Hello Etisan, Thank you very much for the is posting and excellent analogy. You are correct. My trading window is 7am to 9:30 am central. I agree with you. I believe sometimes I have the fear of giving back the profits made, but the more I think about it, the more I think the more trades I take per setup, the more stastical data I have to prove edge rather then worrying about daily PnL. I do have a daily loss limit and weekly loss limit to stop me from trading.
yep i will show you simple entries as explained by Brooks. brooks is the greatest trader but he is the worst teacher: he teaches kindergarten and post graduation students with the same book unfortunately Brooks does not take you step by step and that is why traders get confused. i too got confused for a long time. while he does give some trading plans he does not give a learning plan. and this is the problem with Brooks. i will suggest a learning plan pm me
just giving a trading plan will not give confidence.....the rational for this plan should be explained........if not the trader will not be comfortable because he does not understand what is going on this was the problem with all the books i have read for the last 30 years. there is a logic to markets and it is called technicals but nobody explains the logic behind the technicals. the logic is also called context
It is much better if the trader develops his own plan after studying the market. You are more likely to trust something you put together and tested yourself.
then what use are you the mentor? i will explain the meaning of context and how to trade the market.....that is what Brooks does but he does not explain it properly.......
the only thing you should trust is your P/L show your traders the money and they will trust you that is what I will show.......
I have been on this forum for years and have never offered to mentor anyone because i myself was learning. if anyone is interested in what i have learnt PM me. there is no compulsion.
brooks talks about reading the market......then he talks about a plan to trade it. but it is the read that is the critical part. on the read depends the trading plan........ the market is the most transparent...everything can be seen and judged. who is stronger the bulls or bears? this may be seen clearly but you should look for it. you should read the market.
Thank you padutrader. I will PM you. I do study Al Brooks video course. You are correct, Al is awesome with technical theory and logical decision making per a given context. He has nearly 100 ways to enter the market for a giving scenario. I agree, he does not discuss much on how to create a trading plan. I have look elsewhere for that and use my trading plan for that matter. I believe finding a trading plan that fits a person personality is better. Just my opinion. Overall, I like Al Brooks because he trades intraday and goes over things in detail. Also, being I trade the small time frame chart day to day, i can see some of this setups in action. Lack practice and determining a trade management approach is currently my challenge.