The support forum is built with (1) a Q&A format for common trading queries received from wannabe and experienced traders, and (2) a standard forum for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
Use topic header to identify video number (and Main/Forex course as needed) you are referring to.
When to start trading ..?
So I had decided to start the course and so jump from one video to the next one without peeking into future videos.
But I had a browse at the next set of video topics (not actual videos) and got a question about when actually does everyone doing the course start trading as per AI's method?
I know the obvious answer is after the entire course is done. But is it specifically after any module like.
How to Trade Price Action?
I've been studying Brooks price action since 2011. One thing I can tell you for sure is that the Doc is the real deal. He does this because his passion is PA trading and teaching it and helping others succeed at it.
Bottom line it takes time, effort, experience and losses. Richard's response to No One is right on and pretty much how I worked and still work through it. Here are my tips.
As far as note taking. I kept a separate note book and titled it "Al's Probabilities". As I went through the course again and again, every time he gave a percentage on something, I would right it down and label it, i.e. ( 80% of TR BO's fail, 75% of Bull BO's of Bull channels fail within 1-5 bars, 50% chance of a BO up or down of a contracting triangle then 50% chance the BO will fail, etc, etc ). There are a lot of them and I still review that note book every week.
There are 2 parts to this job. 1st, Understanding PA and reading the charts. 2nd, knowing how and when to trade while always keeping in mind the 3 variables of the traders equation.
So yes you are right. Your brain works differently when trading real $, but if you can not grow a simulated account over a 3-6 month period you are not there yet. What worked for me to get comfortable with skin in the game was to trade live micro's 1 or 2 days a week. This will help you to learn to control your emotions, but learn the business on the simulator its a lot cheaper.
Lastly, Al's trading room is an incredible resource. He will teach you patience and probability as well as reinforce his entire course.
Sorry to say I can only give the obvious answer 🙂
ha ha.. thanks , will continue on my journey then.
Well I would say it depends. How long have you been trading? Have you gained experience live trading watching charts for weeks/months/years and wanting to get going? Have you sim traded for some time and made consistent sim profits?
As noted in Getting Started video 07B and elsewhere, Al suggests beginners look for 2-3 swing trades a day. If profitable on sim, you could start trading the micro Emini for example, and waiting on Major Trend Reversals and pullbacks. So, once you have got through those parts of course, you can start getting real trading experience of same.
If you do not feel comfortable trading live with 1 micro Emini contract, then give it more time. Of course, we will never feel entirely comfortable thanks to our emotions wanting to exercise their innate power and hijack our trading, but learning to be aware and managing our emotions will result in improving our appetite for risk.
Ive all but finished watching the video course(3 videos in the bonus section left)for the first time.My intention is to start watching them all again.During the first watch ,which took me a little over a month.I didn't take any notes, sim trade or really look at a chart at all.My approach now will be to take notes, sim trade and study charts whilst watching them all again.My first intention was to not trade at all until I have taken notes and made a trading plan.But I feel as if I want to get my feet wet.Im going to trade 2 micro contracts, trading 2 setups whilst getting used to the emotions of live trading.I do understand that the longer you can study Als work without trading, is going to put you in good stead.But I feel a small investment in the market will help me.
thanks for your reply.iI feel honoured being the recipient of your first post,lol.I like the idea of just trading a couple of days a week.Ill only be starting with a small accounts that will be ideal.I do end up taking loads of notes, but then tend to have too many notes.I have to make sure not to take too many.My intention is to,make notes but also make a trading plan as I go.Then take just 2 of Al's setups and really get stuck into them.I will as you say, just sim trade until I am comfortable.I won't be putting a stupid amount into the sim so it doesn't seem real, ill trade a small sim account.How do you personally go about studying charts?Also did you screen capture the slides, or just purchase Als encyclopaedia?
I have personally cycled between the course, a sim and a book. When I feel the desire to go try what I have learned I fire up ninjatrader and have fun.
At first i was losing a lot. Now more recently i have doubled a 10k sim account. I think live trading the micros is an excellent next step.. It feels a lot different when the money is real.. Then it feels real on the sim also instead of as a game.
Treat the sim like it's your real money. Manage risk and get where you can survive. Profit comes next after that. I took a sim account from 1k to 3k this week and made 700 real dollars on some minor live trading. When I go back to sim it is more realistic that way.
Screen time watching charts in real time is equally if not more important to learning to me.