I have decided to quit the trading room. This is by no means a reflection on how I feel about Al's course or Price Action Trading in general. Pros The trading room is a good educational resource on how professional ES day traders think, act, or otherwise, observe the market. The price is reasonable for $99/month Al's perspective is a multidimensional view of weekly, monthly, and daily charts while trading 5-minute bar-chart for swing trades. In the room, he hardly ever takes a position home but he has separate accounts for overnight trading. I have re-learned a great deal about technical concepts that I knew before but long forgotten. Cons Al does not give signals directly or indirectly. I found that a little off-putting. After the market is closed there is a question session and someone asked Al where he made his trades that day! The whole idea is to at least recoup the price of the trading room, by some setups, which Al gives but sometimes he himself does not take. After the session, he repeats the day from bar to bar (about 70 bars in a day session). That is boring and I never listen to it. I realized that price action trading cannot and will not predict anything anymore than flipping a coin toss would. Countless times Al says; "after this triangle setup, the market can either break up, or down, or keep trading sideways in a tight trading range. Then occasionally he would say; the chance of a break to the upside is 40-percent while the downside is also 40-percent. Overall it is a good value if that is what you are looking for, but it is not for me. I will save some time and money. I will keep learning Al's style of chart-reading but I will use some simple indicators such as MACD and RSI.
I agree. I tried it for 1 month. I didn't care for it at all. I learned nothing more than what is in his training material.
A lot of people do these rooms for about 3 months then quit. There is only so much one can see before moving on. That is pretty funny the 40% thing. Seems very non committal. That is a sure sign the goal is more about the room revenue than the savvy of actually doing trades. I think it is also interesting that so much time is spent on TA and chart reading, but almost nothing about trade execution. It is as if they assume you have instance access via a co locate on fiber line. If you are chart reading, one should be able to say in a useable time progression: This is a setup for a possible LONG or SHORT.* Here is what I see and what I am waiting for. Here it is forming NOW. Order in NOW and active. Here is what we want to see now for an exit here or here. This has changed, move the exit. Or, steady as she goes as time ticks by. It is about reacting as things unfold in real time. But that is only my opinion on how I trade. * likewise, this looks like crap if you want to do XYZ.
LOL. Right, the whole point of trading room is to see how the theory is translated to real-time trading.
Sounds good to me. I would not mind hearing this per bar. Keeps me in the know and what to expect. You have to keep on listening and observing the patterns. He giving you a heads up on what can happen when you in a trade. It's a lot of work, but it's good work.
If this is true, I'm glad I opted to forego on the advice of someone who keeps trying to convince me I should abandon my style and trade based purely on price action. Usually, about the only time I have to wonder in which direction an asset might be headed next is after the close of the New York session.
Debriefing is really where you make your money, trading the insights from the prior debriefs are where one get’s paid. Lazy get-rich-quick doesn’t understand nor has any patience for that. They mostly want to be told what to do rather than building their mind to form their own informed decisions. Also, there is 81 bars during RTH not 70.