Thanks for your advice i have been trading with real money for the past one month.what i am saying is that i have been getting smashed on the 5 minute chart because of to much noise,but i have changed to the higher time frame and everything seems a lot clearer now and where as friday, i wanted to see how i would go on the 1 hour chart.everything i predicted during the trading day came true to the point.i am not al brooks follower but he has helped me a lot through his books and vids.i have my own style that i have developed hard for the last 4 years through trial and error.my knowledge of trading is 15/10.i need to work on my discipline(waiting for the right moment) and money management or in another words stick to my plan(edge).
Wow...you're already applying his course with real money. I thought you'll be learning the stuff for a few months before any real money trading. Did you do any kind'uv brief simulation trading or something to help prepare you for the real money trading ? The value you found...is it something specific to something in the course or did the course spark other trade ideas of your own that you're now using in your trading or did you just merge his stuff with things you're already doing so that its more suitable for your trading style ?
to wrbtrader i know that their are a few people on this thread that are making fun of al brooks and a few people that are supporting him. i have read his books and videos.overall he talks shit but there are a lot of great ideas that open your mind and give you ideas. if i spend hundreds of dollars on books and videos and their is 1 chapter or even 1 paragraph in 1500 pages in books and 40 hours of videos that i can use to give me an edge in trading i consider it to be a good investment
Thanks for your insights. I've been trading live for more than four years now, what I was talking about in terms of pain and fighting through happened last year. I've been consistently profitable this year, things are going well for now. My path is only one of hundreds of routes, a pretty messy route to be honest but what worked for me. Sometimes you just need to hit rock bottom and make sacrifices to have the leverage to make significant changes. It's probably better to have a chat over PM, without completely taking this thread off topic. But if you've read my posts you'll figure out that I went from the 5 minute charts to the 60min and daily charts. From 50+ trades per day to around 3-5. The big transition for me was having to make less decisions every day and looking at less variables. With that extra time and more objective decisions I was able to focus on the process of determining my edges and finding opportunities rather than the highly emotionally charged 5 min scalping bollocks. Where emotions continually came into play, along with a continually shifting, unpredictable set of random variables. You've seen a 'glimmer of hope' and that's a good path to go down. Being able to 'predict' one days trading is statistically insignificant as one of the other posters mentioned. It's a good start though. Shifting to a higher time frame (in my experience) will give you more time to think about and develop edges. To get your validation from building strategies rather than from being able to 'predict' moves. Hit me up over PM and we can chat through a few things.
I have no idea who Brooks is and I don't want to know (please do not attempt to educate me on the subject for I give a fuck not). Just would like to express my nihilist reaction to the title of this thread... You'r boned
Its stealth vendors and or their agents trying to drum up interest to support their meager incomes. Rent must be coming due!
In my opinion, and this is something I did not do myself the first times around, you should know your market inside and out and be able to trade it in your sleep before you're putting real money on the line. Do extensive simulator trading. Or if using real money at all, at least do it with a piker account and an extremely low amount of risk. Personally, I've been live multiple times, but on my final and planned return to the market I'm not going to go live until I have an extremely good and reliable system. When I first got back into things, I thought I could be ready in a month or two. Then I realized it might take me a year (and I have like five years experience prior to that). I've made pretty good progress lately, so I may in fact see myself going live early next year. We'll see. Bottom line is I'm not going to go live with real money until I know 100% what I'm doing and am ready to make a killing (not a living). From what you're saying, I gather that you don't have a methodology. At least not an objective one. What you need is a methodology that gives you clear buy and sell signals. There can't be any intuition or trading based on a feel or "I think I've seen this pattern before". Forget it. As a matter of fact, I haven't completely nailed down this part of my system (which has many parts) yet. But I'm thinking that for me, that solution lies partly in an indicator (which can provide objectivity). Still a work in progress, mind you. When all that's in place, lack of patience and discipline is NOT a problem, since you're only trading when you're getting signals. Get it? There's not intuition and no interpretation. At least this is how I see things. Consistently profitable can mean a lot. Would you say you're really successful? Are you beating a buy and hold strategy? Thanks in advance.
I disagree totally. Most of Brooks' original insights adding to the long history of Price Action theory are on the 5-minute bar and its contextual meaning in the ES in particular, if Brooks' 5-minute bars are often the result of noise then his entire method for deciphering the ES' price action is suspect. There are plenty of free price action courses and websites available online that talk about old school technical analysis, e.g. wedges and 60-minute candlestick wicks and and trendline breaks, etc.
Does Brooks have any original technical analysis insights that are of any value? If anything the ALWAYS IN concept, the importance of the close of the bar, and the expectation of the 5-minute candles to touch the 20 period EMA after 20 candles are of NEGATIVE value to new traders who could take those teachings out of context due to their lack of experience.