fear indirect can be reduced by strictly following your strategies. By following your strategies which among other things requires demand for levels of stop loss as well as protect profit you can avoid steep down trip journeys which is a highly contributory factor for fear to grow in the traders mind. If you for example burn your fingers tremendously on bad executing of a normally interesting setup it is very likely that you’re not able to or don’t dare to execute next time you see this type of setup. This will happen only because you – aware as well as unaware of it – will focus on the similarity of the two situations. Hereby a large possibility of missing the executing of the trade will take place in spite that you deep down feel that the given setup looks profitable. If you never had burnt yourself tremendously in the beginning by just following your strategy, you also would have executed the trade in the future.

The Reverse of the Medal

Although the day trader achieves success or not there will be a high risk that he will be mentally loaded by his day trading activities. How much he will be affected can vary from person to person. Even if he is at the top of his yield curve he will in all probability have experienced things which continuously have weakened – or in best case strengthened – him mentally. The risk for considerable negative mental side effect is increased, including that the hard-working and active trader who follows the market as he should, namely very intense, unfortunately almost constantly will operate under very high stress levels. Provided he is exposed consequently and in longer periods as the day trader who will earn a living is supposed to do severe stress loads will have – as well known - related negative side effects. Therefore it will show up important to keep the body in good shape, maintain social activities, eat healthy, etc. in order to keep up with the clear mindset which as earlier mentioned is a must for the active day trader.

In addition to this the potential day trader should consider thorough how day trading activities can be consistent with a possible family life. In this relation it should among other things be considered – excluding the naivety – if you are able to be strong and capable of handling the other demanding task in life, also in or after the uttermost dark hour in the market.

Finally it should as a matter of form be mentioned that day trading is a very complicated discipline to achieve success within on a continuous basis. If you seek your fortune inside this area it as an absolute must to be aware of the considerably risks connected with the activity.

Litterature

Edwin Lefèvre's Reminiscences of a Stock Operator is one of Flemming Kozok’s absolute favorite books about investing. Edwin Lefèvre is by many meant to be the pseudonymous for Jesse Livermore, perhaps the greatest speculator which have ever lived. However Edwin Lefèvre was a real person, among other things he worked as diplomat, column writer, journalist, author, etc.
Flemming Kozok has through his career as day trader in the real world often derived parallels to points and situations in the book. With background in the books many punch-lines and dogmas it appears for Flemming Kozok as being the book which has taught him most of all.

As Flemming Kozok himself says: "The fantastic about the book, in spite it’s written several years ago, is it seems that not one single aspect in the thinkingt related to trading in the market has changed since then. With this background the reader can with this book at the same time experience not only a interesting and well-written story, but also learn a lesson on an unexpected and very fascinating manner."

The book is an essential classic which gives an almost immortal and present insight into the psychology of the market which still exists today.
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