usual marijuana etc ,but i do not smoke anything.....only do vodka
Why doesn't Al Brooks use volume analysis concepts?
- Thread starter Saigyou_123
- Start date
Where does it say that? Page please. And exact quote.
How about beers, any India Pale Ale or is that just a marketing gimick?
Bottom line is that Brooks doesn't use volume analysis because he doesn't feel that it's necessary or useful for his style of trading. Apparently, what he's been doing has been working for him all these years. If it ain't broke, why fix it? But he encourages other traders to use whatever they want if it's been proven to make money for them.
On top of that, he's a self-proclaimed "minimalist" who doesn't want to display things that he feels he doesn't need on his charts, because they serve no purpose other than to create visual clutter and noise. At absolute minimum, the only thing that's necessary to trade is some form of price as it moves over time -- i.e., "price action" -- and that's basically all that Brooks uses. (He does use MAs as well, though).
Your question is like asking any given successful trader why he/she doesn't: trade options instead of stocks?... use 3-minute charts?... or VWAP?... or MAs?... or Heikin Ashi charts?... or scalp instead of swing?... etc., etc.
There are *infinite* ways to trade successfully, imo, and each individual trader needs to find out what works for him/herself.
On top of that, he's a self-proclaimed "minimalist" who doesn't want to display things that he feels he doesn't need on his charts, because they serve no purpose other than to create visual clutter and noise. At absolute minimum, the only thing that's necessary to trade is some form of price as it moves over time -- i.e., "price action" -- and that's basically all that Brooks uses. (He does use MAs as well, though).
Your question is like asking any given successful trader why he/she doesn't: trade options instead of stocks?... use 3-minute charts?... or VWAP?... or MAs?... or Heikin Ashi charts?... or scalp instead of swing?... etc., etc.
There are *infinite* ways to trade successfully, imo, and each individual trader needs to find out what works for him/herself.
His concepts can be applied to any instrument, this includes cryptos. His video courses are way easier to digest than his books.
He repeats a lot of concepts in a variety of contexts, which makes for better memory retention.
Don't daytrade crypto. Just hodl crypto seriously.
Crypto market is 24/7 and very fast moving thus no point daytrading it.
I see what you are saying. I also have two concerns about day-trading cryptos:
(a) The spread and commission for most cryptos are not as good as for big-name stocks; and
(b) There is no way to short most cryptos. I fear that this may affect my judgment, as I may end up focusing on the bull side and neglect the bear side of the analysis.
(b) There is no way to short most cryptos. I fear that this may affect my judgment, as I may end up focusing on the bull side and neglect the bear side of the analysis.
However, my questions to you are:
(a) If you do not believe in day-trading cryptos, would you day-trade some other market?
(b) Would you swing trade cryptos instead of daytrading it?
(c) You have mentioned cryptos trading 24/7 and moving very fast as two reasons why you do not day-trade them. However, aren't these two points in fact advantages? Wouldn't it be to a day-trader's advantage to have a market that is open 24/7 and moving very fast?
(b) Would you swing trade cryptos instead of daytrading it?
(c) You have mentioned cryptos trading 24/7 and moving very fast as two reasons why you do not day-trade them. However, aren't these two points in fact advantages? Wouldn't it be to a day-trader's advantage to have a market that is open 24/7 and moving very fast?
My additional question to you is:
I recently purchased Secrets for Profiting in Bull and Bear Markets by Stan Weinstein. If you are familiar with this book, what are your thoughts on applying the lessons in it to seek potentially-explosive gains in cryptos?
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If you use big exchanges there is liquidity for the bigger coins and spread is thin.
You can short cryptos. I think same logic as stocks. If there are some small caps that you flag as pump n dump run up 200-300% in a few days you can try shorting upon weakness.
I think you can try swing, I rather not daytrade. I prefer to hodl most of it. Now there are many coins that are proof of stake and you can stake cryptos so you get very good returns(think of it like dividends but paid in the coin). That and plus the future appreciation of the coin is a gamechanger, give it a few years and you can be reasonably wealthy.
If you daytrade crypto where do you park your gains every evening? In cash? Imagine the bullrun where bitcoin when from $3k to $65k or other coins 100-400x in price. If half the time you are not participating in that run due to being in cash you are going to miss out a lot.
I have viewed through a youtube summary of that book you mentioned. The principles can be applied but I still believe in hodling most.