If you had to do it all over again.......

[Rabbitone]

http://yourtradingcoach.com/

I would have followed NoDoji sooner. She has been posting, I’m guessing for about 10 years now. Her little 5 min with the 1 Minute CL trades worked great.

I am retired now so I don’t need to trade much. She has help 1000s of traders.

So thanks NoDoji it is good to see you still posting after all these years...

 

[Pigsky]

Hahahaaa....... after seeing first few posts I knew Marketsurfer would soon arrive with false prophet guru warnings..........

Just wait soon there will be talk of parabolic equity curves, trading for a living in 10k acct, 90% winrate/10:1 RR, or easy money cash machines.......

did someone day something about private and free price action trading room????

 

[Autodidact]

Hahahaaa....... after seeing first few posts I knew Marketsurfer would soon arrive with false prophet guru warnings..........

Just wait soon there will be talk of parabolic equity curves, trading for a living in 10k acct, 90% winrate/10:1 RR, or easy money cash machines.......

did someone day something about private and free price action trading room????

NoDoji links other authors, not herself. Taking that into consideration, Im failing to see your logic.

 

[da11]

First, provide a structure: Developing a Trading Plan.

Then fill out the structure with, as you said, the study of price action, beginning with this pdf (Section 7).

Without this, whatever one does is essentially Guess&Hope.

Thank you Db! Downloaded and in my queue.

I'm going to have to work extra hard to filter out all of the interesting stuff that comes through while doing research. It looks like there are endless studies on price action and methods. After reading section 7 on Wyckoff I've got my eyes on learning wrb's. In your opinion is that a good continuing point?

Really, I'm trying to develop some sort of structured curriculum in advance to keep my focused in the right direction.

 

[da11]

You need time.. don't trade real money for at least a year. I'm serious. I stopped simulating too soon and I lost money.
You need a trading plan but that is very very hard to come by.. a mentor at a good site or chatroom can help. There are sites that can help you find a good one.

I definitely agree with you Futures Track. I learned the hard way a few years back.....was too eager and didn't realize how much I really didn't know.

 

[da11]

I've found that once you do thorough statistical analyses of price action patterns in various context, you'll find one or more positive expectancy setups. (By "setup" I mean a price action pattern within specific context.)

My earliest forays into trading strategies involved indicators. This was moderately useful, but without an understanding of price action, I put too much faith in indicators to the extent that I traded my opinion about what price should do instead of making my trading decisions off what price was actually doing.

Once I learned about price action, I realized that indicators are unnecessary, though they can be very useful in helping define context.

In a nutshell: Learn about price action first (Brooks, Volman, Beggs, etc.), then investigate whether any indicators are useful or even necessary at all.

And definitely trade in a sim environment until your trading is as relaxed, automatic, and consistent.

Thanks for the reply NoDoji!

I was poking around Brooks' site. I'd be interested to get your opinion on what route you would take as far as reading his books or taking his online course? Looks very thorough and well planned out. I'm all for gaining as much knowledge possible in as many disciplines as possible.

 

[da11]

First be extremely cautious of anyone making claims on elite trader. Particullarlly, the "price action" folks who jump to "help" you immediately. Ask them for proof of their ability or skill and poof they vanish or go on a character assassination rampage.

Second, only listen to folks with proven skills and ability. The hindsight material like what you see presented in charts is NONSENSE. However, it is seductive and its easy to fooled by someone placing a structure around randomness within boundaries.

Read only and follow only proven traders--- avoid the cult leader types who love to "help" when presented with posts like yours. They will lead you down a rabbit hole that has no end. finally, learn about cranks and charlatans, learn the difference and apply this knowledge to the "helpers"

peace,

surf

ps=- always remember, what seems to make sense in the financial markets is often the exact opposite of what really works. You have already met the two false prophets who are attracted to this type of thread like bees to honey---- seek out the real thing---- and avoid those who "want" to help--- welcome to the jungle, surf

Hey Surf! Thanks for the heads up.

I hear your point of view on TA and have read over 70 thread pages today about your argument against it.

I welcome your arguments as I think it helps us all. It is important for me to learn TA and price action as I think it will help me as a trader whether I end up using it or not. Know your enemy right?

After reading several of your posts I still can't figure out what method you value. You mentioned price drivers several times but what exactly is that? Is it tape reading? I'm interested.

Thanks!
DA

 

[da11]

Hahahaaa....... after seeing first few posts I knew Marketsurfer would soon arrive with false prophet guru warnings..........

Just wait soon there will be talk of parabolic equity curves, trading for a living in 10k acct, 90% winrate/10:1 RR, or easy money cash machines.......

did someone day something about private and free price action trading room????

Haha.....I hope this doesn't turn into that. I've spent all my free time over the past couple of weeks pouring through useless info in what started off as decent threads. :eek:

 

[da11]

Things that I wish I had of known when I started: understand right from the start that nobody can forecast what the market (any market) will do - anybody who says otherwise is lying. Study statistics and probability and read everything by Ralph Vince. There are no patterns and no hidden order to the markets. You cannot buy the answer, you have to do it all yourself - don't go to seminars and don't read market adviser letters and all that related male bovine excrement. Don't ever have an opinion about the market, you will be wrong much more than you will be right. Ignore fundamentals and volume, both are worthless. Trade highly liquid futures only, use the leverage. Your only question must be this: "does it work?" nothing else has any meaning. And last but definitely not least: there can be no possibility of return without risk.

Great answer! Thanks Roscoe! I'll look into Vince. Not sure I'm game to go back to college to take a Stats course though.....My math days ended in college algebra

 

[da11]

Truly think logically about this hindsight advice. You will see the incredible naïveté. Have u received any PMs yet inviting you to a private but free price action trading room??? LMFAO!

haha....not yet. I know that is not the way to knowledge and expertise, which is what I seek. I'm in no hurry to start trading again.