Yes, I'm making a lot more money since reading it, but it was a strong reinforcement of a lot of what I was discovering on my own. Dog, that was a perfect "How to Read" guide! Why did I like it? It taught me price action, pure and simple. Taught me I don't have to worry about predicting where price is going; just let the market participants tell me where price is going. (Not that I've mastered that yet.) I learned about the overall psychology behind price moves, about traps and why they work so well to fuel strong continuation moves. I learned about the power of breakouts and false breakouts, learned techniques for entering strong trends, and learned about using smaller time frames to "see into" your trading time frame of choice and get an early jump on an entry. And I haven't finished the book yet, despite owning it for a year. Got so much out of what I've read, I have no reason to keep reading it at this point. I need to master what I've learned until it's second nature to me.
Gabfly, I believe you've pinpointed the very reason this book is so difficult to read! Imagine spending half your life mastering incredibly intricate subjects in unbelievable detail until your brain is full-time afire with intellectual stimulation, then being forced to distill all that knowledge into "See Spot run? Run, Spot, run!" inetrfacing with patients all day long, day after day for the rest of your life. So you decide to write a book about a subject in which the reader simply wants to hear "See ES run? Let's buy ES now. Run, ES, run!", but you see this as a chance to let loose all that incredible knowledge and intellectual power you've had to suppress all this time.
Funny girl. Kidding aside, although I am not personally a fan of the book's content, there is little excuse for its form. I think it is a sign of intelligence and discipline when a person can explain concepts, however complex or arcane, in a straightforward and easily understood manner. Not that I am suggesting the author lacks intelligence. But I will say that the presentation is downright lazy, and at the reader's expense. Admittedly, that would not deter me from pursuing the content if I thought it held value for me. Unfortunately or otherwise, that was not the case for me. See No. 6: http://dictionary.reference.com/browse/elegant
I have no sympathy for that style of writing. In my industry that is called a "mystery story." My bread-and-butter system can be described in one short sentence. I suspect that most others' can, too.
Currently the volatility in the Russell 2000 Emini TF is good. Regardless, many years back I tried the approach of trading different trading instruments in the same trading day depending upon which had the better volatility...often trading 3 - 5 different trading instruments in the same day. Too much stress, increased trade mistakes and a pain in the butt in my personal trade diary at the end of the trading day. Thus, I rather just stick to one trading instrument for trading and monitor closely the others instead of trading them. Simply, unless I can magically learn how to manage that type of stressful trading...I have no intentions of revisiting it and my blood pressure is very happy too that I don't do that anymore. If you can do it...more power to you. I'm just going to take a good guess...maybe about 30% of my trades are exited because of reasons not associated with the price action of TF itself. In those cases...yes, they provided collectively more usable trading information than Emini TF all by itself. Mark
No kidding. But, as I recall, at least one of your earlier mentors here at ET is a believer in the power and glory of prediction.
Trade Navigator, NinjaTrader, MultiCharts, Ensign and Sierra Charts are the only charts that come to mind that build volume bar charts accurately and capped.
Hi everyone, I just join to this community. I call me self a pure price action trader, I donât use any indicator, pivot point, fibs, volume, profiles. I use 3 and 5 minutes charts to pick my entries, I just look for HH/HL and LH/LL to find a trend And go with the trend. I trade TF,CL,GC and 6E. Since the moment that I got rid of indicators and learn to read only the charts, that moment I become a profitable trader. Thanks