Must Have, Must View/Read List

[⭐ johnbest]

I forbid you to go in that direction.

 

Why ? Any concrete reason ?

 

 

Regards

JB

[Tradermen]

Michael S Jenkins W D Gann's Use of Astrology in the Stock Market

 

Sixer

 

I rest my case! 🤭

[alyzar]

Dr Alexander Elder - Recommend all his books

 

https://[email protected]/file/9a4zt2

[Sixer]

I miss an advice to check the Trader Tips of the TASC magazine for different platforms, especially from John Ehlers:

 

http://traders.com/Documentation/FEEDbk_docs/2019/06/TradersTips.html

 

Sixer

[Tradermen]

The issue is, every one is trying to get a ready made strategy which i already proven. Frankly it will never work.(...)

 

(...) create your own strategy.

 

This is the Key.

 

I buy a lot of courses not because i think i Will find the Holly grail.

 

When i watch a new course related with the subject that i have preference and i find a new setup, a new filter, a new exit, a new robustness method that i can had to the stuff i developed i Will by happy.

 

I never watch a course or book with the expectation that the author is the real deal and i Will make millions with is method.... If it was shared, probably it wont work in real time.

[netgoon]

This is the Key.

 

I buy a lot of courses not because i think i Will find the Holly grail.

 

When i watch a new course related with the subject that i have preference and i find a new setup, a new filter, a new exit, a new robustness method that i can had to the stuff i developed i Will by happy.

 

I never watch a course or book with the expectation that the author is the real deal and i Will make millions with is method.... If it was shared, probably it wont work in real time.

 

Absolutely, Just suck the concepts which suits for your trading style, else through it away. Most of the times I won't even download the materials if it does not have any ideas that suits for me

[tradinglvl]

Lot of traders keep on going on from one course to another book to another course in search of profitable strategies...(which obviously you won't find,its like searching for god everywhere but where he resides).....

Important char of profitable strategies are

 

0.1- Don't waste money.

 

1.Develop a System That can be written on paper from A-Z part no no guessing involved at any part whatsoever ie a well defined system(no astro unless it fulfills the said criteria).

1.1.In a Well defined sytem there is no scope of greed and fear

 

2.The above setup is then backtested on different in-sample and out of the sample timeframes and even understanding when a strategy needs to be changed/modified ie perfomance testing(NO overfitting) understand its drawdown.

 

3.How much risk is to be taken (it must be 3-5% no more per trade of traded capital) given your strategy has been backtestend and is profitable 60-70% of times.

 

Take strategy Live only after enough hard work is done behind it .

 

Instead of downloading another shitty course try backtesting a strategy you already know undertand its weakness work on it try to find what it lacks why it fails move on if needed

Edited July 6, 2019 by tradinglvl

[⭐ AndyS]

Yes but what about the courses that teach you how to program and back test :)

Just kidding, very true, and you are also right, it will take tons of effort. Feel free to share any strategy logic you have found useful.

Take care,

[tx42]

Read "Master The Markets" by Tom Williams, "Trades About To Happen" by David Weis, watch Dr. Gary Courses (which is an amalgamation of the books mentioned) that you will learn how read the chart properly then using the HLC bars, volume and structure, there is nothing more to it. Understand the concept of the climactic action which is the main trap people fall for, strength comes in down bars of very high volume (usually bad news in media) and weakness comes in up bars with high volume (usually with good news in media). The springs/upthrusts and shakeouts are traps too, you gotta learn how to identify those. When you jump the gun you get trapped, don't bite the bait. You have to practice and master to pull the trigger at the low volume tests of those high volume bars (which are the anchor points of support and resistance lines) You know that when price touch those levels with low volume, it cannot keep going if in a previous touch it had more volume and bounced, there is no logic. If price breaks you also know it is suspicious, probably a trap, then it reverses closing firm forming a spring or upthrust. This is all chart reading skill, practice.

