The problem with trading industry in general is that 99% of the educational material is JUNK and of no use. By the time a trader figures out a method to fit his/her personality, 2-4 years along with capital is under water.
I went through same process till i finally decided i will only read or pay attention to someone who is currently trading and has record to back it up.
Somehow i came to know about Mark Fisher of
www.mbfcc.com and author of The logical Trader.
When i read he is has an MBA from Wharton with distinction, was the youngest pit trader at one time and per Paul Tudor Jones is the best pit trader ever, i shut down everything and its been a life changing experience. Following is from a fellow ACD trader named maverick74. Good luck.
Here is what I like about ACD. The idea in trading, like anything in life, is to look for the opportunity that others are not seeing. Head and shoulders, reversals, doji's, 200 day moving averages, moving average crosses, support and resistance, etc, everybody sees that shit. It's plain as day. Hell if you miss any of that stuff, CNBC will point it out to you to remind you. There is no edge in anything that everybody can see right in front of them.
So the idea is to become a good price action trader and ACD allows you to see price action better then any other method I have seen. This is why it's hard to back test ACD as many have tried because they are back testing simple binary action. The idea is to identify price action that is NOT obvious to everyone else. ACD is one of those things you just have to practice like tennis. The more products you watch, the better your feel will become.
Because ACD is a price action based methodology, others can't take your edge away from you. You know the old saying, if everyone does it, then it won't work anymore. That doesn't apply here. If you can learn to master ACD, you can keep your edge into perpetuity.
