Having read both the old book, and new ones, I can say the new series is very much improved...still a few mistakes here and there, but with the sheer amount of data discussed, not a big deal. The charts in the new books can be accessed on the web for those who need to see them larger (I don't remember for sure, but I think they were in the original book, too).
I have bought Al Brooks' Trading Course
- Thread starter Visaria
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Thanks for your thoughts. I agree about news events. I've kicked my own ass, and told my wife repeatedly I should have read the events calendar before initiating the strategy for Fri. I had a very discouraging event occur Thu night in my other career (won't go into that presently) that may have distracted me...another rule of mine...DON'T TRADE WHEN OUTSIDE EMOTION IS PEAKING...but I can assure you, I would either have not traded or have been only looking at the shorts (great setups all day on the lower frames) had I known about the Greek elections (remember, I only trade EURUSD currently). Who would want to be long into that, but maybe a gambler? (just my opinion...best to be flat or staying in the 5 to 15' range for me as the short patterns occurred, but ABSOLUTELY flat at the close Fri).
Anyway, thanks again for your thoughts and ideas, J. Best trading to you next week, and look forward to more discussion then. Now to the añejo tequila, cold beer, and burgers!
WK, i think we are in the wrong thread, as I feel what we are about to discuss is more about the psychological side than the mechanics, which are the easy bit of course!
We have some posters saying TA/PA is crap, others saying TA/PA is a must - the reality is such that one persons gain is another persons loss, and however the people come to their trading decisions is entirely their own choice - however, the one who will keep his money will more than likely be the one who understands that making money trading is not all about how you come to your trading decisions, but mostly about your state of mind and your ability to place trades regardless of the consequences, knowing only too well that if risk control is not strictly observed then it is just a matter of time before the inevitable happens - anyone trading for real money will understand exactly what I am talking about!
What comes to mind is a young chap in another thread, who want's to be a "daytrader" with $2K or so - now, what this shows is how silly people can be and get sucked into the "hollywood" scene that is portrayed by those who make money from the ignorance of others, or, for the better want of a word, the "miseducated" public.
I know exactly what way the young chap is thinking - as I was once "exactly" like him, and I know that he will not listen to anyone until it is too late - very very few can see beyond the veil of deceit, and that "eureka" moment does not happen for most as they tend to blow all of their money away before they have had adequate time to acquire the required experiences.
In a nutshell - so what, things are not going to change in our lifetime as we see them now, so let the fools continue and keep handing over their hard earned money to the minority who will gladly accept it and laugh right up in their faces - thing is, with today's advancement in technology, one now has the opportunity to beat the "bastards" at their own game, but to accomplish this one needs a completely different mindset in relation to normal everyday occurrences - first step is awareness, the rest then falls into place!
J_S
I completely agree - imbalance is what actually moves the price. What I mean is that its volume in general (including an excess of it or a lack of it) that moves price not the difference in price between 10:45 and 10:50 bar intervals. So when looking for patterns on charts I don't think time interval based charts are the best choice.
I thought about that...the psychological side of my comments, but didn't originally plan on discussing trades that I've taken (been many, many more than I've mentioned) when I joined the thread, but it is the objectivity in Brooks' method that is helping me overcome many issues (IMO). I've had many great trades (and a reasonable amount of bad ones) since I started studying his methods and incorporating them with what I've already been taught by experience. That said, I'm my own worst enemy (probably can be said by every trader on the planet), and if I can stick to the objectivity, I'll arrive sooner than later. I've gotten past my worst habits without blowing up. I figure there are others who might relate, and take something away from my mistakes...technical or psychological. Everyone talks about the winners, I figure why not mention the losers (but only when they occur because of rule breaking...which is psychological).
I've beaten the risk of blowing up, now it's time to beat the bad trades that still rob me of days of diligent work. It used to be much worse! I believe most traders who are successful had to beat back the psychological demons that always raise their ugly heads with human based trading one way or the other, even if they had to automate their system to do so. ( I'd let my wife execute my trades after I get a signal, but she likes to gamble!:eek
Your comment on state of mind is extremely crucial I think, and all other things being what they are, I've had my worst days when I came into the game with issues not related to the market. If I open the door to enter the river of money, all other issues must be left at the doorstep, otherwise I should do something else that day. Those are the days I break or alter rules, miss things that I normally see, and so on...and almost always are losing days.
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If you consider thermal layers in the water to be as S & R, you might...especially if you know what water temp they like to hang out in. You'll have a better idea where to place your order then...I mean your lure.
Hopefully you'll get filled!You look at the fact that PAST data implies the next move in the indexes. No different than guys who use PAST prices in a certain pattern to imply a certain move in the indexes. You are doing the same exact thing as TA guys. Sorry dude.....it's a fact you won't admit to.
IMHO, retail traders need not concern themselves with volume, as they will never have to worry about being filled on a multi million dollar trade - well, I have not met one yet
If someone wants to look at how many "units" are bought or sold for each transaction, then that is entirely up to them, and if they can then use this information to help them make winning trades, then I would say, absolutely, yes, use it and don't stop until it stops making money for you!
If on the other hand, you are a little bit blind like myself, then a chart like this might do the same job just as well
J_S
Thanks man. I lived in Chicago for 10 years. I screwed up and never did much fishing after I left the North East. We had a house right on The Beaverkill River in Roscoe NY. Spent from when I was 5 until my early 20's fishing there. Every weekend from April 1st until the fall. There was no public access to where we lived (outside of us and a few neighbors) so I was spoiled, we had it all to ourselves. Caught mostly Brown Trout, with the occasional rainbow and brook trout.
Looked at the site. Some serious trout fishing there. That PM shiver on the river thing looks like a blast. Have you ever gone Steelhead fishing ?
Now I live in Fla. Not a fan of deep sea fishing. Went bass fishing a few times on Lake Okeechobee, but compared to trout/salmon fishing, bass fishing is minor league. Not even close to the same.
Actually, he says he uses the future..
Is that right? @marketsurfer
http://www.elitetrader.com/et/index.php?threads/is-this-ta.294377/page-4#post-4180164
Market Profile is a VERY powerful tool. I have used it in the past. One of the best traders I was fortunate enough to meet and trade next to for a short time (the guy is in a lot of books/magazines. He has made a fortune trading futures) used MP as his main tool.