Best book on trading I've ever read: Lance Beggs YTC Price Action Trader

Discussion in 'Educational Resources' started by anituchka, Jun 21, 2012.

  1. tnx you confirmed my suspicions. I thought it was a negative $ strategy he teaches.
    #31     Jun 29, 2012
  2. usrx201


    Your welcome. Glad I didn't spend more than a month on his material. I tried to convince the guy who has been trying the YTC setups for a year to ditch it, and not really progressing but he's convinced with enough "practice" he'll "get there" like Beggs.

    Another point is, even if a trade education vendor is himself profitable how would one know if the system they are selling isn't a worthless made up system and bag of goods. After you've seen a vendor increasingly keep affiliating themselves with other methods and vendors, who knows if it's not really a wordy pile of regurgitated and plagiarized dung they are selling in their "manual".

    I followed an instructor's series of webinars at a paid site for a year. He claimed he could bag 40 to 100 ticks a day on the 6E. But every student I corresponded with and myself found it too hard to reach that level even doing exactly what he kept teaching in the webinars. Now I'm convinced he was teaching a worthless system he had made up. He had admitted what the webinar showed (an MT4 generic screen) wasn't even his trading platform. You pay dues, doesn't mean they are going to give you the honest goods even if they really have them, in this totally unregulated scam trade-ucation market.
    #32     Jul 2, 2012
  3. +1

    The vendors are richer and have won , a sucker is born every minute.
    #33     Jul 2, 2012
  4. pakua42


    What trader selling anything from a book to an entire course ever shows you 'real" statements on a live acct.? Yuh cant even get anyone to show you DEMO acct results. And w-2's? Forget it. But you are skeptical(and should be) because someone wont show proof of his prior results. Does that mean you have EVER seen that from a trader before? And if so why didnt you buy the method and get rich like him? Im not being a wise ass Im just showing you nthere are 2 sides to it,right? If I had my way a trader couldnt even put up a website selling any system without posting his proof of results,but I dont make the rules.

    That said, I think many of these guys selling systems are selling what were once winning systems and they stopped working to the point of being able to make a living at it so the trader sells it and makes more money than trsading. What I look for is not the holy grail, but a system I can use to tweak myself and have fun playing around with so when it fails me, I can say......."ahhhh, let me just use a 20sma instead of the 34, and let me wait for only one lower low instead of 2." Things like that. And truthfully we all have to "burn" money on systems and trash to learn in this game. How else can one learn? Process of elimination sadly, is the only way to go. Even if you just buy books, you are still buying someone elses system. Does that mean Nissan, Bulkowski and levebre,Boroden,Bigelow,etc., are all wastes of money because they published books.

    And yet they seem like professors when they write,yes? Especially bulkowski and nISSAN AND YET CAN EITHER OF THEM WIN IN REAL LIFE. I HAVE NO CLUE. What I do know is that the 1st 2 mentioned are not for me. I dont like taking a trade just on a chart pattern. That might be my downfall. Who knows......


    And look at these trader following sites that let you follow a trader live on the website and track his trades. Why does a forex trader show a 500% annual return ytd one month and next month he is at break even?????
    #34     Oct 19, 2013
  5. CodeX


    We have nice trolls on the forums. I like. I didnt notice before.
    #35     Oct 21, 2013
  6. koolaid


    I read through Begg's YTC materials...and for the most part...he's just making up stuff to fill in for explanations as to why this happened or why that happened. He picks and chooses which charts to analyze on and of course that will always give you hindsight bias.

    On top of all that, all of his setups are discretionary and that's how you know its all just a sales gig.

    I think it's a good read on price action because he explains it well...but other than's just a sales gig.
    #36     Oct 21, 2013
  7. usrx201


    Exactly. On his rarely updated blog/site posts, it's usually more gobbledygook trying to explain why price went a certain way instead of another, usually not related to the source material in the YTC pdfs. I assume those updates are in response to a question.

    Also the .pdf's are filled with so much filler. Kind of an old school hyped up material of scam trading education in the 70's, 80's and early 90's before internet videos and fully available retail electronic trading. They fill it with so many checklists and to-do's and "trading plan" writeups etc. they make it seem like that's the "secret" to having an edge in the market.

    Make the reader who bought the .pdf course get so caught up in all this written stuff to fool them like they actually "learned" something about trading. I don't know what is more disingenious, a scam site selling a worthless signal indicator or a faux teacher making endless fill-up homework that doesn't amount to anything and jsut wastes time and induces frustration while having the excuse the "homework" is "important" to the method.

    When in actuality the YTC setups don't work any better than an SMA crossover , or throwing darts for that matter, as an edge without a lot of help.
    #37     Dec 1, 2013
  8. kut2k2


    I'm not one for discretionary trading, it just doesn't work for me. Not saying it doesn't work for anybody at all but based on what I've read, it rarely works for anybody else.

    That said, I do know that any trading method, be it discretionary or mechanical, has to have an edge in order to be worthwhile. If the vendor isn't selling an edge, he's just selling bullshit. That's the bottom line.

    I can understand why many don't want to post their accounts as proof of success, frankly it's nobody's damn business. And look at what happens to those who do post accounts. Sooner or later somebody rightly or wrongly accuses them of posting some photoshopped fake. What the hell! Who needs that sort of aggravation?

    But ...

    If I was a vendor and wanted to demonstrate proof that my system was worthwhile, I'd start a journal here or in some other public trading forum posting live trades. 40 or 50 should do it, if the system has a decent edge. Anybody who claimed fraud then would be exposed as a lazy fool who couldn't follow a roadmap to his own ass. Just saying.
    #38     Dec 2, 2013
    fortydraws likes this.
  9. casey


    can you send me an email df
    have you ever finished the ebook or pdf?How to you feel it is?
    #39     Mar 27, 2015