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Book Discussion: Reading Price Charts Bar by Bar by Al Brooks
Here's what I'm doing. I started with Best Trades. Then I went to my favorite setup about pullback in trend. Then I read the part about day trading. Then I read the chapter on the opening. Just in those chapters alone I have weeks of work to do to try and learn it. I totally agree that one should start with just one setup and master it before adding others.
In my case I already have a couple setups that I'm trading so I'm looking to learn about his setups because they could give me an earlier entry and they could help me with my exits which is my weakest part.
THIS MAY HELP YOU SEPARATE THE WHEAT FROM THE CHAFF WHEN READING ABOUT TRADING:
Critical Thinking Skills
Paul, Binker, Jensen, and Kreklau (1990) have developed a list of 35 dimensions of critical thought:
"A. Affective Strategies
S-1 thinking independently
S-2 developing insight into egocentricity or sociocentricity
S-3 exercising fairmindedness
S-4 exploring thoughts underlying feelings and feelings underlying thoughts
S-5 developing intellectual humility and suspending judgment
S-6 developing intellectual courage
S-7 developing intellectual good faith or integrity
S-8 developing intellectual perseverance
S-9 developing confidence in reason
B. Cognitive Strategies--Macro-Abilities
S-10 refining generalizations and avoiding oversimplifications
S-11 comparing analogous situations: transferring insights to new contexts
S-12 developing one's perspective: creating or exploring beliefs, arguments, or theories
S-13 clarifying issues, conclusions, or beliefs
S-14 clarifying and analyzing the meanings of words or phrases
S-15 developing criteria for evaluation: clarifying values and standards
S-16 evaluating the credibility of sources of information
S-17 questioning deeply: raising and pursuing root or significant questions
S-18 analyzing or evaluating arguments, interpretations, beliefs, or theories
S-19 generating or assessing solutions
S-20 analyzing or evaluating actions or policies
S-21 reading critically: clarifying or critiquing texts
S-22 listening critically: the art of silent dialogue
S-23 making interdisciplinary connections
S-24 practicing Socratic discussion: clarifying and questioning beliefs, theories, or perspectives
S-25 reasoning dialogically: comparing perspectives, interpretations, or theories
S-26 reasoning dialectically: evaluating perspectives, interpretations, or theories
C. Cognitive Strategies--Micro-Skills
S-27 comparing and contrasting ideals with actual practice
S-28 thinking precisely about thinking: using critical vocabulary
S-29 noting significant similarities and differences
S-30 examining or evaluating assumptions
S-31 distinguishing relevant from irrelevant facts
S-32 making plausible inferences, predictions, or interpretations
S-33 evaluating evidence and alleged facts
S-34 recognizing contradictions
S-35 exploring implications and consequences" (p. 56)
"Critical thinking is important, because it enables one to analyze, evaluate, explain, and restructure our thinking, decreasing thereby the risk of adopting, acting on, or thinking with, a false belief. However, even with knowledge of the methods of logical inquiry and reasoning, mistakes can happen due to a thinker's inability to apply the methods or because of character traits such as egocentrism. Critical thinking includes identification of prejudice, bias, propaganda, self-deception, distortion, misinformation, etc. "
