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I've been going over the course for about 6 months now and I just can't make (paper) money using Al's methods. I am always entering the market at the point where the market reverses against me. I am short at the absolute low of the day or long at the high. I am short at the bottom of a TR or long at the top thinking it is a trend.
After months of this I am not a fan of entering of stops, every time I do I my fill price is terrible and I am at the bottom of a sharp reversal, instantly out of the money over 80% of the time.
Why not enter on Limit Orders? At least then you won't be short at the bottom or long at the top.
I've been going over the course for about 6 months now and I just can't make (paper) money using Al's methods.
If the learning took only 6 months everyone in the world would be trading, don't you think so? I don't consider myself as an especially smart person and took 10 years. Maybe if you are better you can do it in less time, but not in 12 or 18 months...
I am always entering the market at the point where the market reverses against me. I am short at the absolute low of the day or long at the high. I am short at the bottom of a TR or long at the top thinking it is a trend.
This is because you don't know yet how to read the chart.
After months of this I am not a fan of entering of stops, every time I do I my fill price is terrible and I am at the bottom of a sharp reversal, instantly out of the money over 80% of the time.
This is something that most of us felt when learning. But...
Why not enter on Limit Orders? At least then you won't be short at the bottom or long at the top.
... using limit orders to fill the lack of skill in reading the context will not work. Yes, sometimes it will help but others will kill your account, especially if you scale in.
If you really want to commit more time, I recommend trading the EMINI (during the learning period) and start comparing your reading with Al's, so you can start noticing the differences that will make your skill grow. After a few months of trading, another watch of the course is always a good investment.
Good luck!
