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Price Action - My Journey to Profitability


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Price Action - My Journey to Profitability

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  #1 (permalink)
MaritimeCanuck
Fredericton
 
 
Posts: 8 since Apr 2014
Thanks: 5 given, 8 received

First post on futures.io (formerly BMT) !!

I decided to join after being a participant and viewer at both ET and TL and not getting much learning at either. Don't get me wrong there are obviously some PHENOMENAL traders on both, however I find the good info was scattered amongst a lot of negativity and ego and I also found I took heat on both sites for being a newby to trading.

futures.io (formerly BMT) seems much more positive and Mike's webinars that have been posted on YouTube are AWESOME!

For approximately a year, I have been learning to trade. I am currently a university student and therefore have a limited capital base - but I am a break-even trader.

I do NOT claim to know everything about trading, nor do I think I do know everything, however I am not stupid and have picked up a lot of knowledge over the past year, I am much further along than I would have predicted. But I will not lose sight of the fact that I am young, still inexperienced and dying to learn as much as I can, and will appreciate EVERY constructive comment that is given. Flat-out negativity will be ignored.

This journal will be my journey into price action.

I have recently been learning Wyckoff and VSA - I hope that others will be able to offer comments and recommendations based on what they see from my journal. Since I am busy with school and only get to check on the market a few times during the trading day, I trade off of the daily chart.

Thanks for having me Big Mike, I look forward to being a part of this site for many years to come!!

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  #3 (permalink)
MaritimeCanuck
Fredericton
 
 
Posts: 8 since Apr 2014
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One other point..

If any users have any suggestion about material (whether it be books, courses, etc) or threads to follow or study, I would LOVE to hear them

I am always looking to expand my understanding of the markets.

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  #4 (permalink)
AndresG
Buenos Aires
 
 
Posts: 11 since Apr 2014
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Hi there!

I'm also learning about price action. In the past I made courses and learn a lot about technical analysis, Elliot waves and other stuff. Last month I went into Mack's Price Action system, and now I began to read Al Brooks Bar by Bar book.
I have so many concepts already, but sadly not too much practice, and that's what I'm seeking now.

I'm also having the problem you have with the time to enter the market, so my best chance is to put in practice a swing trading method. I cannot be a scalper since I don't have the time to see the market during the day (I have to go to work).

For now, I'm just practicing with a virtual account, analyzing and trading on past dates. Thanks to that I'm simulating trades during night hours as if they were market hours.

Maybe we can work on a method that apply to us

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  #5 (permalink)
 Pocwave 
Madison, WI
 
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Go to Welly's thread, fantastic resource.

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  #6 (permalink)
AndresG
Buenos Aires
 
 
Posts: 11 since Apr 2014
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Pocwave View Post
Go to Welly's thread, fantastic resource.

You mean this one?


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  #7 (permalink)
MaritimeCanuck
Fredericton
 
 
Posts: 8 since Apr 2014
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Excellent AndresG! do use Ninja for market replay?

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  #8 (permalink)
AndresG
Buenos Aires
 
 
Posts: 11 since Apr 2014
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MaritimeCanuck View Post
Excellent AndresG! do use Ninja for market replay?

No, I use ThinkorSwim with a real account (without funds yet). The real account on TOS has a function named On Demand, that gives you a virtual account with $100.000 to practice, and there you can go into past dates and trade as if it were present time

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  #9 (permalink)
MaritimeCanuck
Fredericton
 
 
Posts: 8 since Apr 2014
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I will have to check it out.. Hopefully it is available in Canada. How do you find PA Bar by Bar? I previously tried reading it but found it rather confusing.. perhaps just because it was one of the first few books I read on Price Action

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  #10 (permalink)
MaritimeCanuck
Fredericton
 
 
Posts: 8 since Apr 2014
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If you go looking for another book on Price Action after Bar by Bar.. Might I suggest you look at buying Trading By Price by dbPhoenix.. it has got to be the most complete and highest quality book on price action, it will not disappoint!

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  #11 (permalink)
 tturner86 
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Get brooks video course, well worth the $250. It breaks the book down very well.

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  #12 (permalink)
 RichardHK 
Hong Kong
 
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MaritimeCanuck View Post
I will have to check it out.. Hopefully it is available in Canada. How do you find PA Bar by Bar? I previously tried reading it but found it rather confusing.. perhaps just because it was one of the first few books I read on Price Action

Al has three newer books on price action since his first Bar by Bar book. Check your local library if you want to read/review them.

And Al has just just updated his Brooks Trading Course website which now includes a brand new, free 'How to Trade Price Action Manual' that helps in reading (deciphering?) his books.

Al Brooks Free Price Action Trading Manual

Richard
Hong Kong
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  #13 (permalink)
AndresG
Buenos Aires
 
 
Posts: 11 since Apr 2014
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MaritimeCanuck View Post
How do you find PA Bar by Bar? I previously tried reading it but found it rather confusing.. perhaps just because it was one of the first few books I read on Price Action

Well, I'm still reading it, but it seems that Al Brooks likes to talk and talk and give examples all the time, so it's very extensive, hehehehe
I'm trying to remark what's important to me, and then I'll focus on that. Clearly, this is not a book you can fully understand by just reading it one time.

I have also the Reversal book, by Al ... but, one step at a time.


MaritimeCanuck View Post
If you go looking for another book on Price Action after Bar by Bar.. Might I suggest you look at buying Trading By Price by dbPhoenix.. it has got to be the most complete and highest quality book on price action, it will not disappoint!

Interesting, thanks for the advice!

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 Pocwave 
Madison, WI
 
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This one.


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 deltason 
Memphis, Tennessee
 
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You asked for some suggestions. I recommend studying Point and Figure charts. There are a few books, websites, threads, etc. devoted to PnF you'll easily find on google, but perhaps some screen time on your own for a while without the influence of others' opinions will help. Best wishes to you on your journey.

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