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Hello,
I've been trading poorly for the last 9 months. I'm 75% down 🙁 I've been looking at Al Brooks price action for a while, but I just paid for the course a day ago.
I'm trying to figure out a strategy that works best for me.I apologize if this was asked before but I searched the forum and I haven't found anything.
I want to swing trade but I wonder if I need to take half of my profit at some point or leave the trade run and trail my stop loss under the most recent swings...
Here are my struggles:
When swing trading, what would be better:
1) Take half profit once the price is in profit 1x (1x my risk amount) and move SL to 1/2 risk and let run the trade (and trail my SL under most recent swing).
2) Take half profit once the price is in profit 1x (1x my risk amount) and move SL to break even and let run the trade (and trail my SL under most recent swing).
3) Do not take any profit and trail my stop loss under the most recent swing.
I just don't know which one is better... I just wonder which strategy is best in the long term. I hope I was clear, if not, please let me know. English is not my first language 🙂
I bought the course a few months ago and am working my way through it so I'm not an expert.
I think you'll find that Als methodology is quite different from what you are used to. In effect, we should keep trades open until there is a reason to close them. SL placement is almost always beyond the most recent major swing high/low.
He talks through hundreds of examples and will point out reasons why it would make sense to take profits at a particular level, or why it is reasonable to ride out a retracement and maybe add to the trade when price resumes in our direction.
For example, we have a long trade open in a trading range, price movement looks strong but we know that most breakouts will fail so it make sense to take profits at or near the top of the range.
Unlike most people he also shows times when what we expect doesn't happen - after all, that's the reality of trading!
I'd strongly suggest that you don't trade live again until you've worked through a good amount of the material and got your head around his method. Especially at first you should also try to put aside what you already 'know' because a lot of this is counter-intuitive but it works incredibly well!
All the best
Definitely not an expert but if my child me told me that i would advise
- Stop trading
- Go over the trading course 2-3 times or 10 times
- Follow trading room presenters if possible for a year (esp. morning session and presenter that makes sense to you) or recorded sessions
- Work and gather trading stake
- Formulate gradually trading plan
- Restart in a few months trading light (micros preferably)
- Follow position sizing plan / stop loss without exception
- Study Al's books if possible and Mark Douglas
- Realize where you are in your trading Journey
Best of luck
Thanks 😊
