I agree, but the P&L is only part of the decision making process. When taking culinary courses, one particular chef hated fish but what he taught me gave me the skills to cook a killer sea bass or salmon. When taking my IT courses, my logic professor never worked in a problem solving position but what he taught me gave me the skills to be one of the best problem solvers in my industry at the time. If someone can teach an individual solid basic trading habits and skills then hopefully they can take that information to the next level. The problem then reverts back to what Brandon said earlier, most students can't take specific instruction. This is due to a lack of patience as much as anything. Bad habits are the killer of most traders and if one can learn to avoid, if not eliminate most of those pitfalls; it will go a long way to at least allow them the potential to succeed. Bad trading habits are created from unstructured beginnings into trading and that is not addressed or adamantly stressed in most instructional books out there.
An observation, if I may. If you have endeavored for a time to find gold and, after considerable effort, you came across a gold mine not generally known to the public, the first thing you would NOT do is sell complete and specific directions on how to get there. The colorful maps of this nature that you can buy are usually for those mines that have already been depleted. Have you never asked yourself why you seldom see traders who are extremely profitable selling the specifics of their trading strategy? And if you did see them or run into them, then please post their P&L here.
That is a good point, but it applies only if you are ready to pay 50K for the education. Otherwise you may be asked: who are you to ask that I show you my statement for your little nut of $1K.
Just to make things clear here: Soros is not a good trader. He hired good traders. He did not assign money to stocks,but to traders. And you give more to the winner. He was a good money manager, not a good trader.
And my answer would be: "I'm the guy forking over $1k. And who are you to expect that kind of money just on your say-so?" Unfortunately, I suspect that too few people respond in this manner.
M You have just summed yourself up. Trading for real money, (and I am not referring to the loose change that results from a handleful of lots per strike) will change your perception not only on trading but on life. Accept this fact and you are on your journey to success. Reject this fact and you will continue to be dragged through life by your perceptions and ego. The choice lies in your hands. regards f9
I agree that bad habits and an unstructured approach may be a serious detriment to successful trading. But I think there is no lack of books out there in this regard. If you feel they are indeed lacking and believe that this is your principal contribution, then why not write a book and make up in volume what you would forego on a per unit sale basis promoting seminars? And who's to say they're mutually exclusive?
Oh don't get me wrong I didn't say they would teach you their exact "edge". The best I can gather most training seminars only teach people the market basics. Things that will improve the average newbie just by teaching them how to read trend lines, support resistance, basic chart patterns, and a few indicators. Which for most beginners are things they would have otherwise had no clue about. Hell it might even stop some of them from blowing their accounts in the first 2 months and actually be worth the 5k for that alone.
Then why spend $5k on what you can pick up in any reasonable trading-related book for under $50? And you cover a lot more ground in a book than at a seminar. Isn't trading all about getting a good price and not overpaying for something when you can avoid it? That mentality can start on Day One.
Once again you skim a post read but a few words and jump to conclusions. Do you honestly think from reading a small portion of 2 posts without any comprehension of what the posts said suddenly gives you some kind of clarity or insight into how a person is in life? Then again I guess the only way you have to refute an OPINION is by attacking the character of the person with the opinion rather than through actual debate or discussion. Everyone else in this thread has done a good job with discussion. It's a shame you can't contribute anything meaningful. If you have something serious to say about what I said then I welcome the debate.