The lessons will teach you how to analyze the market -- any market -- according to the natural ebb and flow of price action. We will give you a set of tools that will reveal what is happening in the market’ heart any given moment, what type of trading the market is experiencing, and when things are about to change.

We will show you how to assess the probabilities for any given trade, and how to monitor the trade so that you will know when you should take profits or exit the trade for a small loss. We will give you tools so that you can identify when the market is reaching an extreme and likely to reverse. And we will give you guidance and examples of successful trading plans, so that as you develop your own trading style you have examples and road maps that you can follow.

P&L Charting and Drummond Geometry (we use the terms interchangeably) teach a new way of looking at the reality of the marketplace, and for shaping and managing that reality in your mind. As your insight grows, this may be a heady experience at first —it will be important to be on your guard against recklessness and overconfidence.

We don’t want to put you off . . . but if becoming a successful trader was easy, everyone would do it. You will have to work hard -- maybe harder than you have ever worked in your life. You will have to draw upon all of your personal resources -- intellectual, emotional, and physical. It is not something you should undertake lightly.

Of course, we want you to succeed.

We take our role as teachers very seriously, and we ask a similar level of seriousness from any prospective student. Please give careful consideration to the preceding before you continue with the course.

• What is P&L?

The first thing you need to understand is that P&L is not a "trading system." A trading system is a set of rules, which may be very simple or very complex, that tell you when and how to place an order. Once the rules have been created and set in place, the creative part of trading is over; there's not much you can do but sit back and see if it works.

What P&L gives you are not rules, but tools. With Drummond Geometry you learn a series of tools that will define what the market should be doing in theory and then monitor it to see if that prediction is coming to pass or not.

The Japanese have a saying: "If you want to know what’ happening in the market, ask the market."

This is all very well…but how should we go about doing this?

P&L provides the answer. We will teach you to formulate your questions so that they are precise and meaningful. We will teach you to listen to what the market has to say, so that you may hear the answer when it comes. And finally, we will give you a logical framework for analyzing what you discover and responding appropriately.

We have nothing against trading systems as such. In fact, you will find that you can easily construct your own trading systems based on the methodology taught in this course -- and if that’s the way you like to work, we see nothing wrong with it. (Many P&Lers do the same thing.)

But a system will only work when it is an excellent match with the particular personality of the trader using it, and there are as many possible trading systems as there are traders to implement them. Our goal here is to equip you with the skills you need so that you will be prepared for whatever opportunities the market may bring to you in the years to come.

OK, but what do the letters stand for?

P&L stands for "Point and Line", and refers to two of the fundamental building blocks of our theory.

The "Point" refers to a short-term moving average, which we plot as a dot.

The "Line" refers to a series of lines we draw between two price bars, in a variety of configurations.

We will explain these in detail in the early lessons; suffice it to say here that the combination of the "Point" and the "Lines" is extremely powerful.

• A Sober Note

The material in this package will help you to develop your potential as a trader. Certainly some people who trade with P&L methodology have done extremely well. Ultimately, though, the results that you achieve are up to you.

Much depends on your ability to step into the "way of thinking" that P&L theory engenders, and this may entail some changes in the way you look at the world. We can give you a lot of assistance along the way. But it is foolish to believe that any teacher, guru, or system of thought will do for you what you are unwilling to do for yourself.

• A Word About Risk

In this course, we will teach you how to calculate risk and to control your trading so that you need never risk more than you can comfortably afford. But it is up to you to determine what that comfort level is. Also, the decision to enter and exit the market is a decision that you will make yourself. It is you who will benefit from the potential winnings, and likewise it is you that will have to remove yourself from the marketplace when you find yourself in a losing position, or when you feel that your clarity of thought has been clouded.

If you decide to pursue this course, you may experience unexpected setbacks and losing trades along the way -- in fact it is inevitable, as losses are a part of the game. These setbacks may at times be accompanied by feelings of anxiety and fear. At times you may even find that your feelings are compromising your ability to think clearly.

These feelings are a common occurrence in the evolution of a trader, and learning to deal with them is part of the process of becoming a successful market participant. We can help you to identify and overcome these negative mental attitudes. But this will require work on your part, and that work will be at least as difficult as any of the technical challenges that await you.

We believe that the best learning is "hands-on" learning with the close supervision of an experienced master.

The technological advances in computer-based instruction may now bring us close to that ideal. Consequently these lessons will rely on state-of-the-art electronic teaching methods, using the tools of the internet, CD-Rom, audio lectures, and, eventually we hope, live audio/video conferencing (when available). As new technology permits further enhancements, we will give it a trial and see if it contributes to the learning experience.

In this way we can come as close as possible to personal contact, direct instruction carried on from one generation of the elect to another, which is the way high performance commerce and trading has always been taught.

The P&L School is established with the observation that knowledge is valuable, that students can be prohibited on moral, legal, and practical grounds from talking about the work, as the information discussed and transferred is special and of unique value.

Thus the P&L school does have some rules, and these rules apply to matters of conduct and administration and membership as well as to the work itself.

We believe that the students of P&L are an elect group, and that once an individual makes the commitment to complete this course, he/she will be accepted within the group of existing P&L students, and by virtue of the special knowledge as well as the acceptance and support, they can hold themselves apart from the crowd.

There is a special value to the knowledge in these lessons in that this information has been distilled from the observations of many traders, together with observations of human behavior and natural phenomena and built into a system by a master 'guru,' who has not only developed a coherent theoretical world view, but who also has a track record of high personal accomplishment.

There is a sense of a tradition established here in that others have passed this way before and learned these lessons in written form, even as the current students now learn them in electronic form.

We welcome you to join us if you wish to follow this route towards success.