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I also study Brooks trading course. It is good information and helps me build confidence.
Brooks can find 40 reasonable trades per day. However, that may not be possible for you. I only trade 2 ways of Al Brooks methods , as I'm still studying myself. I recommend sticking to 2 methods to trade for now. Before you get too overwhelmed.
Can you help answer these questions from other members on NexusFi?
I would say I learned from some very good traders and a lot of research and when I say research I was becoming cross eyed. I ran every free indicator out there and came up with 3 out of thousands. MACD on a Heikin Ashi chart go hand in hand, then there's the Parabolic Sar that don't lie and I really like the Slow Moving average it don't lie either. All in all they work exquisitely.
I am not yet trading. I am still looking and studying. However, my latest conclusion is that pure price action (with no indicators) looks very promising to me. The best book I have found on the subject is NAKED FOREX by Walter Peters. I am very impressed. Pard
I tend to agree with you. However, I think with Brooks it is a little difficult to limit yourself to a setup. He looks at everything together and goes from there. So I try to only enter trades that look like they have potential for a swing. Always enter with stop entries. Generally, I feel there are 1-3 great entries for that on the 5min chart per day. That is good enough for me so far. What I find interesting is how important magnets are. Most people just talk about patterns or support and resistance but rarely magnets.
Let me start by saying that i have struggled for years and even stepped away for one year. I came back and relearned and studied Al Brooks as well. He has a great approach.
I found for me using Al Brooks concepts with inside bars on m5 worked well. But I am a scalper at heart with a mid range tp for my 2nd contract.
I have no financial stake mentioning who changed my trading faster than anyone. They give a month free and the second month for a buck. So it is worth checking it out. Look up Apex investing with Darrel Martin if you are interested. He is the only person I know that gave me a plan and makes you stick to it each day.
Hope it helps it has changed my short term and mid range trading for the better
For me the key on becoming a full-time trader is to invest/expend the least amount of money possible at the beginning while you learn your trading style and become consistent.
For that, I've found out that the most cost-effective why to learn how to trade is to sign up for one of the funded account programs such as topstep/earn2trade, etc. You only expend about $100 a month until you get funded. If you get funded, it is my belief you are ready to invest more than the $100 dollars a month in trading.
If the want more information sent me a DM and we can talk thru discord.
Persistence, perseverance, tenacity, patience... and having a consistent method that does NOT CHANGE. most methods that are reasonable works. but you need to pick one and stick with it. Most newbies have an idea but they chicken out of what would have been a profitable position, only to lose to a MANUAL bailout (due to chicken liver being sold). I don't believe in using a lotta tools. try to KISS it. tools mostly simply muddy the waters. stuff like news, strength meters, other opinions, etc. instead follow the BARS. be wary of pinbars (a part of price/action) especially right after entry where there should NOT be any such critters. Also remember that almost ALL entries will at first be AGAINST your position (how many bars do you observe with NO opening wicks?). Study consolidation.. the longer it is the more likely a breakout will be robust. Don't pay attention to lack of headroom... or the ADR. a breakout will make those things look like they do not even exist. Remember that everybody is unique. for example I only trade the USD session. don't fret regarding the "big one" passing you by because they'll be others in your future. btw. memorize your rules and do not go against them as more than likely they were drawn up when emotion was NOT involved.
If you find a methodology that works, automate and take your emotions out of the equation if that is what is hindering your success. Hesitation caused by emotion to pull the trigger on the trade or exiting at the wrong time will cause losses.
