Genuinely not wishing to insult, but if the only tools you know is a shovel, you will remain employed in the trenches. Low tech guys have low tech jobs. Low tech jobs have lots of competition because there are two a penny shovel hands available at any one time. Attempting to trade by watching a monitor alone and clicking is and will remain trench warfare, you cannot compare it to say, someone prospecting the ground for gold with a metal detector.
Well, in a trench warfare, I can assure you a metal detector is the last thing you will need. Just ask any Ukrainian solder. You only need to find your edge, whatever that may be. For some, that might just turn out to be a shovel. After all, not everyone has the same knowledge when it comes to using a shovel (eg. how to use it as well as to what extent).
if you are a newbie it is better. Until you can develop your own style. with Brooks it is impossible to follow him 'diligently' because he just talks about so many things. i basically just use his basic entry set ups ,two leg moves/corrections, which was 'discovered' long before Brooks was born, and his trend line break requirement before trading counter trend. his H2 and L2 is also used by me
nothing wrong with indicators but they have a fixed look back period. when you say something is going faster, it means it is going faster compared to something some time in the past. if i do it with my eyes, i can compare present, with anytime i want in the past. this an indicator cannot do. it is not flexible and it is not subjective and so many people like this. a trend line is highly subjective and it's results can vary greatly according to the person drawing it. like a scalpel in the hands of a senior surgeon as compared to it being in the hands of an inexperienced surgeon. but subjectivity means powerful in the hands of a skilled operator
It’s not necessary to interact with other traders. I can perfectly do my job and never talk trading with anyone. Guess time spent on ET could easily be invested much more wisely. Wish you the best.
You have to understand the logic behind the rules and that only comes with a lot of research and live market time. To figure that out you have to engage in post-market analysis and most people don't do that, they live to trade the live market and to them homework is no fun. To me, chart review post-market is as important, maybe in some ways even more important, than the live market. I remember once I asked Brooks in the chat why he exited a trade at a certain time. He said something like "that bar closed two ticks against me". It's very fine stuff like that which is not really teachable. When I was in his chat all he'd say is "some traders would take this short... and others would initiate their swing-long here..." He said once he tried to call out his trades but he didn't like how that went down, and I believe he said that could have opened him to legal issues with the CTFC as he'd have to register as a CTA. And even if someone's method lacks an edge, trade management alone IS an edge. So even if you take crappy setups, knowing how to manage your trades can still bank you money in theory.
hey i have been here in ET a long time heard AND seen a lot of posts but i have seen a more level headed person than you ever. you are the one of the few i am following. you have described Brooks and LInda perfectly and both a my favorite educators though Brooks is not an educator per se, he is someone who guides you and confuses the hell out of you. i would not recommend him to anybody other than the most experienced trader and i was that. but even i took 20 years to understand the shit he was talking. you definitely do not need 95 % of his shit to trade or be profitable. but he will appeal to scientist and perfectionist like me. which is why i am the worst trader on earth
tell that to anyone over 60. most i know take sleeping pills which really mess with your head. i sleep 4 hours that is all. i knew a few who get by with 3 hours my aunt and one of our late prime ministers
In theory your exposure should match your edge. If you have no edge then your allocation to the market should be zero. On the contrary, the bigger the edge, the bigger the allocation. That’s what Kelly Criterion is for : (pb-q)/b p is %win, q is %loss, b is reward/risk. You get the full kelly % bet size. if p is 0.5, q is 0.5. For coin toss 1:1, b is 1. (.5x1-.5)/1 is 0% -> No edge, no bet. But this is highly theoretical.
like my first trade i posted in this thread taht was not crappy set up that was just wrong-buying at top of a range is idiotic. but because i realized my mistake i just waited for it to hit the bottom of range and closed on the rebound