Looking for Price Action trading course.

This is a discussion on Looking for Price Action trading course. within the First Steps forums, part of the Reception category; Originally Posted by morph4blu Anyone have any knowledge about the best trading course or book in which to learn basic ...

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Old Jun 16, 2009, 3:55am   #16
 
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Originally Posted by morph4blu View Post
Anyone have any knowledge about the best trading course or book in which to learn basic price action trading ... and the basic fundamentals ...After several months of coombing the web wading thru the muck of false claims professing , best forex tool,toys, indicators ,special advisors , trading software trading platforms, trading stratedgies, signal providors , broker advisors,, Free e books ,,, not so free ebooks etc etc I am no closer to being profitable in fact Im worse at trading then when I first started .. and I knew NOTHING then... Frustrated yes.s. disappointed yes.. less pocket money... yes yes.. but ... Im not ready to give it up.. I am determined to make this work.. So im starting all over again.. Im going to erase all the noise.. give up all my bells whistles, glitz and glamour indicators ,pack away my magic robots and cancel my fantastic always inaccurate almost no win signal providers..and learn the funtamentals of trading.. concentrate on understanding price action, volume and momentum relatiuonships and how to read a chart ...enter and exit a trade with out indicators.
What... did I really say that... I .. just dont know .. maybe.. just a simple MA wouldnt hurt or stouch is a good guy... Oh .. ok ... no indicators ..At least at first.. So could anyone make some suggestions as to what courses or book I should start with... Thanks a determined morph4blu

Thanks Kay
If you really want to learn about Price Action then google Wyckoff. There is a lot of free information available on the net. Also, check out the VSA threads on here.

In addition, learn about Money Management, Risk and Position Sizing. Even if you develop a potentially profitable strategy, applying the wrong level of risk will result in you ending up in the poor house. These skills will be as valuable for you as learning about price action!!!!

As a side note, please don't take the easy route and spend too much time learning about indicators with the intention of solely using them in your trading. By all means, familiarise yourself with them (if they interest you) but understand that Price Action drives everything so understanding that will keep you ahead of most other new comers to trading.

All IMO,

Chorlton
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Old Jun 16, 2009, 7:39am   #17
 
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If you want to learn price action, you need to get youself on a LIVE SIMULATOR.
Some firms will let you demo them for free. Speak to John head of Futex Investment and Trading Academy for help. He set up my buddy on their trading floor for a couple of days at no charge. Its worth a look
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Old Jun 16, 2009, 7:54am   #18
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Try "Reading Price Charts Bar By Bar" by Al Brooks

It's a pretty good book IMO.
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Old Jun 18, 2009, 6:55pm   #19
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I would avoid the book by Bill Eykin.

It is highly overpriced and a much better name would have been, "Pivot level trading".

I would recommend you to buy the two books by Jim Dalton. If you have to choose one, pick the oldest, "Mind over markets".

This provides a great framework of how to really understand how the markets work (a two-way continuous market process).

Other than that, I guess you need screen time, but you also need theory. If you don`t know what to start looking for you might waste time just looking at the screen.

Good luck!
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Old Jun 18, 2009, 8:05pm   #20
 
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way to go, get rid of everything and start with just the basic concepts of trading, the absolute essentials, such as support and resistance, fibs, and classical chart patterns.

read books :

reminiscence of a stock operater
anything on jesse livermore
anything on Wyckoff
anything on tom williams re: VSA, his book is master the markets
anything on tape reading, re: tape reading and market tactics by humphrey b neill.

you will never go back to mathematical indicators after learning about price, volume and time analysis, you may find a whole new advantage trading this way.
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Old Jun 18, 2009, 9:30pm   #21
 
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forget fibs and any other indicators just read the chart - learn to see whats gonna happen we all know what has happened.

most newbies use ma, stochs etc (i done it) but clear your screen of all these lines and you will see a clearer picture of what is happening, not what has happened. Use different time frames to identify trend and entry/exit points etc, Price price price !!!
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Old Jun 19, 2009, 9:30am   #22
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forget fibs and any other indicators just read the chart - learn to see whats gonna happen we all know what has happened.

most newbies use ma, stochs etc (i done it) but clear your screen of all these lines and you will see a clearer picture of what is happening, not what has happened. Use different time frames to identify trend and entry/exit points etc, Price price price !!!

