Great points. Allow me to add one more. Even though you might have the direction down correct, if your timing is off, you will end up losing money. So risk management should go hand in hand with market timing. But this is more of an advanced trading.
They'll write a Book about us one day. You'll get you're own Chapter maybe. Thanks for your contributions.
study price action for 3 months straight on 5.min bars on a highly liquid future before placing a trade... there you go
Hello Darc, All you can do is 1. Stare at charts for trading ideas and trade those ideas. 2. Stare at charts for trading ideas and backtest those ideas, then trade those ideas. Jim Simon has nothing to do with it. It is best to leave him out of the discussion, he can not help you or I. We are all alone by ourselves. Get rich.
A guy could do a hell of a lot worse than starting right there and 99.9% continue to do so. e.g. - https://www.tradingsetupsreview.com/3-useful-tips-intraday-price-action-trading/
Some of the most significant breakthroughs I've made have been through reading others ideas, whether Books or the Internet. Yes, watching Charts builds your "Chart Eye" but anyone whose only education is from looking at Charts is short changing themselves.
I was Googling around about Al Brooks's strategy and found this: "A gross simplification of Al’s method is to firstly recognise if you are in a trading range or a trend. If you are in a range, you are supposed to BLSHS (buy low, sell high, and scalp). This means that you identify the low of the range and try for a quick trade to the upper part of the range. If it is trending you wait for 2-legged pullbacks (analogous to an abc correction in wave-speak) and buy, holding for a more substantial move. There are objective setups to take, which are similar to price action setups most traders will be familiar with, double tops, retests, pullbacks, inside bars, double and triple inside bars ..." https://www.quora.com/What-do-you-think-about-Al-Brooks?top_ans=25098009 I think we might be Geniuses @MarkBrown
We're going to make a fortune trading and selling this strategy @MarkBrown We could call it "The DarkBrown Strategy"