Lol, yeah, did you expect otherwise? A guy who made a fortune trading now wants to share his secret sauce with the public? Then why is he driving each early morning to the TV station to earn couple bucks talking on the air? Or is he doing it in his PJs from home in between two brilliant options trades? My hunch is he would be waiting tables at the lake right now if it was not for CNBC. What people do always tells you more than what they say they do and how they do.
I really wish I would have started started off with Wyckoff. Had I done that, I wouldn't have needed another trading book.
Richard Wyckoff (and his course is free). Also http://www.businessinsider.com/the-richard-wyckoff-stock-trading-method-2013-2?op=1
When people say that trading is a skill, they mean that it's something that can be learned through repetition and practice until it is virtually automatic, like Federer hitting a backhand. This is a quote from Bloomberg about Steve Cohen: "Cohen buys and sells eminis . . . He does that all day, every day, completely intuitively the former employee says." Is that what most successful hedge funds do? Not really. Based on what we know, it's probably not what Steve Cohen does. Here is what hedge funds do: "James Dinan had a guy at the SEC reference room who would fax over filings a day before most people had access to them."
Magee Edwards was a good one. That was written back when the purpose of TA was to track human behavior. Nowadays, TA just tracks itself.
"Trading is not a skill, like cooking or tennis. Instead, it's more like dieting: everybody knows what to do. That's not the hard part. The hard part is sticking to the plan." Well said billyjoerob....
I used to think this as well. Most gurus who are selling cant really trade, that is true. But an expert trader can average 20% to 60% a year with lots of spare time. What do you fill your time with? You could get greedy and try and make even more money from trading. But if you do that you probably going to start forcing trades and taking sub optimal trade setups. No you probably wanna do something fun, play golf or sit on the beech or maybe do TV and radio if that is your idea of fun, as long as its not too much hard work and doesnt take away from trading then why not?
Southall, Please give me some suggestions on how you can average 20-60% yearly, and have free time. That would suite me fine I have started following you and will go back in time to read your post and see if you hint at how you trade successfully. Thanks for posting and sharing..