Maxinger, Is that person still one of your trading coaches? If so, why?
From support to resistance
- Thread starter trader1974
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Maxinger, Is that person still one of your trading coaches? If so, why?
It is not me
it was Al Brooks who wrote this in his book and I read it in 2007.
I was impressed with his book.
It took me 13 years understand what was in that book and what I wrote above.
it is difficult to understand genius and so it was not surprising that many traders....including myself, labelled him, quite simply , as a quack.
even assuming that S/R works and they all work until they don't, the main difficulty PRACTICALLY in making TRADES is that, the market follows all aspects of technicals, on a variety of time frames, at once, so you have to discern, which time frame, a particular swing or market fluctuation , belongs to.
this is the problem with any or all strategies, and unless you can do this, the only alternative is to have a good risk management ,which is the same as saying that no one has a clue, as to what the f*ck the market is doing.
it took me 13 years and over 100000 to figure it out.
what I am saying is that if you put a 5 min time frame on a chart, some of the fluctuations, will be 'noise', which means it belongs to a lesser time frame, such as 1M 2M 3M 4M and others will belong to a higher time frame such 15M 60M ETC
this is what those 5000 usd courses do not tell you and they send you into a jungle not telling you that some cats are man eaters
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no doubt
which means you have to sit on your hands 95% of the time.
which is nearly impossible to do.
so you take less than ideal trades.
this is what kills most traders.
Often you have to wait hours until a good configuration is presented, not everyone has the patience.
onths
that is why I got into day trading but it has been hell
took me 13 years before I got anywhere.
the opportunities are immense, the cost of entry negligible...... so the competition is intense
I used to hold position trades for 4 months but sometimes be without a trade for 4 months.
that is why I got into day trading but it has been hell
took me 13 years before I got anywhere.
the opportunities are immense, the cost of entry negligible...... so the competition is intense
I agree with you with Al Brooks. He has helped me as well with my trading journey.
lol I agree with you.
I hate when I hear or read someone says "All you need is good risk management"
me too
But our way is much harder to learn, it takes time ...but I do not like to compromise and go on short cuts.
also I traded only eurusd for 13 years
that was my biggest mistake
especially since I was losing
I thought if I spent more time I would get to know it better. wrong.....
insanity is doing the same thing over and over and expecting different results.....
I hope you and others do not make that mistake
that was my biggest mistake
especially since I was losing
I thought if I spent more time I would get to know it better. wrong.....
insanity is doing the same thing over and over and expecting different results.....
I hope you and others do not make that mistake