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Hello everyone.
This is my second post, so bear with me. As I've written before, I am about 1/4 way into the Brooks Trading Course but felt like I needed to put some of the theory into practice before continuing and getting overloaded and missing out (I have over 100 pages of notes so far!). I want to get my hands dirty and bring life into Al's wisdom and check it out for myself.
I have recently created an account with IBKR and I'm using TradingView to look at historical data (I live in NZ, so I am using Stocks at the HKEX as my context). While looking at daily candles to develop my intuition etc., I am starting to feel like I could start applying some of the knowledge I acquired from Al and his method. I recently discovered Capitalise.AI which I am eager to use to run through some basic entries and exits (through TWS).
My question to you is: what are the most fundamental strategies from Al's Price Action that you'd suggest I focus on (considering my environment)?
I'm working on Daily candles and I am thinking about starting with the easiest / simplest strategies to put into practice in order to quickly analyse the results without getting into too much detail.
I will appreciate any tips or pointers. Many thanks in advance,
Axel.
I understand you, we all been there, but it is a bad decision. It is like trying to do surgery after studying a few subjects in the medicine school. Of course, nobody would allow yo to do so but, sadly enough, here nobody will stop you, but the result would be the same: the patient will die 😉
Because if you backtest another instrument that the EMINI 5 min chart, how do you know you are doing correct? with 1/4 of the course alone, very high probability you are doing the exact oppositte so, what are you going to backtest really? Your ignorance.
And this is why while learning, the only way you have to really know if you are wrong is by comparing your reading with Al's and, because he provides his analysis with the 5 min EMINI chart, this is the instrument you have to use if you want to get your hands dirty, and know why. With any other instrument, you are plain be blind.
I know you are not going to follow my advice, I know because I didn't 10 years ago, so just give it a try but don't get strong conclusions about any backtest until you have deep inside all the theory in the course and you have practiced enough with the EMINI, soyou can get confident on your skills.
Good luck!
Muchas gracias, Ludo. Thanks for your insight and recommendation.
Correct me if I am wrong, but I believe I can translate the theory from the EMINI market (analysed throughout the course) into the stock exchange, or any other environment for that matter. I signed up to do the course with the intention to become a better trader - regardless of what I would trade. I understand every market differs, but I thought that Al's theory is somewhat universal.
My understanding of Price Actionis that "as above, so below". You say that I should not only focus on EMINI, but also that I should be looking at the 5 min chart. Isn't the whole idea that the theory can be extrapolated to longer time frames?
I only started my trading journey about a year ago, and all I've done was study, study, study. I am hearing your advice, but I feel like if I continue with the course I will be too overloaded with more theory, and when the time comes to replay bars, make conclusions, look for signs, and test some entries and exits I will be too overwhelmed. That is why my request to this community is: since I am going to spend the next several months looking at stocks from 2005 to now, what are the fundamental movements or signs I should be looking at?
I am simply looking for pointers from experienced traders as I want to make the best out of my time. I feel like I am stuck where I am at, with an exciting wall of spot-on knowledge from The Man Al, but not enough retention to make it stick. I'd like to balance the theory with some real-life scenarios, and apart from watching daily charts, I was hoping I could also maximise my homework by backtesting some of Al's most basic signals. This seems to me to be the best way to put theory into practice.
I hope that makes sense, and thanks again. Any help will be much appreciated.
Correct me if I am wrong, but I believe I can translate the theory from the EMINI market (analysed throughout the course) into the stock exchange, or any other environment for that matter.
Absolutely!
I understand every market differs, but I thought that Al's theory is somewhat universal.
Yes, PA is the same in every instrument and time frame.
You say that I should not only focus on EMINI, but also that I should be looking at the 5 min chart.
Yes, while you are learning from Al because this is the instrument for which he shares the analysis. Had he chosen any other, we should have gone with it.
Isn't the whole idea that the theory can be extrapolated to longer time frames?
Of course, but only after you have learnt to do it in a given time frame and you only have feedback in the EMINI 5 min chart.
I only started my trading journey about a year ago, and all I've done was study, study, study. I am hearing your advice, but I feel like if I continue with the course I will be too overloaded with more theory, and when the time comes to replay bars, make conclusions, look for signs, and test some entries and exits I will be too overwhelmed.
I am just saying that if you want to practice, do it with the EMINI 5 min chart so you can get feedback. Learning is not only about getting good explanations, which the curse does, but also about getting good feedback and, in a massive online course like this, Al provides it by sharing his analysis of the EMINI. As long as you don't compare your reading with his, no way you can know if your understanding is correct, and that is why there is nothing to backtest. If I have to do surgery after 1-year of training, I don't need to backtest to know the poor man will die.
Do what is better for you but just bear this in mind: use some of your scarce time comparing your analysis with Al's. You won't regret it!
since I am going to spend the next several months looking at stocks from 2005 to now, what are the fundamental movements or signs I should be looking at?
I can't help with that, maybe you can go to the telegram group ( https://t.me/+l3drbT3kYGc2Mjkx ) or the discord channel and ask there...
Thanks again, I really appreciate your guidance. Your answers have given me enough to work for the time being.
Kind regards,
Axel.
If use CFD to trade the index such as HK50, need to take into account of the spread, I use capital for CPD trading, and found it difficult to scalp since the spread is 7 pts, both way will be 14 pts. I use CPD for learning, trading very small (advantage for CFD) and trade normal size using my broker on futures.
HK50 morning session is from 9:15am to 12pm and 1am to 4:30pm (HK time), so the trading hours in total is good.
True, when it comes to CFD you have to pay attention to spreads. I have tried quite a few brokers and amongst the ones I tried, ICmarkets and admiral markets had the best spreads. you would have to try a few brokers to see which ones are compatible with your trading style and provide the platform that you like (Metatrader or ctrader or a broker's own). Within a broker also they provide different types of accounts to suit different types of trading styles.
So quite a bit of hit and trial required before you settle down on a broker and market and trading session combo.
Hi Axel, I read your message by chance. Where in NZ are you? I'm in Auckland and it would be great to connect with other traders. Cheers
Kia ora, Luna.
Great to hear from a fellow NZer - I'm in Gizzy. I can't find the PM button on this platform, but I here's my email address so we can be in touch ([email protected]). Please email me when you get a chance so we can connect.
Chat soon,
A.
