he said it himself. he needs to change how he trades. he is highy profitable but understands the risky game he is playing by going negative 3 million to make 500K. he is the lucky son of a very large liquor company brand.. he runs a family office well for the families fortune and he is godo at it been doing it for 20 years. you have lots of guys with big money playing this game and its easier for them because it isnt truly all on the line like for so many retail including myself. i am a retail non professional trader.
look at me rigt now. i know i wont make much if anything at all.. and im still stuck. and here we go lower! in the NQ everey rally is met with lots of selling
And you know for a fact that these people are doing 'pretty well'? You'd be wise to not trust everything you hear or read. Regardless, you'll find your answers in back-checking/back-testing and finally forward testing said methodology in your chosen market (s). What a lot of these educators do is simply cherry-pick charts while discarding all the false signals generated from the same 'signal' (which often is subjective anyway). Maybe scroll through this: https://www.elitetrader.com/et/threads/mes-journal-2020-dec.353273/ PS: Don't expect to get anywhere until you've put in years of work doing this.
ou I do not think you understood the advice. Spend the $399 for just the trading course (I think Brooks sometimes offers discounts) and listen to the videos to assimilate the concept of price action. Spend the many hours viewing the boring (in my view) videos while practicing with sim trading. Then read Volpri's current interesting thread to see one way of applying it in practice. It is easy to miss Brooks' emphasis on context that Volpri dwells on. It will give you a structured interesting way of watching 5 minute bars pass buy. It will take some time.
1) Very few do well at this game. Right now twitter is full of foks doing very well do to the incredible bull market we are in. Back in 1999 the message boards were likewise filled with trading geniuses. The market has a way of cleaning them out at some point. Only those with a strong methodology and discipline to apply that methodology flawlessly remain. But, yes, there are a few doing exceptionally well trading actively from price datat displayed in the form of bar charts, 2) The "skeptic" in you is your ego. It is typical of many at ET and other trading forums to conclude "I am so fucking smart that if I can't do it none of these guys can." In its worst forms it arises out of the Dunning-Kruger Effect. 3) The fact that you think you are the problem indicates that your ego is still susceptible to control and you yourself do not suffer from the Dunning-Kruger Effect. So you have hope. You do not understand Brooks's PA well enough to judge it much less trade it. Brooks is very clear in his trading course as to how and when to enter. Also, you seem to be focusing entirely too much on price channels. Price channels are descriptive and can occur during any part of the market cycle. But you seem to be applying channels as a methodology for understanding price action unto themselves. They are not. You cannot trade Brooks's PA method consistently and profitably if your focus is on channels rather than the market cycle.
Many people, including me, thought that trading was just a skill set acquired like all others and if you are successful at other things you can be successful at trading. WRONG. Trading is more an art than science. As a matter of fact, I claim trading is not a science at all. If you want to pursue this, then take the attitude that it will take years of work and, after that, it might still not work for you. However, I can say I have enjoyed the ride. This is what I have concluded from my perspective: 1. Tech indicators don't work. 2. Risk management is the key. That is an area you can get good at and it will save your bacon. 3. Try to take small chunks from a move. You can never predict the start and end, so don't get greedy. 4. Take advice from ET or others with a grain of salt. For every opinion of what is "right" there are opposing opinions that just as "right". You have to find out what kind of trader you are. This was one of the really hard parts for me. I am still working on it.
BTW, I signed up for the Brooks video course. They are VERY long winded and I had a hard time with them. I kept waiting for him to get to the point and therefore missed the point all together.
Yes, #3 is the hardest for me. I consistently watch what would have been easy quick profits reverse on me and that sucks. Likewise, I watch a lot of trades go far longer than I thought they would and I got out waaaaay too early. Got to pick one or the other I think.