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Spent the day in Al Brooks live webinar, I had a good day, took 1 trade for 2pts. I passed on several other setups that were not as clear to me but would have made money on, a great learning experience. I must say that my confidence level is way up and I am way more relaxed when in a trade. The price action is starting to tell me what I should do. I definitely feel like I have passed a milestone on a long road.... I am glad that Al does not call his trades, instead he explains what he feels is going on in the market, like when there is profit taking going on or will the sellers be able to push through this level, ect. He really makes you think for yourself and then you can develop your own trading style that you are comfortable with, for me this is ideal. I don't think this will work for everyone and this is not a room for a beginner.
I had 3 trading days this week, +5 Points off 5 trades, 0 loss, 2 be, 3 Profitable I am still only taking the best setups (the ones I catch in time), and missing most of them, I need to improve my setup recognition so that I can react faster and get in the trade without much thought. This weekend I am going to make up a chart of high probability entries so I can just make a quick glance over and confirm the setup then make the trade.... I am gradually learning more and more everyday, and working on trade management. It is a slow steady process, nothing like I thought when I first started out trading....I thought I would learn a few indicators and strategies and boom I would make money ha ha ha, how naive I was! I am glad I dumped the indicator merry-go-round, learning PA definitely builds a strong trading foundation that works.
Glad to hear you are enjoying the Al Brooks trade room. FYI, Al Brooks will be doing a special webinar for us June 29th @ 4:30PM, and there will be a live Q&A session plus (10) autographed copies of your choice of his books (new or old) given away.
In just a few days, on June 10th, Big Mike trading forum will turn 2 years old!
:partywave:
This community was established to help fellow traders and I couldn't possibly be more proud of what you guys have accomplished! In the past two years we've …
Had a good week of learning in Al Brooks webinar room, I took very few trades though, I still have a lot to learn and everyday has a different twist to it. One trade I took really stands out and it is one I will not soon forget, I had a perfect entry (buy) at the bottom of a channel trend line, and after it went up about 5 or 6 ticks I decided to to get out after it came back down to even, because I thought the down trend was going to continue (even though the price action indicated otherwise) right after I got out the price continued up for about 10pts, as I watched by the sidelines in disgust with myself for getting out early. I seem to learn more by my mistakes than I do when things go right, I will have to work on sticking with the plan when I make a trade. Lesson learned (Don't let preconceptions dictate the trade). On the good side my confidence level is going up, and I am much less nervous when in a trade.
6/4/11
I did not take any trades this week until Friday, it was a short week due to the holiday and I had to work my day job on Wed. So anyhow, I am learning PA trading in Al Brooks live webinar room...but lately I have had paralysis by analysis. So I decided to just force myself to take trades to break myself of this, and it worked, even though my first two trades stopped me out. The funny thing is, Al got trapped out on one of the exact same trade I took, which he informed us about at the end of the day recap, so I felt pretty good about, since even a very experienced trader like Al also got caught in the trap. ( I must say again, that Al does not call his trades, that would be counter productive to learn Price Action)
The next two trades I took in the last hour of the day was on the TF, the first one I was stopped out on, I had a late entry unfortunately and that was why I was stopped out otherwise it would have been a real nice winner, right after that loss I jumped back in, which I would never do before, (because it was too psychologically hard for me to do) but, I knew it was a good trade to take, I was planning on swinging this trade but after it ran up 17 ticks and came back 7 ticks I took the profit so I could wipe out my previous loss unfortunately after two more ticks down it went up another 15 or so ticks, the market was pretty volatile at that time so it was probably the right choice. A few minutes later, I took a quick scalp on ES, and I found out Al also took that scalp after I exited that trade.
Although I only broke even for the day, it was a hugely successful for me to break my trading paralysis, which started about two weeks ago, due to me being a little overwhelmed by my intense studying to learn Price Action trading.
I am really looking forward to trading next week, although I have to work my other day job on Monday, so I will have to wait until Tuesday to trade again.
Have not posted for awhile, but need to write down my thoughts. Still attending Al Brooks daily webinar and is really paying off in the knowledge I am gaining, I am now making several trades a day, mostly profitable. My biggest accomplishment is developing my own trading style that I am comfortable with. I have started to eliminate the trade setups that have less chance of success, through trial and error.
There are several very good traders in the chat room, and I learn a lot from them also. I still need to work on my trade management, many times I will take profits before target is hit if trade starts to go against me, sometimes they save me from a loss or break even and sometimes I lose out on a big move in my favor....I guess I can't decide what is worse at this point.