where can i learn PRICE ACTION trading ?
- Thread starter ptatrading
- Start date
Tradex,The most profitable chart patterns will never be revealed in books, Youtube, blogs or forums, you have to find them by yourself, and this could take decades of research and backtests...
Noone is going to spend decades of research and backtest to make money trading looking for patterns. Stop playing around man.
Bills are due on the 1st on the month.
Totally agree. The best way to learn price action is to watch the tape to see the difference between breakouts, consolidation and pivots.
There's no substitute for "seat time" watching volatile charts go up and down for years. You eventually learn timing and pattern recognition skills.
Dear Lord, I NEVER said you need to study charts for 20 years to trade profitably, come on now. After all, you can buy almost any trading book and start using the (hopefully backtested) trading setup that the author describes.
However, I am totally convinced that the most profitable chart patterns (the ones that produce at least 30% ROI per year with less than 20% drawdown) will never be revealed in any book, forum, blog, YT video, financial magazine, website or whatever.
These patterns the trader has to find them the hard way : non-stop chart studying/testing.
And this kind of research could take decades, that was the only point I was trying to make.
I notice lots of "One Hit Wonders" posting and never coming back to ask more probing questions that would help them better understand what you all are talking about. I guess its good for the perpetual learners to see how pros on Elite view basic concepts like "price action".
Good points. The number one thing I found re chart patterns is they do not work in isolation.
You've got to factor in time of day, prior day's trend and range, in vs out S&P day, what the spooz did premkt, TRIN VIX etc
Absolutely, my numerous backtests have revealed that so-so chart patterns can suddenly become highly profitable when combined with other confirming chart patterns!
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Good points panzerman; even if that takes 7-10 years.That's fine+ may take 7- 10 years for a bull + bear cycle. Profits could come sooner ,or later.
I was reading years ago ,IBD newspaper founder+ he hit me right between the eyes , so to speak '' new traders/investors want too much, with to little work.'' Good logic...…………………………………………………………………………………………………………………………………………….
I've learned more off decades of printed weekly/monthly charts/trends than any noise charts
I’ll completely disagree with that... charts are required imo..
5 min chart, TLs and Fibs are all I need... throw everything else out the window including stochs, macd, rsi, etc..... the more indicators just slows reaction time....