NumberZ Day Trading Journal

[Leob]

I just saw, for the first time, 2 video of Mr. Al Brooks today .
To much details for me...
Simplicity is crusial for consistency!( for retaile day trader ).
For the sake of the long run. It must be simple.

 

[Laissez Faire]

I just saw, for the first time, 2 video of Mr. Al Brooks today .
To much details for me...
Simplicity is crusial for consistency!( for retaile day trader ).
For the sake of the long run. It must be simple.

If you're a driver - do you remember how difficult it all was when you started learning it? Or if you play a two hand instrument - how difficult it was to synchronize your two hands to play simultaneously?

Trading is much the same. With practice - what seems complex initially eventually becomes simple or at least simpler. I don't believe in simple solutions for trading though. The market is too complex for that.

One of the challenges with the price action approach, though, is that there's a lot of interpretation involved. Two people may interpret the chart differently. Or one guy may interpret the chart differently tomorrow compared to today. Interpretation. Add $$$ on the line and a fast moving market going against you and it becomes even worse.

A system trader or one using indicators don't have that problem as his system is more objective or with clear rules to follow.

 

[NumberZ]

I was watching another video of Brooks where he said he would recommend people to trade weeklies just to learn without risking too much - interesting.

What are "weeklies"?

 

[Relentless]

What are "weeklies"?

Probably weekly charts a.k.a. swing trading.

 

[NumberZ]

I just saw, for the first time, 2 video of Mr. Al Brooks today .

copy and paste the links here please

 

[Leob]

If you're a driver - do you remember how difficult it all was when you started learning it? Or if you play a two hand instrument - how difficult it was to synchronize your two hands to play simultaneously?

Trading is much the same. With practice - what seems complex initially eventually becomes simple or at least simpler. I don't believe in simple solutions for trading though. The market is too complex for that.

One of the challenges with the price action approach, though, is that there's a lot of interpretation involved. Two people may interpret the chart differently. Or one guy may interpret the chart differently tomorrow compared to today. Interpretation. Add $$$ on the line and a fast moving market going against you and it becomes even worse.

A system trader or one using indicators don't have that problem as his system is more objective or with clear rules to follow.

View attachment 269555

Absolutely, the quality execution will became a habit ( only after positive experiment).
But you have better chance to be in square 4 with less moving parts in your system.

 

[Leob]

copy and paste the links here please

 

[qlai]

What are "weeklies"?

He was suggesting trading weekly options on spy or SPX instead of trading the mini/micro contracts. He said that your risk is much more limited so you can practice with real money.

 

[NumberZ]

He was suggesting trading weekly options on spy or SPX instead of trading the mini/micro contracts. He said that your risk is much more limited so you can practice with real money.

I don't know much about options. I thought they were high risk?

 

[qlai]

I don't know much about options. I thought they were high risk?

I don’t want to point you in that direction, but if you buy a call option and pay let’s say $500, that is the most money you can loose no matter what happens. It’s like trading with a hard stop but more reliable. Again, I don’t want to suggest you trade options, just an alternative when trading small/test account.