Why do traders find it difficult to make money?

[volpri]

Metaphorically speaking, you missed the (PA) red light, you drove through the intersection, you were lucky (with your hindsight bias) that you were not wiped off of the road by a semi-trailer, and then you are bragging that those drivers who saw the red light and stopped were wrong !!! It tells us a lot about your “logic”. It becomes impossible to have a rational conversations with people like you who constantly sidestep the real issue.

Regarding me bouncing back and forth between option spreads and FX. You’re twisting the facts again, I struggled with the time zone difference and sleep deprivation, NOT with making money in options.

You remind me of politicians, they just like you are good at twisting the facts and then smoothly delivering weather reports instead to replying to “what time it is?”.

Regarding your buddy @HawaiianIceberg, you’re making wrong assumptions again, nothing set me off, I simply asked him a simple question just like he did (so he can have a taste of his own medicine).

See you, I have better things to do with my time

Sounds good to me. Adios. I never wanted the conversation anyway but I was, you might say, a bit compelled to sort of explain things after you were so disparaging of my PA reading. Then I ended up being right and you ended up being wrong. BTW me thinks you missed the green light metaphorically, put on brakes, and may have caused a traffic pike-up, while the car in front of you (me) metaphorically cleared the intersection just fine , found the interstate and road it to metaphoric $$$$$.

If I mis-interpreted your bouncing back and forth on trading instruments then I am sorry. Sleep deprivation is not good for traders. Did you ever get it all worked out and can now trade options successfully? I hope so!

I think we both have better things to do with our time, so goodbye. Wish you the best. Check out Al Brooks. He might can help with your PA. I realize you don’t like him but in the markets it is not about who we like but who can show us how to extract $$$$ from the market.

Best of luck an happy trading,

volpri

 

[schizo]

Sounds good to me. Adios. I never wanted the conversation anyway but I was, you might say, a bit compelled to sort of explain things after you were so disparaging of my PA reading. Then I ended up being right and you ended up being wrong. BTW me thinks you missed the green light metaphorically, put on brakes, and may have caused a traffic pike-up, while the car in front of you (me) metaphorically cleared the intersection just fine , found the interstate and road it to metaphoric $$$$$.

If I mis-interpreted your bouncing back and forth on trading instruments then I am sorry. Sleep deprivation is not good for traders. Did you ever get it all worked out and can now trade options successfully? I hope so!

I think we both have better things to do with our time, so goodbye. Wish you the best. Check out Al Brooks. He might can help with your PA. I realize you don’t like him but in the markets it is not about who we like but who can show us how to extract $$$$ from the market.

Best of luck an happy trading,

volpri

Hey, Volpri, keep doing what you love doing. That's all that it matters. Ignore the rest.

 

[volpri]

Hey, Volpri, keep doing what you love doing. That's all that it matters. Ignore the rest.

Yeah you are right. But I needed to take this on. I needed to stand up this time. Maybe next time I won't take the bait and just ignore.

 

[HawaiianIceberg]

Regarding your buddy @HawaiianIceberg, you’re making wrong assumptions again, nothing set me off, I simply asked him a simple question just like he did (so he can have a taste of his own medicine).

.

Aloha PPC,
Yes, it is too late for me to be aborted, and yes, I did deserve a taste. Looking back, I should have said nothing and am sorry. Rather, I should have just posted my take on the situation.

I'm thrilled to have @volpri back here giving advice and agree with pretty much everything he post so I couldn't resist jumping to his defense. I don't trade the exact same was as him but we share the same PA thought process.

I'm basically an expert Monday morning QB (not an expert trader), so here goes. Hopefully this will help out other Brooks students. Again, hindsight.

 

[Relentless]

My advice would be learn price action trading. That is my edge. How price moves and why and how to capitalize on that movement.

There are many that teach “price action” trading. By far the most comprehensive is Al Brooks. I know people don’t like him or his style of talking or writing. Or they get upset that he won’t post live trades or an audited track record. None of that has ever bothered me but a few times a laugh or two was elicited from me because of his expressions like “a failed failure”. I have never had any need to see proof of anyones track record. If they can explain their concepts I figure I can test them in live markets and see if they work. I don’t need to see that THEY made them work or not. I just need to see if they will work for me!

MY JOURNEY into price action began over 12 years ago (i think..i got the date written down in one of his books but at the moment am too lazy to hunt his physical book up). Up to the beginning of my journey I had never heard of the concept of PA. I have always been a scalper but that scalping was based on what the specialist did in stocks on the NYSE and AMEX back in the day.

Back then I even designed software and had a programmer write it up for me to trade futures or stocks. I used it mainly to day trade penny stocks..yes..penny stocks. Then the markets went to decimal and that wiped out my edge and rules changed for daytrading too. Finally, Microsoft Windows kept putting out new versions and the day came that my carefully thought out software no longer worked with Windows. I had the source code but to add insult to injury my programmer hightailed it out of Mexico to somewhere in Canada. And the source code was strangely a mixture of spanish and english. I am not a coder so I could not figure out the code other than minimal changes in the code and then compile it again. So my software went the way of all programs. Progress made mine obsolete.

So, I was back to square one in my trading.

Then I came across Mr Brooks. That was 12 to 15 years ago (i think). For some reason or another (I don’t know why) i just instinctively knew he was the real deal. I had NO PROOF. But I just “knew”. Something about him resonated deeply with me. So, I bought his first book. I tried and tried to understand his thought processes. It was no easy task. Then the day came I found us on the same “wave” length so to speak. I finally grasped his “modus operandi” of explaining things. Next I bought his trilogy on price action. Then I bought his trilogy in digital form so I didn’t have to lug the monster books around with me when flying..etc. Next I bought his main video course. Back in the day when they first came out you could download the videos and carry them with you. Now they have no process to download them. You have to log onto a website to watch them. Then they reworked them making them better. I got really pissed that I could no longer download them for my own use. I eventually overcame my frustration and gave in to the new rules. What choice did I have? Then Mr Entwistle (whom I blame for the new rules ..but I could be wrong) must have made some kind of deal with Brooks to make an introductory but much shorter video course for less than 70 dollars. So, I bought it. It is actually a very good introduction to the main Brooks video course. I would certainly recommend both courses.

Bottom line if I had to do it all over again I would do it in this order:

1) The Entwistle DayTradingInsight Course (it is mostly Brooks doing the teaching)

2) Next Brooks main video course

3) Next Brooks 4 books. As reference ..like encyclopedia.

I would begin practicing the concepts from both video courses on a live SIM over and over until I could assimilate the concepts and the execution of them became second nature for me.

I would look to the written text books for deeper explanations of the concepts expressed in the videos.

Finally, I would test my mettle trading live the concepts with real money. In my books no sense in trying them with real money until I understood them, assimilated, them could skillfully execute them, and they become second nature to me, So, first on a SIM. Sim serves to hone the skills.

Unfortunately most aspiring traders will never do the above. They will give up. They won’t even wade through the first book. That is unfortunate for them that they give up on Brooks.

I have learned so much from Brooks and some of the things of what I share on ET is how I apply, in my experience, some of the concepts I learned from him and some I invented too. And a few I have learned from others.

So, there you go! Another short story made long!

Amazing response. Thank you sir!

 

[Waylen]

I think lack of trading knowledge and poor trade management make a trader fail to earn profit in the market.