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analyst75

Noam Gottesman: Founder of a Successful Trading Business

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WHAT YOU NEED TO KNOW ABOUT MASTER TRADERS – PART 16

 

“Traditional risk management simply fails to account for the fact that the most dangerous risks are those which occur infrequently and don’t show up in track-records.” - Jack Schwager

 

Name: Noam Gottesman

Year of birth: May 1961

Nationality: American, British

Occupation: hedge fund manager, businessman

 

HE APPROACHES TRADING AS A BUSINESS

Noam is of Jewish ethnicity. He also has dual citizenship (the US and UK); and based in New York. He got his B.A. from Columbia University.

 

He first worked at Goldman Sachs, in a London branch, and rose up the executive ladder, becoming a manager of one of their private client funds. After leaving Goldman Sachs in 1995, he co-founded GLG Partners.

 

As of year 2014, Noam was worth $2 billion, which made Forbes list him among 400 richest people in that year. This means that his trading activities were hugely profitable.

 

In 2007, GLG Partners grew up to the point of managing $24.6 billion; and becoming a publicly traded company on New York Stock Exchange.

 

Noam has other business and activities of interest like, TOMS Capital (investment Company), Eleven Madison Park (restaurants), the Tate Gallery Foundation (trusteeship), etc. He was blessed with 4 children.

 

What You Need to Know:

1. Contrary to what certain people believe, trading is no gambling. Well, it’s gambling for those who see it as such. For those who see it as a serious business, like Noam, it’s just what it is: a business. Treat your trading career as a business and you’d have higher chances of being successful.

 

2. You track record is important. It shows how you controlled risk in the past and profited from uncertainties. Noam has his track records, making him an undisputed super trader.

 

3. Your trading system(s) must be able to survive all market conditions, and you must be able to follow your rules flawlessly. By this, I mean winning rules. Adhering to losing rules would only make you lose your money.

 

4. Yes, when you become successful in trading, you can also try other businesses, just like Noam. Breakthrough in a very tough but highly rewarding business like trading might encourage you to venture into other fields. Peter Thiel is another good example.

 

5. As you become richer, then enjoy your money. Forbes revealed that Noam got married in May 2015 (second marriage) to the sales director of fashion label Reed Krakoff in Italy, an elaborate event attended by such celebrities as Beyonce and Jay Z.

 

This article is ended by the quote below:

 

“A mistake occurs when you don’t follow your written trading rules, and if you don’t have written rules then everything you do is a mistake. An efficiency level of 80% (two mistakes in ten trades) can ruin your trading system and your profits.” – Dr. Van Tharp

 

Copyright: Tallinex.com

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Huh, I like this one."you must be able to follow your rules flawlessly" - so true, that's like my biggest problem as a trader now...

 

Exasperation is kind of where I'm at... but I am amused.

 

To the OP... Yes, this person you reference may have become rich and famous... that's all good. For those of you who frequent this site looking for answers; this is not the answer. You may note that this person worked for his MBA, was accepted for a job at GS, and this rest is history (as the saying goes). Is that you? I think if it were you, you would not be on some forum looking for answers. Please. leave this trading drivel, and work out your own trading salvation on your own terms. Be creative...think for yourselves.

 

The other thing, and this is something that mystifies me (in a humorous way): "Mr. Joel Darr, with all due respect, why have you chosen to register here as a "vendor"? Please don't take offense at this question. I only ask because I have seen several so-called vendors that actually have nothing to offer (I'm not just talking about sound trading advice). I'm just curious... are you a vendor of "I heart trading mouse pads"... or some such thing?

 

I am just asking... no judgement involved from my perspective (not a totally true statement, but I am curious... maybe I want to register as vendor if there is some financial advantage to be had).

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...

 

To the OP... Yes, this person you reference may have become rich and famous... that's all good. For those of you who frequent this site looking for answers; this is not the answer. You may note that this person worked for his MBA, was accepted for a job at GS, and this rest is history (as the saying goes). Is that you? I think if it were you, you would not be on some forum looking for answers. Please. leave this trading drivel, and work out your own trading salvation on your own terms. Be creative...think for yourselves.

 

...

 

Using more obtuse phrasing, I have hit on the same thing a couple of times...that

1) traders at the first cusp simply do not have the capacity to really learn anything from traders who have passed the second cusp.

 

2) and even if they could get something out of it, the MASTERs in these profiles are not telling it like it really is and their profilers are not really 'getting it' either. For example - I know Jerry Parker and if he were really giving real advice to someone it would be quite different from the spiel some Michael Covel spun together after a 15 minute pity interview ... that A75 then recycled into his What You Need to Know: sections

 

3) "Find your own way" zdo

 

Now that you mention it, Joel Darr does seem to be having too much big pile of fun for a vendor ... :)

All vendors need to be at least as serious as DBP... who I've never seen crack an online 'smile' his whole life... :razz:

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3) "Find your own way" zdo

 

That's not advice folks- it's a warning.

 

 

This week I will be adding (as usual) a hell of a lot more ' experts' (on everything) to my ignore list.

 

Typically, in this world, removing all the fat gives one the best chance of actually finding some meat..in the same way as ignoring proven liars gets you one step closer to some truth.

 

Well... I am a self inspired expert (on everything), but with a modicum of honesty, and personal integrity I rarely try to convince others of this. Besides, it most always goes sideways the moment I open my mouth, unless there is more than one idiot in the room.

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