After reading the subject book once, I am going to apply the suggested Business Strategy to my trading venture:
- Adequately capitalized to begin with
- Conserve it
2. Identify the opportunity and then do the trade (No 100% confirmation)
3. Know your competition (say the Other Timeframe participants)
4. Know Yourself
5. Consistent Daily Execution
7. Risk (Continual risk evaluation)
8. Goals both short- and long-term
9. Record Keeping and Performance
Staying in a BUSINESS AS A TRADER! (Trading is like running a Business!)
Step 1: Accept and begin to view trading as a business
Step 2: Develop a comprehensive strategy based on the concepts of successful business management (forms the strategic skill of trading survival)
Step 3: Formulate specific rules and mini-strategies that will help guide and mold your individual trades in order to meet the long-term goals of your trading strategy
I love the Trading Strategy Flow Chart to guide me along .. smile ..
Beth (If you want an e-copy of the book, please private message me with your email address.)
Last edited by wgreenie; May 3rd, 2010 at 12:07 PM.
The following 4 users say Thank You to wgreenie for this post:
I went through the indicator script and believe the red and green horizontal boxes above each price bar are High COT and Low COT respectively. I vaguely remember COT may mean Commitment of Trade or Trader (I saw it on a post before). Still have no idea how one can make use of them! Any tips?!!
Buy @Higher Lows
Sell @Lower Highs
I understand the set-up literally and have not been able to visualize the signals so far!!!!! If you can explain to me in some layman's terms OR direct me to some simple videos ... It will really help! I feel very stupid but I do not get it LOL!
My heartfelt thanks gfg1 for answering my sos swiftly! I'm going to watch it after a quick tandem bike ride. FYI: I just finished watching Big Mike's 21 Apr video on CL - what a coincidence that a friend forwarded it to me .. smile ..
I now better understand HH/HL/LL/LH. The entry points suggested by Big Mike in the 21 Apr video are (IF I understand correctly):
After a HH and a subsequent HL, one may enter long when price breaks the first HH.
After a LL and a subsequent LH, one may enter short when price breaks the first LL.
They're slightly different from my prelim understanding of
Buy @Higher Lows
Sell @Lower Highs
I will watch the suggested May video and may find the answers there. I always welcome guidance and tips .. Thank you again.
Hi Beth , if you want to learn price action , I would suggest Al brooks , I have learned a lot from his book , you may find a lot of free articles on his website , it will give you an idea of his trading style , he runs a live trading room , more on his website . Brooks Price Action - Home
I have always traded without indicators , only 2 emas , I caught the indicator virus on Mike's website lol , I love looking at them but never been able to trade with them on my charts lol ,
good luck !
"Risk more than others think safe.
Dream more than others think practical.
Expect more than others think possible.
Care more than others think wise"
The following user says Thank You to soumi71 for this post:
I have a new chart with the Price Action indicator. Questions on HH/HL/LL/LH please:
1. Appreciate comments on the Long and 2 Shorts on the enclosed. Do I get them right?
2. What happen if a subsequent LL or HH does not occur immediately after a LH and HL? For example, will a late comer HH still work (per enclosed), ie a set of LH and LL after a pair of HH and HL? Once I have the answer, I will apply the same rule to a LL scenario.
Thanks for helping me out!
Last edited by wgreenie; May 3rd, 2010 at 07:25 PM.
Reason: Fix my question
That PA indicator will lag. I would recommend against using it, you are best served learning to mark them in real time. I welcome your participation in the Price Action thread.
Also, just a brief pause to plug that Al Brooks will be doing a Price Action webinar June 21 on futures.io (formerly BMT), and will hold a Q&A after, and we'll also be giving away autographed books of his "Reading Price Charts Bar By Bar".
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
Need help? 1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first. 2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses. 3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make. 4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance. 5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers. 6) Help using the forum? Watch this video to learn general tips on using the site.
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The following user says Thank You to Big Mike for this post:
Thanks Mike for the heads up. Can't wait for the PA webinar .. haha .. Not sure if I will be one of the lucky ones getting a book (since I seldom won any lucky draws LOL)!
I just watched your May video (thanks to gfg1 again for the link). It's great!! You made it very simple and easy to follow. I understand the logic behind your PA indicator suggestion. Me as a newbie, I probably will LAG more than the indicator. Sincerely hope that you will excuse my keeping it for a while until my Price Action drawing competence has improved.