Malcolm Robinson

[alanb41252]

That idea won't float on here BB.
If anyone dares to write an ebook, everyone will demand to see his trading records.
Tongue very firmly in cheek !!

 

[Trader333]

BB,

The only problem is who is going to be prepared to write articles and give their work out FOC ? Very few I would guess and the ones that could make the biggest contribution almost certainly wont. For example the likes of Naz wont even let us know which stocks he is trading anymore so I wouldnt hold out much hope. The idea is good but you know what people are like.



Paul

 

[Sharky]

Interesting idea Bigbusinnes - and I'm always open to new suggestions!

We do intend to open a new section of the site, that gives anyone the opportunity to post an article. Why would anyone want to FOC Trader333 asks, well - firstly, some people simply want to share their knowledge or research with others, particularly if they've read someone else's article and benefited from it. Secondly there are the sorts of author's who write articles in the trading magazines often not for monetary reward, but simply to increase their profile or that of they company they represent.

Finally, there is the possibility of giving members an opportunity to author mini e-books or even articles and selling these via the online store. We would be able to create secure pdfs for example and distribute these via the store. There would of course need to be some form of screening process to ensure the book/article had some value.

 

[Bigbusiness]

I was thinking of the sort of thing Newtron Bomb did with ChartMan's trading the Dow threads. Take information scattered among lots of threads and compile one document. We could also share new ideas.

 

[kevin546]

I apologise to those who some months ago requested I post further about Piper's book. I have not been back to this site until today and only following a surprise e-mail notification to this thread although it does not appear to have picked up the others.

Anyway for what it is worth the information contained in Piper's book is very good, particularly in respect of preparing a complete trading plan. It gets you to realise that there is more to trading than just having an entry system and that more attention should be paid to other areas of trading to complete your strategy.

I would also agree that I would not touch the options section unless you already trade these well. I posted about this book in relation to the trading plan and using it with such instruments as shares/Futures/CFD's and spreadbetting.

Although the book does have some really useful information and got me thinking about the complete plan, stops and price movement I do feel it is presented in a tedious manner. The author returns to articles so it may seem as if he is repeating himself and that sometimes only half the information is in the right chapter. However he explains this as a method of getting the important part of his message across. All I can say is it does provide some very good information that is essential to someone who is new to trading or has yet to complete a trading plan. What you do is take those sections that you see you have not considered before and that you feel will be of use to your system.
There are also some examples of his trading signals which are useful to be aware of.

I have since moved on and to be honest find that this book has been super-seeded by a much more easily following style producing a book that not only offers very good advice but an excellent read to anyone starting out or just interested in trading.
The book in question is 'Come into my trading room' and it is by Dr. Alexander Elder. No doubt such books will never cover every aspect of trading to everyone's requirements but I have realised now what a difference my trading over the last 3 years would have been if I had seen and read these book earlier. You are not ready to trade until you have a complete trading strategy otherwise you are just playing at it! For anyone starting out these are a must but I would now advocate the Elder book as it is easier to get hold of and cheaper. It tends to focus on deals over days to weeks where Piper tended to refer to 30 min charts.

Both books have good examples of trading set-up (Piper was particularly good with respect to the opening gaps) and Elder presents several styles that can be used over any time frame its just a matter of using the one that you like best. For me having traded for 3 years it was the complete package I liked best as I have been able to complete my plan, before there were some gaps. I think another difference Elder has over Piper is the importance he places on keeping records of your deals this he takes to another level but explains the reasoning of it being essential by comparing any studies you may have gone through at school etc. making notes and so on.

Piper does go into more detail concerning price movement and talks of acceptance and minus development which is a good way to learn about trends and stops. In this area Elder is also concerned with establishing stops that are not obvious to the general market in an attempt to avoid being stopped out by the various false re-tests or whipsaws.

I think that about covers it. Better late than never.

All the best

Kevin

 

[Beach Runner]

Regarding Malcolm Robinson:

I have not read his e-book, but a while ago he was providing (for free) a number of articles that he had written on his own website:

www.themasteryoftrading.com

I thought then, and still do, that they were remarkably well written, clear and concise. Sometimes it is forgotten that as well as needing some knowledge, when writing about trading (or anything else for that matter), what the author needs also, is the ability to write. Unfortunately, not everyone that sells their knowledge has that. But having read the articles on his site, I think Malcolm Robinson has.

