easiest money in my life
- Thread starter padutrader
- Start date
"and once again Brooks is vindicated and crowned King : he says scalp for one point and increase contracts later. Long live the King"this is the result of sticking to my plan to scalp for 3-4 ticks with one contract.
feels funny actually having a plan.
i think i have earned my beer.
and once again Brooks is vindicated and crowned King : he says scalp for one point and increase contracts later. Long live the King
So you wholeheartedly recommend Brook's teachings?
Padu is the King. Long Live Padu!
no not whole heartedly.
it took me 20 years and loss of over 200000 usd to get here.
trading 5 min is very challenging,
i am lucky i finally understood a few things.
i had 15 years of trading daily charts and futures and holding positions for 4 months. i had read my first technical book PRING in 1987.
even then it took me 20 years to survive in day trading and trading 5 min.
i misunderstood Brooks a lot in the beginning and i went in very confidently.
i would advice anyone starting Brooks to just stick strictly with his set ups and wait for them in trading,patiently.
i have seen you may not get one workable set up sometimes for 3-4 hours.
and just stick to with trend trades or trades where the stop placement is available.
the main problem with 5 min is that if you cannot differentiate between trends and ranges then you are in for hell.
because most of Brooks set ups work when market is swinging cleanly.
other times they will fail miserably.
Unless you are willing to study him practice and not make money for 10 at least years do not practice his stuff.
i do not want to discourage you because he is good but he is also far from simple and his ideas cannot be taught on videos or books-face to face you will understand in no time
in any type of trading SEYKOTA'S advice is king:" if you cannot watch a profitable trader at work and learn the basics then restrict your trading to super market.
i should tell you in yesterday scalps i did not use set up based trading. if i had to wait for his setups i would not have made a single scalp. but i did use many of his concepts .and i understand high probability situations. that is key to scalping.
ultimately we have to develop your own style and in trading that is the biggest advantage that you can do it any way at all. There are no rules only guidelines.
keep an open mind do not spend too much on education try to learn everything
trading is one the toughest and most competitive business activities because the cost of entry is so low.
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had a good day
i would not make too much out oof it but just try to do more of the same.
Your posts & coaching are helpful, for us newbie day traders.
what am i working on......my notes....because after a week end i forget everything and i mean everything.
second entries. second entries are second legs. and so if the leg is weak then the first signal in the opposite direction may well be reversal signal.if it is strong leg then the first signal in the opposite direction may be only a corrective move.
if you enter on a second signal and BO is weak then there will be a BO test of the first signal so a first signal stop should be used
to know how many legs trade signals can be counted.
if you can draw a trend line without any breaks then that means that is a channel and you can probably draw channel line on the opposite side. this channel line need not be parallel to the trend line
channels are flags or corrections.
usually there are 3 pushes in a channel... which are two legs and so should lead to a breakout test, which may be successful or not.
lows are support high are resistances.
a spike is one leg and channel is the weaker second leg....and a failed breakout of the channel line is usually a reversal signal.
remember to find inside bars IF THERE IS A STRONG TREND
if there is corrective move or a minor reversal, will that make the market attractive for the other side to fade the corrective move or the reversal move?
on ranging days keep an eye on the ma.
the second leg after the first leg should be comparable in size ....if it is smaller then one more leg may be necessary or hinted at so it will give a look like a wedge but is actually two legs...
after two signals if the second signal fails, then this is the breakout test, which will ,if successful will lead to another breakout for two legs, again making it look like a 3 pushes or wedge but is actually only two legs.
if the two legs is very strong and spike like then the third push or wedge will be weak and reverse and become a breakout test of the two legs.
so after two legs expect a breakout test and then two legs after the test is successfull
a failed break out from a channel line sometimes becomes a breakout PB so it is very important to wait for the signal that follows the failed breakout of channel line.
and go with that signal
markets break out ,pb , which is a test of the BO, and if the BO holds, then again break outs.
or the break out test may fail and the pb may continue and become a BO in the opposite side.
sometimes it BO pb then tests the previous high .....and then BO. this test of previous high or low is definite and you can get scalp.
the market is doing this all the time and this is the only relevant PA.
start trading with one lot only......scale up after min 1000 usd profit.
make trades in one direction only ie either bull or bear. change direction only after evidence of reversal. trade reversal to reversal
WARNING
BROADENING TRIANGLES.....most dangerous market trick/pattern. can drain your account faster than a woman if you do not recognise them
markets hammer out a bottom
comments to this post will not be replied to since these points are my own refresher
second entries. second entries are second legs. and so if the leg is weak then the first signal in the opposite direction may well be reversal signal.if it is strong leg then the first signal in the opposite direction may be only a corrective move.
if you enter on a second signal and BO is weak then there will be a BO test of the first signal so a first signal stop should be used
to know how many legs trade signals can be counted.
if you can draw a trend line without any breaks then that means that is a channel and you can probably draw channel line on the opposite side. this channel line need not be parallel to the trend line
channels are flags or corrections.
usually there are 3 pushes in a channel... which are two legs and so should lead to a breakout test, which may be successful or not.
lows are support high are resistances.
a spike is one leg and channel is the weaker second leg....and a failed breakout of the channel line is usually a reversal signal.
remember to find inside bars IF THERE IS A STRONG TREND
if there is corrective move or a minor reversal, will that make the market attractive for the other side to fade the corrective move or the reversal move?
on ranging days keep an eye on the ma.
the second leg after the first leg should be comparable in size ....if it is smaller then one more leg may be necessary or hinted at so it will give a look like a wedge but is actually two legs...
after two signals if the second signal fails, then this is the breakout test, which will ,if successful will lead to another breakout for two legs, again making it look like a 3 pushes or wedge but is actually only two legs.
if the two legs is very strong and spike like then the third push or wedge will be weak and reverse and become a breakout test of the two legs.
so after two legs expect a breakout test and then two legs after the test is successfull
a failed break out from a channel line sometimes becomes a breakout PB so it is very important to wait for the signal that follows the failed breakout of channel line.
and go with that signal
markets break out ,pb , which is a test of the BO, and if the BO holds, then again break outs.
or the break out test may fail and the pb may continue and become a BO in the opposite side.
sometimes it BO pb then tests the previous high .....and then BO. this test of previous high or low is definite and you can get scalp.
the market is doing this all the time and this is the only relevant PA.
start trading with one lot only......scale up after min 1000 usd profit.
make trades in one direction only ie either bull or bear. change direction only after evidence of reversal. trade reversal to reversal
WARNING
BROADENING TRIANGLES.....most dangerous market trick/pattern. can drain your account faster than a woman if you do not recognise them
markets hammer out a bottom
comments to this post will not be replied to since these points are my own refresher
thanks for that
but i think i cannot really help anyone unless you sit next to me while i trade for about 2-3 years.
surprising as it may sound, i do not post trades to help because in any case you have no clue as to my rational behind the trades.
i post to inspire other trader, newbies and dreamers and i think that is what you mean when you use the word help
started another combine..... i do hope all this will inspire other dreamers like me to persist and work tirelessly toward their goal. i just love American markets
here is proof just how bad a trader i am-made a losing trade.
i must now figure out probability of swings.
As Brooks say trading is math.
then i may be able to swing..... but if you can scalp well why bother?
As Brooks say trading is math.
then i may be able to swing..... but if you can scalp well why bother?