traders in the pits trade with a little mini-pad with sup/res and the curent price only. The good ones have been know to make annual income as high as 7 figures day-trading the s&p500. what are you talking about
Since you have no clue what the job of a pit trader is, in the few pits left, and of the fact that he knows more than price action, including the order flow, please refrain from exposing yourself.
Many underestimate the value of practice. Everybody agrees one needs thousands of hours of practice to do almost anything well, but think somehow trading should be different. I suspect that is "get rich quick" cliche at work. People have false expectations about what trading business really is.
I am talking about the ones that trade their own account. Not a floor broker "working a order" And yes i know they moved off the floor now. I was just making a point. Okay he knows price action and order flow. What other complicated things are we talking about that "he knows"
just do what I do, hook up a Heathkit electronic projecter pointed at the wall to a car battery and run two copper wires from it and connect two alligator clips and clip them on your balls, and it will indicate when you are having sex if it feels good.
I listened to part of this seminar and this was the first time I had heard Al Brooks speak before...He sounds like Mr. Mackey from South Park with all of the m'kay, m'kay You guys are calling him a Guru !??! This is a joke.
I listened to most of this webinar out of curiosity. The trick for these self-professed 'gurus' is to first toss out some general platitudes that every trader has heard repeated a thousand times. These opening gambits are also accompanied by the claim that they are doing it out of the goodness of their hearts, to share their knowledge with others. (Gimme a break!) Then he proceeds to go through chart after chart showing a seemingly endless series of possible entries and rules, all of which in total are a complicated mish-mash that prevents him from ever being held accountable for results. And sadly, this often results in newbies thinking that if they can't follow him, it must be because his brilliance and understanding of the markets is so deep. But wait...if only they can buy the book, or sign up for the chat room...there they will be more likely to gain a greater understanding and the chance for real wealth. (Get wise, folks. If somebody is running a live chat room they aren't trading for a living.) Ah, yes, hope springs eternal at the foot of the master.
so when they say 90% of traders lose money, they aren't really saying much are they? If 90% listen to and believe this crap, it makes you more concerned about the survival of the species than it does the survival of your own trading account.
sure, 90% of traders lose, but then again, 90% of people still believe it's so easy when you use Lestoil.
I'm having a hard time sleeping since I'm holding this weekend, so I was watching an infomercial about a guy who takes people with no experience and teaches them how to trade and eventually hires them to trade full time. And several people they showed on TV have done really well for themselves. But at the same time the aluminum siding I bought for my house (contrary to what the salesman who sold it to me claimed) has gotten very dirty and they were showing a pressure washer that cleans it right up. Both are about the same price. If I learn to trade I could make a lot of money, but it sure would be nice just to hook up a hose and clean my whole house.