How the market makers extract millions of dollars a day & How to grab your share
A chance meeting or was the universe just delivering what I was searching for?
I was in a crowded cafe at lunchtime enjoying some minestrone soup and whilst pondering the elements that made it so good, my table shot to the left and the soup exited on the right. The culprit, an expensive suit apologized and ordered me another.
I tried to make polite conversation but sitting down with his colleague; he made it clear that conversation was not on the cards.
I admit I was eaves droppi
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Variations on a Theme,
I was really interested to see this book appear on the digital shelves, as I’ve been looking for a good introduction into the mechanics of equity market making – and how to begin to operate as a market maker does (please comment with any suggestions!). What I found instead was a book that essentially offered a breakout trading strategy based on the premise that MM’s are constantly gaming the market to keep it frozen in consolidation phases, and then manipulating it into breakout phases. Interesting perspective, maybe true, but is *not* an insight about how market makers actually behave.
I was somewhat lured into buying/trying after seeing the extremely favorable reviews. I should have noticed that most of these glowing 5 star reviews are also the only reviews by those amazon customers – a sure warning sign. All was explained when I got to the end of the ebook and the author made a quid pro quo offer in exchange for posting a review on amazon (to be fair, not specified that it needed to be a positive review, but does need to be verified by the author)
I’m not calling outright shenanigans, but kind of smells fishy
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|Brilliant insight and presentation, but disappointing in the end,
I read this book from beginning to end in one setting, and have to say I was impressed with both the content and presentation of Martin’s theory about “How market makers extract millions of dollars a day”. Even though some of the concepts are not new, it was exciting to see them presented in a concise and coherent theory. However, the second half of the book title, “How to grab your share”, is never really addressed other than impressing upon you the importance of identifying what’s in the “box” and then pointing you to his website for the software and training that will help you do this. In that sense I felt a little taken in. It has nonetheless opened my mind to new possibilities of market behaviour and may even change the way I trade. I can confidently recommend this book as a great insight to market manipulation, but don’t expect any detailed guidance on how to act on it for profit. You will need the software and training for that…
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|A sales presentation disguised as a book,
When I read the title of this book I was drawn to it. I have been trading for a living for about 10 years now and I am confident that the market makers engage in manipulative, illegal, and unethical practices. So the book struck a cord with me.
The author begins the book with a little autobiography. He discusses the hardship of pursuing a career as a trader and the difficulties encountered in his life. I could relate to what he was saying so I was naturally interested.
The author then discusses the business model of the market makers. Basically they need to fool you into selling when they want to buy and vice versa. The author in a nutshell tells you that you need to wait for the consolidation patterns on the chart and then side yourself with market makers to win.
He doesn’t mean that you should buy at a breakout from the consolidation pattern. He says that during consolidation you can tell whether the market maker is accumulating buy or sell orders. So get in on the same side as them and you’ll be good, right! Except the author keeps repeating on and on the same things and lo and behold the last chapter in the book comes and the author tells you point blank that if you want to learn how to figure out whether the market maker is accumulating buys or sells you need to get his awesome software.
HE NEVER TELLS YOU WHEN TO BUY OR SELL!!! Think about this for a second. A trading book that doesn’t tell you when to buy and sell!!! If you don’t know which side is the market maker on then how can you trade with them!! This is the most basic and minimum of requirements and the author never provides it. He knows it, but he doesn’t share it.
He wants you to pay $10 for his hype and coffee table conversation about how he has figured trading out but doesn’t share his edge. In fact he is selling his software! You just got punked! Mr. Cole may seem nice so I will refrain from accusing him of intentional fraud.
However, that only leaves the possibility of him being delusional. The reason, by the way, the book has five star reviews is because at the end of the book, Mr. Cole tells his readers that if they write reviews (good or not so good) about his book and then personally email him, he will give them free access to some of the training videos on his site. So not only is he satisfied with suckering you out of $10, he also wants to draw you in to buy some of his DVDs. Think about it for a second.
If you have to email him your review for free access, are you going to write a bad review or a good one? Shame on you Mr. Cole for posing as a teacher, when all you are interested in is your monetary benefit. What pains me the most is that you are hurting the youngest of traders. You appeal to people’s kindness in not wanting to be confrontational towards you, since you come off as nice, but in so doing you are robbing them of the value of learning and misleading them into promoting your hollow and worthless book. Shame, Shame, Shame on you!
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