Reading Price Charts Bar by Bar
This book is extremely hard to read, and some of his ideas seem "wishy-washy" (technical term) to me, so I struggled with believing them. His webinars make much more sense, I encourage you to find them in the Brooks thread and watch them.
Trading without indicators is the right step, in my opinion. But by itself it won't make you profitable. Only a sound money management plan will do that, along with the wisdom to follow it.
There are many ways to continue your pursuit of growth of knowledge and understanding, which will ultimately lead to success. Some ideas:
- Trade ES only
- Trade during cash session only
- Use a 5 minute chart and EMA 20 only, maybe my new Envelope bands
- Trade only with trend, only take longs when price is above EMA 20, shorts below
- Limit yourself to 5 trades a day. I don't care if you are on-fire or have lost every one, stop at trade #5. This will force you to space them out and look for only the best setups.
- Create a journal here. Take a screen shot every time you enter a trade, and make a note as to why you entered the trade. Then record the result. You MUST be honest with yourself.