Yeah..I tend to agree. Oscillators do not work - especially in forex markets. I use MACD and RSI but only to look for divergences. Besides that it is important to look at price levels.
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Old Jun 19, 2009, 11:25am   #23
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In his day, here on T2W, the guru on trading price alone was dbphoenix. He's relocated to what he believed would be greener pastures at Traders Lab' where he posts under the same name. If you want a book, then his is probably as good as anything out there, as it's very well written and he's a stickler for detail. He is very well acquainted with the work of everyone mentioned so far - plus some that aren't. I would add that whoever you talk to, listen to or read, take everything with a pinch of salt. Why? Well, take dbphoenix as as example. While most people that knew him on here would agree that he's a fine wordsmith, there are plenty that would say (and did say) that he's full of poo. Mountains of it. However, that probably applies to everyone else too. There's precious little that's black and white about trading (other than the P/L figure on your account) and, when it comes to 'experts' on things like price action, there's often a chasm that separates one price action trader from the next. And who's to say which of them is right or, even, if any of them are!
Good luck.
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Old Jun 22, 2009, 9:38pm   #24
 
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For starters, 'price action' is a much misused term. There is no other way to observe price action than by actually watching orders go through the market, and by also being able to see the depth of limit orders waiting away from the current market price.

Then there is the need to actually sit and watch the above, day in, day out, in tandem with correlated markets, through different times of the day, through different times of the year, through a variety of economic figure releases, through a variety of conditions, through a variety of different interest rate cycles, through contract rollover, through company earnings releases, through corporate and government bond issuance, through rights issues, through option expiries, and, in case this wasn't already obvious - it may take you some time!

You need to able to pick up on the activities of other market participants as they come and go (especially the larger ones), you need to be able to see through the more obvious tricks in price action designed to suck in the unwary, you need to be able to see when someone big is getting screwed and you can take advantage of it, you need to be able to get clues from the way a market approaches a level as to whether or not it's going to hold, you need to be able to tell when resting orders in the market are just a spoof (market participants showing false orders they have no intention of getting filled on, in order to try and influence short-term market direction), you need to be able to pick up on the activities of algorithms and other automated trading systems to avoid getting caught, you need to be able to recognise when a market particpant is 'iceberging' (feeding constant small sized orders into the market to obtain a better VWAP than if they were to show the full size of the order and get slippage on their trade execution).

All these things will change over time as the market changes, new participants enter, old participants leave, algorithms come and go. Once you understand how a market works, the motivations of the particpants and the strategies that they use, however, you will to some extent be able to 'read' price action and therefore determine market direction over the short-term in way that you can take profitable advantage of.

It has taken me years and a fair amount of cash to get to the point at which I can read what is happening to the price action. I'm not trading as actively as I was, but I know that when I come back to the markets I will know what to look for and be able, after a period of observation, to read the price action. Like riding a bike.

The only way you can feasibly learn this approach to trading is by having excellent market connectivity and then watching the price action as it unfolds - you're not going to learn it from a book. To learn from home is possible. To learn from other traders is a more likely method. To learn in a prop house surrounded by other locals making money from price action and with direction from experienced traders is the most likely way.

It must be understood though, that not everyone 'gets' price action even after watching a market for lengthy periods of time. Some never get close, some get halfway there, and a small minority read it like an open book. There's more to being a price action trader than just predicting where a market is going though. You need to be able to pull the trigger and enter the market instantly based on your intuition. Some people can and some people can't.

Regardless, if you are going to pursue this approach to trading you need the right technology, the right environment and the right mentors to help you on your way.
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Old Jun 22, 2009, 10:53pm   #25
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Yeah..I tend to agree. Oscillators do not work - especially in forex markets. I use MACD and RSI but only to look for divergences. Besides that it is important to look at price levels.
yep, stochastic ain't worth 5hit...worth a fortune on my chart/s though
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Old Jun 22, 2009, 11:26pm   #26
 
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Reading Price Charts Bar by Bar - Al Brooks

I pre-ordered this a loonnggg time ago as a late Christmas present for myself. Only recently picked it up and 20 pages in all I can say is it's unlike any TA book i've ever read in that it doesn't spend 20 pages explaining what a trend is.

Obviously 20 pages isn't a lot to judge a book by but I feel the 50 odd quid will be worth it...
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Old Jun 23, 2009, 9:45am   #27
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The best book you ever have will be... from experience. How to get it? By getting yourself a trading diary and commit to make 50 quality virtual trades. You will learn a lot.
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Old Mar 4, 2013, 9:56am   #28
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Re: Looking for Price Action trading course.

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yep, stochastic ain't worth 5hit...worth a fortune on my chart/s though

Please return , I admire your intelligence .
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