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

  #1 (permalink)
new york, new york
 
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Must have books for "Price Action" trading.

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,

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  #2 (permalink)
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  #3 (permalink)
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Depends on what your interests and goals are. I would suggest Al Brooks or Bob Volman.

Al's books are harder to read, but worth it if you can put in the time and effort. His video course is much better. If you can afford it, get that.

I am obviously biased towards Al as I trade his way, but there are many ways to skin the cat.

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  #4 (permalink)
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Remove all Indicators and start with YTC price action. I don't trade his method 100% but it gave me good reading regarding price action.

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  #5 (permalink)
new york, new york
 
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I was about to get Al Brooks material when I came across this very troubling review:

https://www.tradingschools.org/reviews/al-brooks-trading/

The reviewer brings up some very legitimate concerns.

Has anyone on this forum been able to reconcile the fact that Al dos not publish his returns, and that his jargon is very idiosyncratic?

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  #6 (permalink)
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Best book I read on price action in years is called Screen time.

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  #7 (permalink)
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chipps1983 View Post
Remove all Indicators and start with YTC price action. I don't trade his method 100% but it gave me good reading regarding price action.

I second that. YTC is excellent learning material. I did not do his course but the information he has for free on his website is high quality stuff.

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  #8 (permalink)
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S trader View Post
Best book I read on price action in years is called Screen time.

I was going to post the same thought but let me add some ideas;
put up a bunch of charts, no indicators, charts that show from big trend to small trend.
some charts are time base, some are not to squeeze out chops.
keep watching them until you see 'trend' which the majority of charts point to.
keep track of this trend and its various clues, make note of clues.
eventually get rid most of them only keep the most useful charts.
keep watching until you get the 'trend' correct, if not keep watching, good luck.

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  #9 (permalink)
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cory View Post
I was going to post the same thought but let me add some ideas;
put up a bunch of charts, no indicators, charts that show from big trend to small trend.
some charts are time base, some are not to squeeze out chops.
keep watching them until you see 'trend' which the majority of charts point to.
keep track of this trend and its various clues, make note of clues.
eventually get rid most of them only keep the most useful charts.
keep watching until you get the 'trend' correct, if not keep watching, good luck.

Great idea.
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  #10 (permalink)
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pcartrader View Post
The reviewer brings up some very legitimate concerns.


Many people think he's not actually very much of a "reviewer" at all, and that his alleged concerns aren't really "legitimate" at all. However you look at it, that's a highly controversial website.

Discussions of Al Brooks' stuff go the same way, in most trading forums. There's a large body of people who find it satisfying to complain that there's no evidence that he's a "real trader" (it always reminds me, for some reason, of the furore about Obama allegedly not having been born in the US).

There's also a - perhaps smaller - body of experienced traders stating freely that they've found Brooks' material very useful, and probably wouldn't be making a living at all without having studied it.

I'll declare my stance openly: I'm a great enthusiast and found his three textbooks very interesting and very helpful indeed.

That said, I'm also the first to agree that they're neither particularly well written nor well edited. In fact they're clumsily written and hard to read. Real effort's required. Many people give up on them, after an initial struggle. I can understand why. For me, it was very well worthwhile persisting with them - which admittedly I had to.

A much easier introduction can be found in Bob Volman's book Understanding Price Action.



pcartrader View Post
Has anyone on this forum been able to reconcile the fact that Al dos not publish his returns, and that his jargon is very idiosyncratic?


It depends what you mean by "reconcile".

Personally, I happen to know quite a bit, via reliable second-hand information (both medical and trading) about Dr. Brooks' "back-story", and happen to know that he's a real, successful trader, but I acknowledge that he chooses not to prove that when asked (I don't blame him, and would do the same).

So I have no problem over that part of what you're asking about. In any case, I don't even think it's particularly relevant.

The books are valuable if they help people and people make money by studying and learning from the content.

There's clearly no shortage of people - here and in other forums - for whom that's true (I'm one of them, as it happens). And that "reconciles" it, for me.

Regarding the "idiosyncratic jargon", yes: I see that there's an issue there. The books are certainly not "light reading". That's more of a problem for some people than for others, clearly. They're only books. They're not expensive. There's no big deal. Try one, be a bit persistent with it, and see if you like it? (Maybe read Volman first? I found that helpful.). But if, ultimately, you're asking whether Brooks is teaching valid, useful, helpful, realistic, profitable stuff, in my opinion - and not only mine - the answer's a big, strong "yes".

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