Price Action Author(s) Helped You Trade Forex For A Living
Which price action author(s) helped transform you into a forex trader for a living?
If other, please name the authors.
there is only one trading book to read.. 'reminiscences of a stock trader'... the rest are pretty much rubbish.
Malcolm Gladwell books (blink, outliers, etc) and podcasts aren't specifically trading but are a terrific insight into the mindset side of things.
Al Brooks strategy helped me a lot in my forex trading career. It thought me a lot more about price action in forex trading. As for me working full time forex trading, there was no influence on me from anyone. When I was ready, I started trading full time on my own. No one can or should help you transform into trading full time. You have to know when you're ready. Meaning you learned how to control your risk and the money that you put into trading. If your strategy brings you overall profit every month, and you are able to live comfortably with that salary, you know you are ready to trade full time. If not, you should keep practicing until the % that you earn a month is always in your favor. Meaning even we all have losses, when it comes to earning money, you should always be in positive a month not negative.
Trading is not for everyone, you have to be a risk taker. You also have to look at it as when you open a position, you already lost that money. Meaning when you place a stop loss and take profit. You have lost the money as soon as you opened a trade. When the trade reaches your take profit, you have earned the money. If it goes against you and takes the stop loss, you just have to forget it and move on look for other trading opportunities. With that it takes time and practice to get used to it. A lot of traders break down when they loose, and they freeze and they are just not mentally strong to go back to trading. The bottom line is, it should not be a huge argument about should you or not start trading. It is like any job out there expect there are more risks. If you can handle the risk and pressure day to day, you will be a successful trader. Also the money you put into trading, it should be the money that you can afford to lose. Do not take any loans or anything like that. Save up the money and that is the money that you should put into trading.
What price action author could be better than Tier I price info of currency pairs directly from the clearing houses & major market exchanges?
Al Brooks: was definitely the most directly useful and helpful to me in becoming profitable, but is also certainly the hardest for most people to read and study - there's loads and loads of content in his books, however, that just isn't in any others I've ever seen. These are books for people willing to work, not for people looking for a "complete strategy to copy". This stuff isn't about buying frozen ready-made meals and microwaving one every time you're hungry: it's about learning to hunt, cook and survive. It's a real education for those willing to make the effort.
Richard Wyckoff: was doubtless profound and very helpful in his day, but is now desperately old-fashioned, because the markets really have changed a lot since then.
Lance Beggs: isn't quite so good as the others, in my opinion, but can still he helpful.
Bob Volman: both his books are a great introduction to the subject and I really recommend them both - they also have the advantage that he's dealing directly with spot forex.
Joe Ross: also shouldn't be forgotten - he wrote a lot and his stuff is a big mixture of everything from "outstandingly good" to "not so good", but the "Ross Hook" is the underlying basis of entering trends on retracements, which remains the heart of much price action trading.
Thanks for a great summary, Karl.
This is true to some extent of all price action books, isn't it? Price action trading is kind of the antithesis of ready-made, indicator-based systems and especially of EA's?
Absolutely correct! Lots of traders especially the rookies are looking for the one-stop-shop, remote control, cruise control strategy to profits... and guess what else? They want it like RIGHT NOW!!!
he is the best but because he puts huge i mean really huge amount of material in his books it takes a long time to understand what he says and some more long time to put it all together.
it took me 13 years and i made the mistake of trading live so l lost over 100000 usd.......but now i understand markets perfectly thanks to Brooks.
if you can put in the time effort than there is no better.
if you want to understand market movements there is no one else and i have seen plenty of others. i read my first TA book in 1994 and used to read an average of 10 books a year.......until i found brooks in 2007.......then i read no one else
he is the greatest trader and best documenter of market action i have ever come across in my 30 years of market watching.
by the way it took me 13 years of study to understand everything he says perfectly.
if you like you can ask any questions about his method and i will try and explain it. it is very difficult to explain some of his stuff ,takes a lot of effort to write and post charts but i will answer the best within the time constraints i have. i am also 63 years so my energy levels are not as high as earlier though my enthusiasm for markets has probably increased.
as you may guess i am a pretty good trader thanks to the hard work of Brooks in writing and documenting how the market works. most teachers only explain their method.
but they are very limited in their scope of identifying trading opportunities.........when compared to price action.
that said price action takes along time to learn because of the variety of trading opportunities it identifies. so to learn everything and THEN you have to put it all together.......that took me 13 years.
that is a long time to become profitable.
but that has made me not only a good trader......but also a trader who understands perfectly what the market is presently doing and how to take full advantage of it.
i know this seems to be a very presumptuous declaration ......and i apologise for that........at the same time i am proud that i have finally achieved what i set off to do.
but i give full credit to Brooks for my achievement. and also to myself for recognising that Brooks book would be worth the huge effort that i put in.
that is why most leave disheartened after a year or so.
to become a maestro it takes time and effort.
i took me 13 years......but many others may do it faster.
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