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Hello everyone,
I hope you're doing well! I've got a few questions regarding how I should approach my trades and would greatly appreciate your insights and experiences.
1. How many of you guys adhere to sticking to 2 reasons when entering a trade? I got this approach from Al's 2nd/3rd book, I can't really remember
2. When considering a wedge pullback to 50% of a bear or bull leg, should it be counted as one reason to enter a trade, or should it be considered as two reasons since it involves both a wedge pattern and a 50% retracement? Taking the overall context into account.
3. Is it advisable to constantly switch between different cryptocurrencies in search of the most price action, or would it be better to focus on one specific coin? I have always been curious about why people emphasize having higher trading volume, as I haven't encountered many issues with filling my orders. However, as a newcomer, I am unsure if there is anything I may be overlooking.
4. I have been trading in crypto due to the advantage of being able to start with a small account of $200. What are some progressive/learning goals I should set in order to achieve my aim of trading full-time?
I would greatly appreciate your insights, suggestions, and experiences regarding these questions. Thank you in advance for your time and assistance. I look forward to engaging in a fruitful discussion with all of you.
1. How many of you guys adhere to sticking to 2 reasons when entering a trade? I got this approach from Al's 2nd/3rd book, I can't really remember
As a beginner, everyone should stick to the rules, including this one. As you grow more experienced, your trading naturally transitions from rule-based to intuition-based. As a beginner, it is very easy to not do the reasonable thing, hence important to stick to the rules.
2. When considering a wedge pullback to 50% of a bear or bull leg, should it be counted as one reason to enter a trade, or should it be considered as two reasons since it involves both a wedge pattern and a 50% retracement? Taking the overall context into account.
It is a bit difficult to answer this generally without any chart. Easy answer is yes, it counts as 2 reasons. However, the part where you mention 'context' makes a world of difference. 50% PB and wedge might not be enough reasons to enter to a trade if for example, the PB is endless and from a climax. This is just one reason off the top of my head.
3. Is it advisable to constantly switch between different cryptocurrencies in search of the most price action, or would it be better to focus on one specific coin? I have always been curious about why people emphasize having higher trading volume, as I haven't encountered many issues with filling my orders. However, as a newcomer, I am unsure if there is anything I may be overlooking.
Generally you should be fine as long as you have a good grasp of PA. However, I personally prefer not to do this. I think it is better to get used to the nuances of a limited number or instruments, it definitely helps sticking to few.
4. I have been trading in crypto due to the advantage of being able to start with a small account of $200. What are some progressive/learning goals I should set in order to achieve my aim of trading full-time?
I think, instead of setting monetary goals, you should aim to improve your process. If your process is right, earning money as a part time or a full time trader is bound to happen. Personally, I would recommend actively going through the course and the encyclopedia repeatedly helps. You would understand at certain junctures of this process that you levelled up as a trader.
Thanks for your reply Abir!
I think, instead of setting monetary goals, you should aim to improve your process. If your process is right, earning money as a part time or a full time trader is bound to happen. Personally, I would recommend actively going through the course and the encyclopedia repeatedly helps. You would understand at certain junctures of this process that you levelled up as a trader.
Yup, I 100% agree with you and my goals are set focused on the learning process. But with that said and learning as my goal, I am not sure if I'm actually learning properly. I am afraid that I am running in loops and making the same mistakes. Because I have a journal and I review all of my entries & thought process at the end of the week, I tend to spot mistakes I make. But my problem is when I have more than 3-4 issues to address, should I choose cast 2 issues aside while I focus on working on the the first 2 or if I should try and address all at 1 go? Reason I ask is that I am worried that by making too big of adjustments at 1 go, I might end up just getting in a blur mix (if that make sense 😆 ). But on the other hand, if I go with addressing 1-2 issues at a time, overtime it kind of have a backlog of issues to address. Have you been in such a situation? Would you mind sharing your learning experience and how you made sure you were on track with learning and getting better?
Many thanks
Because I have a journal and I review all of my entries & thought process at the end of the week, I tend to spot mistakes I make.
I have seen people do this. I don't know about this as I never did it. I don't put off studying the chart till the end of the week. By that time, you don't have much recollection of the market energies and you tend to glance over the things you did. You tend to not put the time or energy to go thoroughly through the process. If not, it's fine. For me personally though, it bugs me until I am fully satisfied with my understanding of the day's PA so I can't put it off till the weekend.
But my problem is when I have more than 3-4 issues to address, should I choose cast 2 issues aside while I focus on working on the the first 2 or if I should try and address all at 1 go? Reason I ask is that I am worried that by making too big of adjustments at 1 go, I might end up just getting in a blur mix (if that make sense 😆 ). But on the other hand, if I go with addressing 1-2 issues at a time, overtime it kind of have a backlog of issues to address. Have you been in such a situation?
I am not organized in managing my issues. I have a tendency to bruteforce my way through. I keep at it and do whatever that gets the job done. It often takes me a lot of time and a lot of mental agony. It seems more of a discretionary thing and depends on your own discipline. If you can consistently and timely keep addressing your issues, your way seems a lot better. An alternative and easy way out would be to watching Al's old trading room videos. Actively studying the charts and note your readings, even place paper trades and match it with Al's. You would come across your problems a lot faster and you'd be learning from the best and that's the way it should be.
Would you mind sharing your learning experience and how you made sure you were on track with learning and getting better?
I was told very early on in the course by another highly experienced and very diligent student of Al's(ludopuig) that the only way to know if I'm learning right is to match my readings with Al's. It is extra and hard work no doubt. You would have to go out of your way of trading what you trade and follow the Emini and match your readings but that is the only way to know if you are on the right path.
However, if you go through the material(video and encyclopedia) enough times, there will come a time when you know you are on the right path(especially when your readings turn out good, consistently).
For both the above problems though, Al's old trading room recordings sound like a good solution.
Hope that helps.
I was told very early on in the course by another highly experienced and very diligent student of Al's(ludopuig) that the only way to know if I'm learning right is to match my readings with Al's. It is extra and hard work no doubt. You would have to go out of your way of trading what you trade and follow the Emini and match your readings but that is the only way to know if you are on the right path.
However, if you go through the material(video and encyclopedia) enough times, there will come a time when you know you are on the right path(especially when your readings turn out good, consistently).
For both the above problems though, Al's old trading room recordings sound like a good solution.
Hope that helps.
Thanks again Abir for your reply, I will start looking into this and see where can I find Al's old videos in the archive. Your replies are very much appreciated 🙂
I'm glad I was helpful. You don't need to search anywhere, it's available on the BPA website. https://www.brookspriceaction.com/groupcp.php
You can use this link. I'd recommend starting with the 2020 video bundles. You get 3 month at a time, it's fairly recent and is probably the most value for money.
