long.....it is 2.18am here not my usual time to be awake....but i was woken up by noise in the construction site next door which also woke up my dog who asked for a walk so i am wide awake now
Tribute to Brooks
- Thread starter padutrader
- Start date
... i learnt from my golfing days, when i was the best player in my city, that the subjectivity of golf makes it very difficult to teach somebody.
trading is a lot worse in that respect and i would not be as brave as Brooks to try that..........
trusting what you are taught, is almost impossible on the golf course or the markets, where obstacles are all you see and nothing can be correctly ascertained about what lies ahead.
as some one said 'swing.......swear .....swing'
stopped out
Brooks lays a lot of importance on finding out what sort of day it is.....a range day....a trend day......spike and channel day........if you see what has been happening on your chart from left to right it will give an idea of what has been repeating for that time.....that will continue
formation of the bar or swing [ which is a single bar in a bigger time frame ] is important.....if there are no pull backs in a bar then a trade can be entered.....after the bar finishes......
Brooks lays a lot of importance on the structure of a bar or swing
Brooks also talks of a cycle.....a strong bar followed by a tight channel, which then becomes less tight or gradually broadens, as the counter trend traders slowly get more aggressive.
It should be clear to anyone reading this that Brooks is NOT for a new trader.
He says very early on in the first book that he assumes a 'certain ' amount of knowledge or experience from the trader.
that appears to be an understatement, IMO.
according to me ,who has studied Brooks for 13 years and traded his way from time to time, and also traded the way of others, but always coming back to Brooks again and again and again, i would say a minimum of 5 years live trading experience is the minimum qualification for his book.
small wonder most are confused or disgusted with his book.
on this feedback ,no doubt , brooks introduced his video course which is just an introduction to his methods
his video course contains the basic alphabets of his way, what is taught to kindergarten students, so to speak.
formation of the bar or swing [ which is a single bar in a bigger time frame ] is important.....if there are no pull backs in a bar then a trade can be entered.....after the bar finishes......
Brooks lays a lot of importance on the structure of a bar or swing
Brooks also talks of a cycle.....a strong bar followed by a tight channel, which then becomes less tight or gradually broadens, as the counter trend traders slowly get more aggressive.
It should be clear to anyone reading this that Brooks is NOT for a new trader.
He says very early on in the first book that he assumes a 'certain ' amount of knowledge or experience from the trader.
that appears to be an understatement, IMO.
according to me ,who has studied Brooks for 13 years and traded his way from time to time, and also traded the way of others, but always coming back to Brooks again and again and again, i would say a minimum of 5 years live trading experience is the minimum qualification for his book.
small wonder most are confused or disgusted with his book.
on this feedback ,no doubt , brooks introduced his video course which is just an introduction to his methods
his video course contains the basic alphabets of his way, what is taught to kindergarten students, so to speak.
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sold....
Brooks lays a lot of importance on finding out what sort of day it is.....a range day....a trend day......spike and channel day........if you see what has been happening on your chart from left to right it will give an idea of what has been repeating for that time.....that will continue
formation of the bar or swing [ which is a single bar in a bigger time frame ] is important.....if there are no pull backs in a bar then a trade can be entered.....after the bar finishes......
Brooks lays a lot of importance on the structure of a bar or swing
Brooks also talks of a cycle.....a strong bar followed by a tight channel, which then becomes less tight or gradually broadens, as the counter trend traders slowly get more aggressive.
It should be clear to anyone reading this that Brooks is NOT for a new trader.
He says very early on in the first book that he assumes a 'certain ' amount of knowledge or experience from the trader.
that appears to be an understatement, IMO.
according to me ,who has studied Brooks for 13 years and traded his way from time to time, and also traded the way of others, but always coming back to Brooks again and again and again, i would say a minimum of 5 years live trading experience is the minimum qualification for his book.
small wonder most are confused or disgusted with his book.
another reason for this confusion may be concerning his set ups...Brooks is very clear that set ups are used to control risk......that is why he devotes the first chapter to this......new traders use this blindly. he devotes many other chapters 'other things'
on this feedback ,no doubt , brooks introduced his video course which is just an introduction to his methods
his video course contains the basic alphabets of his way, what is taught to kindergarten students, so to speak.
that is why Brooks suggests strongly that un profitable traders trade only H2/L2 in strong trends.....if the trader only trades one security like ES or GOLD alone ,it will mean that he will get 3-4 trades a week if he is lucky. Brooks clearly asserts as did Livermore and many many others, that :"a handful of patience is worth a bushel of brains or knowledge"-Dutch proverb
there are very few trends in any time frame and 5 min is the worst....many well known and famous successful traders say that 5 min is just noise and all traders, especially 'new' ones, should avoid it.
Brooks was the one to challenge that view......
i know from personal experience that any amount of knowledge cannot substitute an ounce of patience. i realise now that is my failing.......
formation of the bar or swing [ which is a single bar in a bigger time frame ] is important.....if there are no pull backs in a bar then a trade can be entered.....after the bar finishes......
Brooks lays a lot of importance on the structure of a bar or swing
Brooks also talks of a cycle.....a strong bar followed by a tight channel, which then becomes less tight or gradually broadens, as the counter trend traders slowly get more aggressive.
It should be clear to anyone reading this that Brooks is NOT for a new trader.
He says very early on in the first book that he assumes a 'certain ' amount of knowledge or experience from the trader.
that appears to be an understatement, IMO.
according to me ,who has studied Brooks for 13 years and traded his way from time to time, and also traded the way of others, but always coming back to Brooks again and again and again, i would say a minimum of 5 years live trading experience is the minimum qualification for his book.
small wonder most are confused or disgusted with his book.
another reason for this confusion may be concerning his set ups...Brooks is very clear that set ups are used to control risk......that is why he devotes the first chapter to this......new traders use this blindly. he devotes many other chapters 'other things'
on this feedback ,no doubt , brooks introduced his video course which is just an introduction to his methods
his video course contains the basic alphabets of his way, what is taught to kindergarten students, so to speak.
that is why Brooks suggests strongly that un profitable traders trade only H2/L2 in strong trends.....if the trader only trades one security like ES or GOLD alone ,it will mean that he will get 3-4 trades a week if he is lucky. Brooks clearly asserts as did Livermore and many many others, that :"a handful of patience is worth a bushel of brains or knowledge"-Dutch proverb
there are very few trends in any time frame and 5 min is the worst....many well known and famous successful traders say that 5 min is just noise and all traders, especially 'new' ones, should avoid it.
Brooks was the one to challenge that view......
i know from personal experience that any amount of knowledge cannot substitute an ounce of patience. i realise now that is my failing.......
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closed
since the start 27 january.....not very exciting trading but in profit....profit factor of 1.12 and 253 usd in profit.
Since Jan 27, you executed 789 trades and made U$253. That comes to U$0.32 profit per trade, you are basically scalping for a living?
On the other hand, it is 5% gain on capital in 20 days and that is very impressive in my book.
sold....spike and channel.. selling high seems sensible
