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Unite to advance
I would like to breathe some new life into these fora. Because I think that this course might well be the key to taking that one important step: the step towars "just" being able to trade consistently profitable.
I think most of us are also members of the Brooks online Trading Course. And many of us own some, or all, of his books. That is also the case with me.
Although Al Brooks must at least say a hundred that the Major Trend reversal setup, is the one traders should start out with, he also says that, the more you know, the more money you stand to make. And in my case, that last quote is the one that stayed with me the most. I wanted to know everything.
But is has brought me nowhere uptil now (result-wise). And I made a realistic estimation of how much time it will cost me to read, interpret, study and be able to succesfully apply all of the concepts Al Brooks and Richard Entwistle teach. I would need at least 6-7 more years. I work a lot, trying to provide a future for my family. In my spare time, I like to be there for my family, but I'm also constantly drawn to my computer and books. Recognizable for some of you?
I think that during this period of learning, we all ask ourselves quesions:
1. Do the principles really (still) work in today's markets? Al Brooks says that markets will only change when human nature changes. But a friend of mine, who's no expert in trading, but is een computer and technology geek, doubts if things like machine learning and AI will not make it impossible for us to continue to make short-term profits, even outside the typical HFT time frames.
2. Do I have what it takes (intellectual capacities, perseverance, self-control,...) to one day be able to trade consistently profitable? If not, I might be spending a big part of my life trying to reach an unattainable goal.
Those are two questions. And if the answer to at least one of those questions is "NO". You will not be able to become a succesful trader.
Just to be clear: Al Brooks and Richard Entwistle seem like sincere and generous people. And I strongly believe that their teachings are the best regarding technical analysis / price action trading. I salute them for their work.
So I concluded to make an attempt at trying to find an answer to the questions, for myself. This is my plan:
- I will meticulously study MTR-setups (based on the respective units in this Day Trading Insight course, based on the respective chapters in Al Brooks' Trading PA book series, based on Brooks Trading Course).
- Then study topics regarding trade-management (same sources as formentioned).
- Print out intraday-charts (5 min TF-chart) from different markets, for the period january 2022 - december 2022. Search those charts for MTR-setups. It's important to note here that the outcome will be visible to me, but I think as a first step of analysis, it's better. If one market produces, let's say one setup per day, then at least a hundred setups should be found. That should be enough to draw firm statistically based conclusions. Important note: I will keep the management as simple as possible, so no small profit taking -> either the protective stop gets hit (small loss), or a profit is made (big win) by reaching the target that is located at twice the distance of the Stop Loss-order.
- In case the previous step yields positive results -> download price action (by using some charting software, yet to be determined) for those same markets, for the period of january 2023 - ... simulate trading days, and try to trade MTR-setups in real-time.
- Again, in case the previous step yields positive results -> open a small account, and trade one or more markets. (I'm Belgian, I work flexible hours, so I will need to trade markets that are open when I'm awake, and not working).
I think it's very important to have interaction with other people (the concept of study groups is essential in other fields of education). I would like to share self-produced studying material with fellow-students. But the last thing I want, is to violate copyright (pdf's and the like start living their own lifes very easily), nor undermine economical activities of the generous people who provide us with all their knowledge. So not sure how to go about this.
Thanks in advance for sharing your thoughts on this idea.