 

If had to add one more book would be "The Secret Science of Price and Volume" by Tim Ord.

 

Seriously, only after reading those books I finally understood what was going on and was able to read the charts properly.

 

logicgate, thanks a lot for your insights! Appreciate them very much.

 

I'd like to ask if you know a book or course where we can see the same principles, but on the orderbook, or the volume profile?

 

For example, if we have on the chart a big spread bar, with big volume, closing in the bottom. It seems the sellers are in control, supply hit the market. But how it developed on the OB? Would be important to understand also the mechanism of how that bar has developed? Say, first the price rallied up, then Market makers filled the gaps with buy orders. Then on the top, traders started to sell, to take profits. As there were not enough buy orders, price started to dip, etc..

 

Dunno if I could explain well my doubt. I'd like to understand the movements behind the price action, the mechanism, the story behind the bar and volume, if that would be important anyway to learn PA better.

[logicgate]

@tx42

 

Hi there mate. No, I don´t know of any book, I think there isn't. You have to study the charts and check the TPO chart for that period you are studying to see where the price was in relation to value area, etc... It is gonna be your own personal exploration.

 

I think you are gonna shoot yourself in the foot if you start getting paranoid about going deep into the reasons behind the price movements other than coming to logical conclusions via price action and volume, you don't need anything else. As Tom Williams used to say, we are not interested in the "whys" and "wherefores" of price movement, we don't care. It is just information overload anything more than the high, low, close and volume info. It is not gonna give you any edge, it is gonna make your brain get tired faster. I really don't know why people wanna trade staring at a DOM with all those numbers flashing and changing and picturing a chart in their heads, if they have a freaking charting software in front of them... I almost get a seizure doing that lol... If you wanna focus on the order flow then study the footprint chart, there you have the trades that ACTUALLY HAPPENED, in the DOM those are just potential orders that can be deleted any time, called spoofing.

 

The only thing you need to know is recognizing the smart money activity, the reasons do not matter, if they started buying is because they thought it was a good price to buy, if they started to sell it was because they had a decent profit already, also do not matter... You just wanna follow their steps.

[Yoda]

For me, and this is me, (take it for you will) I have, after trying and even writing dozen of EA's and doing thousands of strategies here and there, the thing I NEVER learned over the hopeful years was that A: There is no "holy grail" strategy or EA that will have 100 percent wins and no losses or even close. This is fantasy. There is no EA or strategy that will have you rolling in constant bliss as the money keep coming in. It doesn't happen. Sorry.

And, most important..: A particular strategy works off the concept of having an 'edge'. In other words, the ability to return, over the LONG run, a profit.

You've probably heard before that casinos stay in business and make a handsome profit over the long run with just a meager 4% edge? Yes! They give away 96 damn percent of all intake as wins to the gamblers!

Trading is the same way. You find a strategy with an edge (There are TONS OF THEM ON THIS VERY WEBSITE YOU ARE READING) and

LET THE STRATEGY WORK IT'S EDGE for you.

How many of you find this new promising strategy and trade with it, all hopeful like, then get a bad string of trades and get frustrated and toss it in the bin? Huh? You have. I have. We ALL have.

How many of you get a strategy and get a few losing trades and then start trying to "improve" it without even backtesting the krap out of your modification idea? ME?<---Guilty as charged.

Instead of a strategy working it's edge, how many of us "average in" on our losing trades, take smaller profits because we think we might lose money on the set trading plan with a particular trade?

Did you know that if you do these things, you no longer have an edge. All you have is a trader throwing away money to emotion, greed, and lack of patience and ignorance on how the science of the math of edges works.

Guys, find a strategy. STICK TO THE DAMN RULES, and let it play out for the long term. You will thank me later.

=)

[raj4]

Please suggest some useful courses on option trading

[TwilightD]

You should read atleast one trading book to have its kowledge. It has 80% role in our trading.

