I must say for lance the chapter where the traded examples are described minute by minute are very very good, because you can follow his thoughts while price is developing in his trade bar for bar. Haven't found anything as good( detailed ) as that. If anyone knows anything like that - from another source - please let me know, I'm interested in learning more.
That is a fair point. I am quite familiar with Mr. Brooks, though. But I will not suffer through his book, that is quite certain. As for Mr. Beggs, I took a look at his website and it did not inspire confidence.
I would much rather read some of the old classics, most of the new ones are just rehashing content anyway.
I think all discretionary methods are equally useless.
I'm not saying that to say that one can't make money with something learned from someone else..... but I think in the end it's a matter of THAT method making sense to the person trying to deploy it.
I believe they are all just as good, and just as bad as the next one. I'm sure someone has managed to trade with principles from Wyckoff and failed, and then got ahold of Brooks' Method, which may have made more sense that THAT individual..... or vice versa.
I'm currently reading through lances' material. I find his writing style to be a bit difficult, I am mildly dyslexic and his prose causes me problems.
However the concepts he presents in it are well explained and in depth. Since it is discretionary trading, on a personal level I feel comfortable with his methods and it does make logical sense to me the way he reasons what he does.
He does not believe in indicators or mechanical systems and I get the message that he believes auto trading should be left to institutions with vast resources and expertise.
U r rt, Beggs writing style is simple.
about ur question on me trading his setups..Answer is NO.
I trade Market Profile, bt problem i was facing with it was Timing(Entry /exits) , so i apply his concepts of MTF analysis on MP, so its helping me for timing trades.
Well, per definition a discretionary system can't really be learnt. The key ingredient will be mind of the person trading it. The most important thing for a discretionary trader would be risk and money management in order to remain solvent when wrong.
There are many ways of making money in the markets, and people should do what they feel is best for them.
But there are still a lot of valid concepts in the works of, e.g., Wyckoff. Things like S/R never go out of fashion, and can easily be incorporated in automated systems, as well....
You said I think in a more concise manner of what I was saying in your first 2 paragraphs.
I think given enough time, a trader will eventually form whatever realizations necessary to make ANY discretionary system work. Could be as rudimentary as a ma cross I would imagine, but eventually, the trader would be mainly forming patterns in his head about how the price moves along with the ma.
I have not read any of Al Brooks' books, but I picked up an interesting morsel of info in his webinar on futures.io (formerly BMT). That is, he says he trades "don't care size", meaning he trades a number of contracts that is small enough not to affect him psychologically, win or loose on every trade. If his account will allow him to trade 10 contracts, he will trade 2. This way, you can trade your method without affecting it through fear and greed. I do the same thing, but never really thought about it much. I think most traders would benefit from this approach.
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