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With all due respect to General Zhaozhong he is full of shit. They are not standing toe to toe with us over "The Islamic Republic". He knows, I know it ... and I suspect even you know it. Their national interest is simply not salient enough. Just because he says it does not mean than will...

Unquestionably good (or great) trade management is AN edge. It is hard, rarely done well by the novice and as much or more art than science. But just because good management is AN edge it does not suggest that there are not OTHER edges to be had. It would be a hard case to make that if a...

While I am not a hawk I think it is very dangerous to think of an opponent as a "rational man" ... particularly in the Middle East. Once an opponent gets to a certain strength you may have no choice but to rely on MAD (mutually assured destruction) the way we faced off against the Soviet Union...

But the money is at Penson. What more do you need to know?

I have not smoked herb in many years but if i can get my hands on what this guy is toking I'm willing to come out of retirement!!!

Every month that you trade your own money makes all other options more possible. Assuming you are as you say profitable that makes the advantages of trading your money NOW two fold. 1) At the end of the month you have more $$ than at the start; 2) You have a track record that has added...

Why not 777? I was 24 years old and it was 40 years ago. It might open a few eyes and cause people to realize stocks are sold so people can make money and the guy selling to you might well have bought it much cheaper and closer to value. I read a lot on here from guys who pretend to know...

He is a better trader than he is a writer. Accept that and move on.

I agree that it is still wordy but soooo much better than Bar by Bar.

First and foremost you pick a stock with a tight float -- relatively few shares in public hands/weak hands. Pros refer to those shares as what's "against them". Many years ago -- pre-Nasdaq -- my partner and I owned the control block of a tiny public oil and gas company. We owned nine...

You can (and should) skip Bar by Bar. Trends covers the vast majority of what Bar by Bar contained and has the advantage of being well written and well edited. When I read Al's first book I expressed the hope that his next one would be in English and my prayers have been answered. Good luck!!

Yes ... upon rereading your prior post I can see that it seeming likely and being a good outcome for clients and employees are two independent statements. My apologies for misinterpreting your clearly worded post!

As far as I know there is little or no precedent of a brokerage firm that has financial problems devoting any time or energy to caring about either their clients or employees. The person or group that has voting control will worry about their own interests. To think otherwise is simply naive.

And what happens if there is a spike during which your margin is exceeded in your "MF" account and your position is closed by a trustee or the clearing house and they get around to telling you that days later? Then your hedge is no longer a hedge but a position you do not even know you have...

This post outlines the real level of risk which is significant.

Ahh ... the logical probabilities derived from a sample of one. My sincere apologies. I thought you were using a less robust statistical construct. I stand corrected.

Why would you guess on a sample of one -- MF Global -- what the worst case on a second would be. i do not think Penson will necessarily go belly up but what is the upside here? And what is the upside in thinking you can see into the future regarding the maximum haircut?

Reminiscenses is certainly essential reading and I agree that some do just "get it". But for those dealing with limited capital (or a lower risk tolerance) the bar by bar approach is far from nonsense. It can -- and does -- help a number of traders who need an intraday approach as a starting...

Having been in his webinar a few months last year I agree with your assessment 100%. He likes to trade, he likes to talk about trading and he likes to write about it. He's successful at what he does and, as he clearly states, there are many good traders that know all about price action and use...

ND ... I can see you are keeping them in line right till year end!! Wishing you and yours good health into the New Year and far beyond. Thanks for the tips and encouragement a year ago. And for those that doubt price action in general and the way Al uses it in particular I encourage you...