Best book on trading I've ever read: Lance Beggs YTC Price Action Trader
- Thread starter anituchka
- Start date
Mark Fisher has an MBA from the Wharton School....that should tell you all you need to know...
Always remember that even a losing trader can still be a good teacher. Not in how to make money but rather how to set your computers up, how to create a trading log, money management, discpline, how to construct a proper trading plan, time management and so on.
Just having a edge is not enough, there's far more to trading that buying and selling at the right times.
As for Lance Beggs.
Yes, I know it's a probabilities thing when trashing vendors. Trash every vendor and you'll come out on the winning side guaranteed. But if probabilities are involved that also means there has to be a few good guys out there and maybe even a very small handfull of really GREAT ones. Educators whose research and analytical skills along with their overall understanding of the trading process are second to none.
Or to put it another way, long shots can win
Just having a edge is not enough, there's far more to trading that buying and selling at the right times.
As for Lance Beggs.
Yes, I know it's a probabilities thing when trashing vendors. Trash every vendor and you'll come out on the winning side guaranteed. But if probabilities are involved that also means there has to be a few good guys out there and maybe even a very small handfull of really GREAT ones. Educators whose research and analytical skills along with their overall understanding of the trading process are second to none.
Or to put it another way, long shots can win
I tried his stuff. His setups are still vague and don't have a real edge based on the material he gives you. A few people on BMT have journals doing YTC PAT and another guy was trying YTC scalper. I seen one guy spending a year on YTC PAT and he's still struggling convinced he'll get better with "practice". YTC scalper is horrible in part in that gets one into the bad habit of doubling down and it takes time to unlearn that habit.
His main conceit is "trust the order flow". bull. If anyone can predict the "order flow" it wouldn't be a vendor or retail traders. Too many times the setups can go the other way so it's still a coin toss. There is advice on drawing s/r lines but again it's all "vague" and "discretionary".
His blog is full of wordiness commenting on the latest example as usual after the fact. There are lots of words on making a trade journal. But we've seen this before in "Doc" Barry Burn's , "Foundation" courses. When is a trade edu-vendor going to sell a real edge? never, at least not for a mere $297.
Sometimes I think these vendors were big losers or at best currently trading still like a gambling crap shoot and using their sales to bolster or negate their losses.
Better off going back to Al Brooks' books and go through each and every example like it was a math class you'd have to pass to graduate to learn price action. At least you can see Al's obsessiveness in "scientifically" analyzing the market like a professor and rarely waxes philosophical about trading pop-psychology in his material. (well, if you already read the books, then try some of the live webinars; only $5 a day if you go by days to the end of the month; and then maybe add an oscillator or MA to help with Brook's entries and signal bars; Brooks does have entries covered in his books)
His main conceit is "trust the order flow". bull. If anyone can predict the "order flow" it wouldn't be a vendor or retail traders. Too many times the setups can go the other way so it's still a coin toss. There is advice on drawing s/r lines but again it's all "vague" and "discretionary".
His blog is full of wordiness commenting on the latest example as usual after the fact. There are lots of words on making a trade journal. But we've seen this before in "Doc" Barry Burn's , "Foundation" courses. When is a trade edu-vendor going to sell a real edge? never, at least not for a mere $297.
Sometimes I think these vendors were big losers or at best currently trading still like a gambling crap shoot and using their sales to bolster or negate their losses.
Better off going back to Al Brooks' books and go through each and every example like it was a math class you'd have to pass to graduate to learn price action. At least you can see Al's obsessiveness in "scientifically" analyzing the market like a professor and rarely waxes philosophical about trading pop-psychology in his material. (well, if you already read the books, then try some of the live webinars; only $5 a day if you go by days to the end of the month; and then maybe add an oscillator or MA to help with Brook's entries and signal bars; Brooks does have entries covered in his books)
I see on his website he recommends Al Brooks books. He also recommends TradeStalker. He has links to naked.com or whatever it's called with the 9/30 setup. Also some Macd and REI setups. I think he is just regurgitating everything he has read and now wants to make some $$$ from all the reading he has done. Just another vendor trying to cash in.
TheBlackHand
Guest
Quote from anituchka:
Iâve been learning to trade and trading for the past 2.5 years (on and off). I read at least 30 trading books, you name it, I probably read it.
I started with indicators and then realized that price action was the way to go (for me). I spent considerable time (at least 6 months) reading Al Brooksâ new books and trying to make sense of them. I liked them (clearly the guy knows what he is writing about) but I have been overwhelmed by the amount of detail he provides in his 3 volumes, yet lack of concrete steps of how to implement what he teaches.
What I have been trying to find, unsuccessfully, is a book that brings together everything and provides me with a STRUCTURE and a detailed plan of what to do, and not simply teaches me technical analysis or price action or psychology stuff.
I have been trading without a clear set of procedures and as a result could not become consistently profitable. I did not have a clear manual of what I do in a specific situation (I did have a trading plan but it did not cover all the situations that can happen, like recovery after a significant loss, step by step, what you do to get back to normal). I was even thinking of writing procedures down myself but didnât have enough creativity.
Then I stumbled upon Lance Beggs site www.yourtradingcoach.com and his e-book: YTC Price Action Trader. What a great piece of work!!!
His 5 strategies are simple to follow and yet they are described in enough detail, but much easier to understand that Brooksâ books.
What was priceless to me is the detailed trading plan (template with suggestions) and set of procedures/routines pretty much for every situation you can imagine. He was a helicopter pilot in the past, so following a detailed checklist is in his nature. He developed detailed checklists for trading and shared them in his book.
I am surprised his books are not more popular on trading websites/forums. His name is known but not well-known, which is a pity for all beginners-traders and struggling trades who lack a clear pathway. And no, I am not affiliated with him in any way.
It's baloney.
So you're looking for a turnkey solution to produce profits. You're looking for a simple set of A-B-C instructions to follow to churn your way to easy street.
And now you've found them for just $197 or whatever.
Good luck with it.
I'd say if you had spent the last 2.5 years studying the market for your self and making your own conclusions, you'd probably be well on your way by now.
Instead, you've wasted 2.5 years of your life looking for a short cut that doesnt exist. Congratulations. You'll never get those 2.5 years back.
How are you going to spend the next 2.5 years?
Good luck +
Based on this thread I looked around and found a (free) copy on the net. I have not finished reading it, but sofar it seems it is a great book on discretionary intraday swing trading, and it complements Al Brooks book.
But it is still discretionary, and will not give you a turnkey system ready to go. You need experience to see its value, but by that time you would have found out by yourself why are the things he is talking about are so important.
But it is still discretionary, and will not give you a turnkey system ready to go. You need experience to see its value, but by that time you would have found out by yourself why are the things he is talking about are so important.