Millionaire Traders - Market Maker or Market Taker?

Quote from islands111:

so your spamming your book here?

do you have permission from Baron to do that?
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Do you know how to read?

Read the VERY first post in the thread smarty.
 
Quote from brownsfan019:

Do you know how to read?

Read the VERY first post in the thread smarty.
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are you paying Baron money to spam your crap here?

if not, you need to get the hell off this site

blackguard
 
Quote from islands111:

are you paying Baron money to spam your crap here?

if not, you need to get the hell off this site

blackguard
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Hey smart guy,

#1 - I am not the original poster. Again, I ask if you can read?

#2 - Read the first post where the OP clearly states that he asked for permission from Baron.

Are you that obtuse or just cannot focus long enough to read a post?
 
Quote from minmike:

One comment and one question.

"twelve people who started with as little as $1,000 and turned those modest stakes into a six- to seven-digit fortunes."

6 figures doesn't make a fortune.

Second, What makes your book so different for the dozens of other books that interviews "top" (I use that word loosely in this case) traders?
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OK - all great questions.

First note the language - who started with as LITTLE as $1000. Of course not everyone started with so little money. In fact many of our subjects caution about being under capitalized and even spell out exact rules as how much capital per contract they consider prudent.

That having been said - the copy you quited came off a book jacket cover and it wouldn't be a book jacket cover if it didn't have a doze of hype. After all book jacket covers are advertising and that by definition is hype.

Still the 1000 dollar story is true. It comes from this amazing guy in South Africa named Hoosain who has an incredibly hard standard for testing systems. Basically he demands that any new system triple your demo account twice before going live. How many of us have the patience and perseverance to do that?

Yet that's what it takes to win in his game.

As to the 2nd part of your question. The book is different because it focuses solely on retail traders who risk their own money, not hedgies who use OPM.
 
Quote from dtan1e:

i see it as a marketing ploy by FXCM, will take it /w a bucket of salt :D
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Has nothing to do with our day job. This is a project we did ourselves with our publisher John Wiley and Sons.
 
Quote from jbt:

I am going to start a thread discussing some of the trading lessons we learned in writing our latest book Millionaire Traders - How Everyday People are beating Wall Street at its own Game.

http://www.millionairetradersbook.com/

Before I get flamed by everyone know this:

1. Yes I have full permission from Baron to start this thread and mention our book.

2. No I am not going to turn into an Anthony Robbins wannabe and hump this book endlessly on Elite.

Much as I would like everyone on Elite to buy it and much as I think it makes a fun a compelling read. I'll leave the judgment up to you and won't post any more links on the thread.

Rather I would like to start a discussion about some of the more interesting nuanced ideas that came out of our conversations with these twelve guys.
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I appreciate the fact you asked Barron for permission to post...

I find your first paragraph in your sample chapter is interesting... with the first tip being about fundamental divergences...

<i><b>"1. If the News Is Good but the Stock Plummets, Buy the Crash...
Buying crashes is not for the faint of heart. For many traders, the experience is akin to jumping out of a plane without a parachute. Yet Dana Allen has made his living doing just that. How does he profit from other trader’s losses? By looking for tell-tale signs of divergence. Technical divergence setups where price makes a new high but momentum indicators do not is one of the bread-and butter routines of many successful traders. However, Dana Allen takes the idea one step further by trading fundamental divergence. He likes to buy stocks that sell off on good news speculating that the initial reaction is often simply due to short-term profit taking. Once the sellers are done, Dana likes to scoop in and buy value at a cheap price and then quickly resell it higher once demand reappears. By making sure that he only buys quality companies with good news, Dana has the fundamental support for his trades and more often than not is able to bank gains in the process."</i></b>

I don't follow Jim Cramer's picks but his strategy is very similar to this...


<img src="http://www.enflow.com/p.gif">
 
And gets permission let them. A book is alot of work. This one has an interesting thesis. (its not necessary to get a 2-1 risk reward if you have a high winning%).

Its one thing to spam some system, but if an author who's put alot of work into researching something wants to start a (notice I said a ) thread and gets permission more power to them.

Now I just diddle around a little on the es while I do divorces at 150 + an hour, but I like reading trading stuff and this is certainly an interesting book.
 
How long have these traders that you profiled been trading.... :confused:

I think that is important to know... as to assigning value to what they say or not...

thanks...


<img src="http://www.enflow.com/p.gif">
 
I don't recommend averaging down when major support is broken.





Quote from jbt:

OK so here is the first point. Are you a market maker? or market taker?

Know the difference or suffer the consequences. Market makers basically trade reversion to the mean. That means they commit one of the cardinal sins of trading - they AVERAGE DOWN. That's right - that one of the dirty little secrets of the pros. They often add to the position because as Chuck Hays one of the best traders in the book notes, it's almost impossible to time it right on the first time.

The key of course is to know your uncle point. Ultimately EVERYONE takes a stop. Trading like a market maker does not mean you have no risk control, rather that you are acting much like an insurance company -taking in many premiums (frequent wins) and occasionally suffer a big loss that will hopefully be offset with all of the small profits accrued.

These guys accept the fact that once or twice a month they may lose 2 or 3 days winning in one trade. That what makes them a success.
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