[TwilightD]

Read "Master The Markets" by Tom Williams, "Trades About To Happen" by David Weis, watch Dr. Gary Courses (which is an amalgamation of the books mentioned) that you will learn how read the chart properly then using the HLC bars, volume and structure, there is nothing more to it. Understand the concept of the climactic action which is the main trap people fall for, strength comes in down bars of very high volume (usually bad news in media) and weakness comes in up bars with high volume (usually with good news in media). The springs/upthrusts and shakeouts are traps too, you gotta learn how to identify those. When you jump the gun you get trapped, don't bite the bait. You have to practice and master to pull the trigger at the low volume tests of those high volume bars (which are the anchor points of support and resistance lines) You know that when price touch those levels with low volume, it cannot keep going if in a previous touch it had more volume and bounced, there is no logic. If price breaks you also know it is suspicious, probably a trap, then it reverses closing firm forming a spring or upthrust. This is all chart reading skill, practice.

 

If had to add one more book would be "The Secret Science of Price and Volume" by Tim Ord.

 

Seriously, only after reading those books I finally understood what was going on and was able to read the charts properly.

 

You have explained beautifully the concepts. I agree with you. I am also trading these concepts since many years. Just would like to add one thing that its a good habit to reread the books daily atleast few pages.

 

Regards

[TwilightD]

@tx42

 

Hi there mate. No, I don´t know of any book, I think there isn't. You have to study the charts and check the TPO chart for that period you are studying to see where the price was in relation to value area, etc... It is gonna be your own personal exploration.

 

I think you are gonna shoot yourself in the foot if you start getting paranoid about going deep into the reasons behind the price movements other than coming to logical conclusions via price action and volume, you don't need anything else. As Tom Williams used to say, we are not interested in the "whys" and "wherefores" of price movement, we don't care. It is just information overload anything more than the high, low, close and volume info. It is not gonna give you any edge, it is gonna make your brain get tired faster. I really don't know why people wanna trade staring at a DOM with all those numbers flashing and changing and picturing a chart in their heads, if they have a freaking charting software in front of them... I almost get a seizure doing that lol... If you wanna focus on the order flow then study the footprint chart, there you have the trades that ACTUALLY HAPPENED, in the DOM those are just potential orders that can be deleted any time, called spoofing.

 

The only thing you need to know is recognizing the smart money activity, the reasons do not matter, if they started buying is because they thought it was a good price to buy, if they started to sell it was because they had a decent profit already, also do not matter... You just wanna follow their steps.

 

Excellent. Thanks for sharing

[TwilightD]

For me, and this is me, (take it for you will) I have, after trying and even writing dozen of EA's and doing thousands of strategies here and there, the thing I NEVER learned over the hopeful years was that A: There is no "holy grail" strategy or EA that will have 100 percent wins and no losses or even close. This is fantasy. There is no EA or strategy that will have you rolling in constant bliss as the money keep coming in. It doesn't happen. Sorry.

And, most important..: A particular strategy works off the concept of having an 'edge'. In other words, the ability to return, over the LONG run, a profit.

You've probably heard before that casinos stay in business and make a handsome profit over the long run with just a meager 4% edge? Yes! They give away 96 damn percent of all intake as wins to the gamblers!

Trading is the same way. You find a strategy with an edge (There are TONS OF THEM ON THIS VERY WEBSITE YOU ARE READING) and

LET THE STRATEGY WORK IT'S EDGE for you.

How many of you find this new promising strategy and trade with it, all hopeful like, then get a bad string of trades and get frustrated and toss it in the bin? Huh? You have. I have. We ALL have.

How many of you get a strategy and get a few losing trades and then start trying to "improve" it without even backtesting the krap out of your modification idea? ME?<---Guilty as charged.

Instead of a strategy working it's edge, how many of us "average in" on our losing trades, take smaller profits because we think we might lose money on the set trading plan with a particular trade?

Did you know that if you do these things, you no longer have an edge. All you have is a trader throwing away money to emotion, greed, and lack of patience and ignorance on how the science of the math of edges works.