 

[anley]

I have never read any of John Piper's stuff but had always thought that he was on the better side or right. Apparantly he uses the phrase "Trading sectrets you won't find anywhere else" in his marketing blurb and therefore this ruins all of his credibility.

I'll tell you all, again and again whenever you hear the word 'secret' when it comes to trading forget it, you've just been had. However there's being had and had. In a lot of cases including Piper's I reckon you'd get some good value out of what he says but it's just that the information will not likely make you any money, just enable you to break even. Still that is a start.

 

[ronfalcone]

buying e-books

[First, Piper's book. I found it to be more of a guide on helping traders establish their own systems, methodologies, as opposed to actually presenting a viable system to trade. I didnt feel it was worth the money and certainly not the blurb of being revolutionary.

For beginningers to intermediate, a far better book is Links High Probability Trading. Very well done, talks about system testing, multiple time frames, etc.

Now for Robinson's DVD. I've heard pro and con, but I guess, I've become somewhat of a crusty old trader who has gotten desensitized to books that will "revolutionize" the way you trade. For example, I just bought an e-book for $49.00 by Zoran Kolundzik aptly called "E-Mini Trading Course". Very poor. As though written by a Russian with limited English skills. I then bought yet another CD Rom from Online Trading Academy which, admittedly was fairly worth the price of $49.00 but it didn't present one single method of trading the e-minis, only the usual pivots, retracement to the 20EMA and another technique which are all well known and well established. So what is Robinson going to show me that's so revolutionary? The "avalanche" system of trading?

Nonetheless, here's a freebee for any of you who want to consider looking at it. My reasons are not entirely altruistic as I'd like to get your feedback......

This method I purchased about a year ago involved the following set up: 1-3 minute bars with Keltner Channels set at 22. MACD Histogram set at 5,34,5 with EMA's of 1 and 5 periods overlayed on the histogram. Stochastic momentum index set at default (5,3). Long trades are taken when price candles retrace from above the Keltner channel back into the channel with a corresponding MACD/EMA convergence from overssold, and the SMI turning up from 40. Reverse for shorts.

What do youth think? The course author claims 80% success with this set up, but I frankly don't see where his trades match his rules.

Happy Grail hunting.

 

[Trader333]

The course author claims 80% success with this set up, but I frankly don't see where his trades match his rules.

Stating an 80% success rate is meaningless without reference to the profit factor (ie. average profit to average loss). There are systems out there that have a 90%+ success rate but still lose money.


Paul

 

[ronfalcone]

Stating an 80% success rate is meaningless without reference to the profit factor (ie. average profit to average loss). There are systems out there that have a 90%+ success rate but still lose money.

See for yourself. Here's his blurb. You'll note on the YM, he claims only (2) 5 point losses of the entire group. I'm not pro or con this system, but if correct, I'd say this is a profitable "success factor" wouldn't you?


http://wattstrading.com/Scalptrading.html

 

[Trader333]

Yes I see your point but I would argue that 13 trades is not a large enough sample as a basis for determining a successful long term trading approach.


Paul

 

[Tubbs]

I got the Watts trading course. I decided not to use it. I don't think there is much success for this method. It's not aweful either.

 

[ronfalcone]

I got the Watts trading course. I decided not to use it. I don't think there is much success for this method. It's not aweful either.

points well taken. As I've said many times, "some systems work great some of the time, but no system works great all of the time!"

Re: Watts, I find that his interpretation of entries, long or short don't seem to match his rules. I've looked at his entries as posted on the site mentioned, but don't see the matching convergences of MACD and stochs. I'm not disputing his sincerity, but he's probably a more intuitive trader who operates on his own timing. All well and good. But that doesn't help the student wanting to duplicate those results.

 

[ptcm]

Does this guy(Malcolm) really trade or just talk ?

Does this guy really trade or just talk ?

Most of the traders in London just talk. They don't trade and make real money at all except for the MAN Group.

If a trader is successful, why would he need to sell trading course for $199 anyways ???

 

[Quenkish]

.

If a trader is successful, why would he need to sell trading course for $199 anyways ???

Agreed

 

[ronfalcone]

re:Watts

I paid $29.00USD for his e-mini scalping course. Still, a waste of money.

 

[Trader333]

This would have to be without a doubt the biggest con on the whole net to do with trading in my opinion.

There is some very stiff competition for this title much of which has been posted on these boards recently. At least he is a real person where in some cases the supposed expert selling products doesn't even exist.


Paul