Anyone familiar with No BS Trading?

[nk2011]

Not sure if this is the right forum thread, but not sure where to post it and the topic is somewhat related to scalping.

Anybody familiar with John Grady of http://www.nobsdaytrading.com? That site sells an e-book + video for about US$40. It doesn't appear too pricey for a book, and his material is interesting enough (based on an article from Active Trader - http://www.activetradermag.com/asset.../grady0109.pdf)

I'm looking for more material on scalping and reading DOM and came across this site from the camron system website.

I can't seem to google much info apart from the Active Trader article, and a few other articles that he wrote.

Feedback anyone?


NK

 

[Trader333]

There is a thread about this already, try doing a search and you should find it.


Paul

 

[nk2011]

I'm assuming it's the thread titled: "No B.S. Day Trading" ? I already did a search and read through the first couple of pages. It didn't seem to be a review of the material by John Grady, but I'll go through the posts in further detail.

 

[DionysusToast]

I have read it & exchanged emails with John.

It's a complete bargain at $40. What is it you want to know?

 

[nk2011]

Just basically what it teaches - especially with respect to reading market depth and applying it to my trading. I don't really need another book telling me about trading plans - risk management etc.

I would like something that goes into solid setups based on the market depth, how to read the market depth, false movements to watch out more, what a large bid might mean etc.

I know learning how to read it just relies on practice and screentime, but I'm just trying to obtain more literature on the subject - especially with respect to trading index futures.

 

[DionysusToast]

It teaches scalp setups but it's a good grounding for using the order book to back up longer term trades in my opinion.

For $40 - you can't go wrong.

 

[nk2011]

Thanks. Although I much prefer books that are in print, I'll give this one a go. Ebooks just seems kind of dodgy. Too many of those internet marketing courses that teaches people to publish and make squillions by selling them.

 

[Gogol]

Yes, recomended, it comes with his video which is explain main idea very well...

 

[Ted1983]

Say, Mr Toast. I came across this statement in an article by the author, "trying to make a trade based on reading charts is ridiculous". Would you agree with that assesment?

 

[DionysusToast]

I personally can't see how you can trade consistently by charts alone. I can certainly see how you can trade by order flow alone but that really takes a lot of skill and I believe it means going for smaller moves, although I could be wrong about that. I don't do it.

I use charts - I use them to tell me where price has been that day. I use them to tell me what sort of rhythm the market is in - i.e. 4 ticks up, 2 ticks down, 5 ticks up, 3 ticks down, etc... I also use them to 'eyeball' where buyers/sellers stepped in last time. If you had a good memory for numbers you could probably do this in your head. I find it difficult.

I use DOM/T&S as a confirming factor. If price moved down to a level and a lot of buyers jumped in, then it moves back down and buyers do the same thing again, then it's a good entry. This could be a double bottom or a pullback after a reversal.

At point A, we moved down to 1290.75 and price moved up 1.5 points. Nothing special about that other than all the selling at the bottom was small trades, very little participation from large sellers the 1.5 point up move saw some decent participation from larger buyers but really nothing that would make you buy in immediately. A short time later, we came back to Point 1290.75 and this time there was a very swift response from the buyers. I was watching this but I was actually wrapping up for the day and did not take it. Something I obviously regret !

Now point B - this should have been the final scale out target, the prior high. You'd have been able to manage that trade, moving up your stop to just below the higher lows with that final target in mind. This is yesterdays chart. Nothing special about it at all, a very normal day on the ES.

I think the charts have a purpose, especially if you want to use DOM/T&S to refine your entry but try to hang on for larger moves. If you tried doing this just with DOM/T&S, you will get wiggled out of a trade.

The no BS book will certainly help to understand DOM/T&S even if you are using it in conjunction with price action.