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Must have books for "Price Action" trading.
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Must have books for "Price Action" trading.

  #21 (permalink)
Market Wizard
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mastercraft29 View Post
That is very interesting. But like i said there is a lot of gray area on this subject. I view it similar to that of medical marijuana. It is legal at the state level but not the federal. So is it legal or illegal? Depends on who you ask and is subject to discretion. Showing a trade work out or not is one thing but recommending trades in a room or real time are two different things. The later would require some form of financial planning certification from the research i have done.

Perhaps i am wrong. You seem to have better contacts than I do in the legal field of trading, and i am not a lawyer. But after looking at many trading education websites, I have yet to find one who shows their trades or performance, and the ones that have are frauds. So this is not solely an Al Brooks issue and leads me to believe there is something more to it than being complete BS.

If i knew for fact it was legal, I would consider sharing my performance along with my review once my website is operational. Until someone can say with certainty it is legal I think it is risky and most (or all) will continue to share their insight, but not results.

Either way, good conversation. And I hope you do not think I am trying to challenge you personally.

Josh


I think the real reason why most educators/trading rooms do not show performance is because there is no profitable real performance to show.

Because of that, they invent a thousand untrue excuses why it is illegal to show performance. And most sheep fall for the sweet talking slime bag educator. People want to believe these fraudsters make money from trading - but most do not, they make it from the education fees.

I had a conversation with some knucklehead vendor a few weeks ago about this. This vendor interpreted a Ninja ecosystem statement "cannot show performance unless conditions X, Y and Z are met" to mean "cannot show performance EVER." When confronted with the truth about showing performance, the vendor eventually slithered away - without disclosing any performance. Pretty typical.

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  #22 (permalink)
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kevinkdog View Post
I think the real reason why most educators/trading rooms do not show performance is because there is no profitable real performance to show.

Because of that, they invent a thousand untrue excuses why it is illegal to show performance. And most sheep fall for the sweet talking slime bag educator. People want to believe these fraudsters make money from trading - but most do not, they make it from the education fees.

I had a conversation with some knucklehead vendor a few weeks ago about this. This vendor interpreted a Ninja ecosystem statement "cannot show performance unless conditions X, Y and Z are met" to mean "cannot show performance EVER." When confronted with the truth about showing performance, the vendor eventually slithered away - without disclosing any performance. Pretty typical.


I agree - 95% of the vendors out there are scam artist. And you are absolutely right about why they do not show results.

Guess I will have to do some more research! Nice talking to you.

Josh

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  #23 (permalink)
Legendary Guesser
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Eug911 View Post
I'd say Adam Grimes: The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies
is a good book to read as well to get an understanding of market structure and price patterns. Its not so much bar by bar analysis tho. I found the information and setups in this book very similar to the YTC stuff.

I agree with you, it is an excellent book.
Grimes discusses market structure and the reasons behind moves. Talks a lot about trapped traders, where to find them, and how they can influence movement.

A caveat wrt learning from trading books/tutors/courses is that the material should be finessing what you already know. When I first started trading I was trying to get as much knowledge as possible from various sources (books, youtube, forums/opinions) and I was furiously writing out pages of things to remember - which I now realise was mostly a waste of time.
The answer is screen time. Learn your own stuff. Notice things for yourself. Try everything. And then discard 98% of it.
Once you have saved and examined hundreds or even thousands of your own charts, you are ready to read a trading book, which, in my opinion, is when you get the most out of it. For instance I dont understand Grimes use of bollinger bands and MACD but a few small things aside, his analysis of the market is absolutely sound.

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  #24 (permalink)
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Master the markets by Tom Williams is my recommendation.


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  #25 (permalink)
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Mack manual is a must IMO


pcartrader View Post
Hey everyone

I'm done with indicators and black box systems and have come to the conclusion that I've got to learn to trade "Price Action".

Unfortunately, there is an endless list of books dealing with "Price Action".

I was hoping, you all might be able to shorten the list by telling me which are the "MUST HAVE" books to learn "Price action" trading.

Thank you all in advance,

Mack manual seems like a MUST IMHO....

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  #26 (permalink)
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Seems to be a consensus on " indicators are useless " and whilst this is primarily true if you dont understand Price Action . I used to be in that boat myself . I do advocate learning Price Action as a first step on getting basics in TA " BUT" once you have Price Action nailed down what better way to quantify and systemize this price action knowledge than by measuring and filtering it . Now this comes to the point i am trying to make here . Once you actually know what you are trying to measure/filter indicators are invaluable . Indicators are a mathematical formula , pretty well the only way to get binary decision making . Once you can select/design an indicator/formula to measure a tangible definable snapshot of price action you have opened up a whole new world . Just saying , keep an open mind

One of my fave books is ' Evidence-Based Technical Analysis: Applying the Scientific Method and Statistical Inference to Trading Signals ' a must read imo

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