Hello guys, I’m new member and i would love to receive a few tips. First of all, I’m from Brazil so excuse me my bad English. Could you give me book indication that talks about price action strategies and setup ? I’m tired to read the same thing over and over again, a lot of theories but practical ideas I tried to read al Brooks book but I gave up, I really can’t understand how he writes (very hard to understand for non native) Thank you very much Cheers
I agree ... great books, but very hard to read. If you want an interesting, easy-to-read summary of the practicalities of some of the principles involved, I strongly recommend Bob Volman's two books. I think Volman also still makes available (free) for his readers his own charts, at the end of each week, distributed via Dropbox (he certainly used to, anyway) ... but you'll need to read the books first, to understand the charts: they're not a substitute for the books. A substantial chunk of one of the books is available free, as a PDF download, on the author's website, if you want a "taste". Much of his trading is based on "box breakouts", which are a specific sub-category of "price action trading". A couple of much older Joe Ross books are also very good: one called Daytrading and one called Trading the Ross Hook. And welcome to ET!
Thank you very much, is this one Understanding Price Action: practical analysis of the 5-minute time frame? I'll find a way to buy it online or maybe i can find on his site for free.. do you know his website address?
All books are theories. AKA...kind of semi-useful, and also semi-useless, at the same time for the real world application of trading. Eliminate, in your mind, the concept of randomness. -- And try to understand the all the potentially triggering dynamic variables that make a chart dance and move the way it chooses to within a given time frame chart box. Observe and understand that...from a malleable, viscotic, open, patient mindset. Given enough time, and experience and wisdom...you'll know and realize when to strike out of the bushes for the kill buy/sell moments. When you realize...you're a Killer, in the market, a Killer...that's a beautiful, life-changing moment. Brazil has lots and lots of people. and a huge-ass Amazon jungle. and Parrots. and all kinds of exotic critters. Mountain tops, beaches. Mix and understand all of that together...and that's essentially trading the market. 2018 ET.
Yes, that's one of the two. The other one (misleadingly!) has the word "Scalping" in the title but (a) it isn't actually about scalping at all, and (b) the techniques it teaches work on other intraday timeframes as well. https://upabook.wordpress.com/ is the site on which he has a free PDF download.
I can't remember, sorry ... but it's only one or two chapters from one of the books, as a "free sample", to help people decide whether or not to buy the book, so that sounds about right, to me. (Maybe at Amazon you can read the first 10-15 pages, free, as well, using the "preview" function??).
That is the problem. It is impossible to know all the known variables in play at any given moment, much less the unknown variables.
This greatly depends on what, and how, you trade. -- I don't want to sound like a pitchman, but this is why it's easier to trade the broad market index...as opposed to just Apple stock or grape futures or Tricoins. All of these are rather, or can be, highly ambiguous in nature. Too many unknowns and moods and triggers exists at any moment in time that is beyond your grasp and control. You don't need to know the exact, precise, pinpoint movement expectations...but rather see how they fit in into your possible quadrant slots. Kind of like a mountain top, dropping a pinball from the top...the ball plunky-i-tty-plunk all over the place, but each higher division dictates the general pattern it will most likely follow down the mountain. Establish initial directional conviction, with loose semi-supporting logic behind it...and wait for the market to flirt or confirm with you. But of course, the Devil...is always in the details. -- Don't expect me to fully disclose my dynamic mind process. As far as I'm concerned, trading the daily Dow/Spy/Spx/ES chart is the only game in town. -- everything else is nonsense. Amplify that magnitude trading skill result with leverage, or options. 2018 ET.