Good post FB123. You have to learn it by through thousands of hours of SCREEN TIME. The following is a free ebook that greatly help me. After one masters their own trading methods, it is truly you against yourself after you GET IT. Phantom of the Pits by POP and Art Simpson If you want to pay, spend a few dollars on this book: Trading Rules that work by Jason-Alan-Jankovsky. Pay special attention to his suggestion that about 80 to 90% of price action is simply the losers liquidating their losing position. (ever wonder why those peak volume at capitulation or breakout?) http://www.amazon.com/Trading-Rules-that-Work-Lessons/dp/0471792160
Yes, I should have made more mention of that. After you spend thousands of hours staring at the screen and trying to figure out how things work, you will naturally start to notice repeatable patterns in what you are watching. Certain ways that traded instruments move are indicative of the psychological buying and selling activity that is going on behind the chart pattern, and you will start to get to know these things very well. After a while, you will figure out how to trade them, if you are any good. You really don't need anyone to teach you, you just need to have the perseverance and dedication to sit there for many countless hours until you finally see it for yourself. When you do, you can then say that you know how to read price action. You can't learn this from a course or a book, or from a trading room... and you don't need any of these things to do it, either. All you need is a few thousand hours, a little bit of talent, and the driving will to succeed.
You do need a few good books to help you to crystallize what you see on the screen and how to correct behavior/emotional and money management mistakes that you have made along the way. The good thing about Phantom of the Pits (POPs) teaching is, if you always obey his two rules, you will change your behavior and be sure of loss small and win big. This solves trade/money/mental management simultaneously and you will be sure cut losers quick and let winners run and trade for the long run. It did not teach you method. You need screen time to get you own method/edge
I agree. Books and other educational resources are great for teaching you general trading principles and you do need to learn that stuff, but your own method and edge has to be personally developed to suit you. What a lot of people are looking for is an off-the-shelf method that they can just apply after a few weeks of study to start making large cash. That doesn't exist.
Can you find any post of mine pumping Puretick? I can find links that you joe4422 pumping your Norrin room. I received private messages form your old subscribers who were pissed this week. These guys don't want to post under their name here as you (they think you are norrin) may recognize them. Norrin was not giving them entry points (not the first hour any way) like he did before the new room started. Tuesday his mic was bad at a critical juncture - he was in the other room - the $500/month room. My dumb comments? I merely pointed out conflict of interest for one mentor to run multiple rooms at the same time!
FB123, I learn more from post than from any trading book. Can you suggest any books or educational resources that you found helpful? Thank you so much for being here.
Well, like most people I have read a lot of books... some were crap, some were just too basic and simple, and some contained a nugget of information here or there that was unique, but it was buried amongst the noise. From a trading perspective, I would say that the most useful book I have read would probably be the Master Swing Trader by Alan S. Farley. It is terribly written, but contains a lot of good information. That's where I got the term "trend-range axis" from, which is really the key to making money in trading. You have to figure out when the market is ranging and when it is trending, and act differently in each case. There is also some decent stuff on time as it relates to trading near the end. From a psychological perspective, Mark Douglas's books were generally good, although recently I ran across someone by the name of Denise Shull who had a slightly different approach to the psychology of trading, one that I had already pretty much come to on my own. The basic idea is that you shouldn't try to trade like a robot, and that you should allow yourself to use some discretion and intuition in your decision-making process. (This is because trading is a lot more like playing a football game than like trying to solve a math problem, and uses different parts of your brain.) Anyways, I only attended a webinar or two on the topic, but I found it interesting and would suggest that you check it out. I'm sure you can find her stuff somewhere on the web. Apart from that, I found some of the interviews in Market Wizards to be enlightening, if for no other reason than the fact that it showed me that it's possible to become a lot better at this game than most people would have you believe. Overall though, the best education for me involved staring at my monitor for thousands of hours on end!
Thanks. I watched a couple of D Shull webinar. I found her refreshingly different. It was a big help.