Guys, find a strategy. STICK TO THE DAMN RULES, and let it play out for the long term. You will thank me later.

=)

 

True. But believe majority or new traders wont listen to this advice. They keep jumping from one to another strategy instead of understanding one strategy.

[timo]

Old strategy development mode no longer works. I read this article and see how far some traders have moved from RSI, MACD, MA, etc. etc. etc. Don't expect to be able to compete with those.

 

https://www.priceactionlab.com/Blog/2019/09/equity-long-short-features/

[Tradermen]

You got to BE inventive and think out of the box. Price ation works best. But most of indicators could be useffull as filters.

[bertuah]

Logicgate, that was well summarised and easy to understand...Thank you.

[bertuah]

Read "Master The Markets" by Tom Williams, "Trades About To Happen" by David Weis, watch Dr. Gary Courses (which is an amalgamation of the books mentioned) that you will learn how read the chart properly then using the HLC bars, volume and structure, there is nothing more to it. Understand the concept of the climactic action which is the main trap people fall for, strength comes in down bars of very high volume (usually bad news in media) and weakness comes in up bars with high volume (usually with good news in media). The springs/upthrusts and shakeouts are traps too, you gotta learn how to identify those. When you jump the gun you get trapped, don't bite the bait. You have to practice and master to pull the trigger at the low volume tests of those high volume bars (which are the anchor points of support and resistance lines) You know that when price touch those levels with low volume, it cannot keep going if in a previous touch it had more volume and bounced, there is no logic. If price breaks you also know it is suspicious, probably a trap, then it reverses closing firm forming a spring or upthrust. This is all chart reading skill, practice.

 

If had to add one more book would be "The Secret Science of Price and Volume" by Tim Ord.

 

Seriously, only after reading those books I finally understood what was going on and was able to read the charts properly.

 

Logicgate, that was well summarised and easy to understand...Thank you.

[TraderM]

I can highly recommend read anything make by E. Thorp.

[⭐ sapperindi]

Has anyone read "Trend Qualification and Trading Techniques To Identify the Best Trends to Trade" and "Trend trading set-ups entering and exiting trends for maximum profit" by L. A. Little? Are they good? I saw a vendor selling indicator combining weiss, ord and L.A. Little's work and was wondering if I should buy ad indicator to give it a try. Appreciate if anything can share insight.

[⭐ sherbaaz]

Has anyone read "Trend Qualification and Trading Techniques To Identify the Best Trends to Trade" and "Trend trading set-ups entering and exiting trends for maximum profit" by L. A. Little? Are they good? I saw a vendor selling indicator combining weiss, ord and L.A. Little's work and was wondering if I should buy ad indicator to give it a try. Appreciate if anything can share insight.

 

no idea about indicators and all but both books by la little is worth the gold as per me in trading particularly if you are using EOD+ timeframes. not useful for intraday trading. but books are very dense and heavy in reading.

[⭐ sapperindi]

Thank you very much Sherbaaz for prompt response! Got it. I am a position trader or swing at least, I will read the book first (neoclassical charting) and report back to the forum what I learned from the book... Edited September 20, 2020 by sapperindi

[⭐ btul]

Has anyone read "Trend Qualification and Trading Techniques To Identify the Best Trends to Trade" and "Trend trading set-ups entering and exiting trends for maximum profit" by L. A. Little? Are they good? I saw a vendor selling indicator combining weiss, ord and L.A. Little's work and was wondering if I should buy ad indicator to give it a try. Appreciate if anything can share insight.

 

Both books...

 

http://www.mediafire.com/file/m2d6dbb8yu4ffyx/Trend+Qualification+and+Trading+Techniques+-+L.+A.+Little.pdf/file

 

http://www.mediafire.com/file/b1yyyfs26g6wphd/Trend+trading+set-ups+-+L.+A.+Little.pdf/file