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Is it Worth It!!!

  #92 (permalink)

Wherever I want to be
Trading Experience: Intermediate
Platform: NinjaTrader
Favorite Futures: FGBL CL
Posts: 89 since Jun 2015
Thanks: 172 given, 76 received

Wasn't sure if I should post this or not but I'm going to anyway.

First, I'm going to go against some of the crowd about psychology being the most important and hard to master. It could be for some but as long as you don't over trade (trading outside of your plan and setups) and take risky trades for your account size, it should be fine. I think everyone has experience doing a lot of stupid stuff at some point out of anger and fear. I know I've made revenge trades one after another soon ending the day with 200 trades that sucked out a month of work. I know I've closed my trades too early out of fear or held losing trades longer than I should have. I know I traded outside of my plan due to fomo (fear of missing out). I know I felt invincible one day and took too much risk. If you have these issues, one of those prop firms such as TopStepTrader and OneStep is highly recommended because it will automatically call you out on those at some point (by loss limits) and kick you out of the program to start all over again. I guess with some brokers you can ask them to have a daily loss limit on your account as well.

The hard part for me in the beginning was actually doing the work to find an edge and confirming that you do have an edge. So many different ways of going about it and how the hell do you know which method will click with you? Market profiles and orderflow stuff based on dom never did click with me. In fact, they confused me even more. For me, charts all the way. Which means I end up focusing on price action.

Al Brooks stuff is alright but it takes a lot of effort to digest that stuff. Like someone else mentioned, not sure how much it will help as a total beginner. Learning how to identify support and resistance area, drawing trend lines, how price behaves around them, what is the context (this to me just means current volatility, direction of the trend and/or trending vs ranging in my time-frame) all sounds simple but takes a fair amount of screen time to recognize the patterns properly. Al Brooks books do explain them but it won't hit you until you have much screen time after reading the book then going them over again. At least that was the case for me.

I think in the beginning, simply taking one market and maybe one or two time frames to measure each wave vs pull-backs go a long way if you are looking to trade off charts. Maybe take a year of data and analyze them. I wish I had done that and focused on price action first instead of dicking around with indicators. I find indicators are only helpful (somewhat) once you understand price behavior.

Even though I wrote what I wrote, it's just really hard to lay out a definite guide to learning. I feel like most gather their knowledge and experience piece by piece to solve the puzzle.

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