The support forum is built with (1) General and FAQ forums for common trading queries received from aspiring and experienced traders, and (2) forums for course video topics. How to Trade Price Action and How to Trade Forex Price Action videos are consolidated into common forums.
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Do successful traders know the mathematical estimated probability % of each setup they trade, or do they use word probabilities like "maybe" "probably" "reasonable chance" etc
You can start with something reasonable like 2:1 RR on the swing setups (like H2 or L2 at EMA), and then measure it over time. You will have to find out what type of a trader you are - do you like scalping or swinging, which will then determine what types of setups you are more comfortable trading, and then determine the RR.
2:1 RR on the swing setups
What's the RR for scalping? Is that 1:1 or go for a certain amount of points?
Besides RR, do you know the mathematical probability of each setup, example> H2 in a bull channel = 60% success. Or is it known just in words, example> H2 in a bull channel= "reasonably likely".
I know estimating setups depends on more than that, those are just examples to describe math vs words probability.
Regarding trading style, I don't know yet, still going thru the course. When I start trading, I will only be able to trade the first 2 hours of the open for /MES.
So it maybe a mix of swing/scalp, whatever works for each setup.
Do successful traders know the mathematical estimated probability % of each setup they trade, or do they use word probabilities like "maybe" "probably" "reasonable chance" etc
In various books training videos, and other training materials in the Brooks course, Al shows various examples of 40% 50% 60% and 70% probabilities, depending on the type of setup, it's context and the strength of the signal bar. Obviously the logic behind his percentages are based on Al's experience. As you can see he only talks about it to within 10%. Obviously they are estimates.
He encourages traders to not take trades with a probability below 40%.
You need to develop this ability to estimate the probabilities because it can affect what sort of minimum risk/reward you will seek, and also whether the traders equation is sufficiently positive for you to proceed with the entry.
You can only know all these things by spending a lot of time on the Brooks training materials.
Are you prepared to spend the time to patiently study and develop your experience and skill?
With respect, seeking answers to a whole lot of questions on these forums, with only a relatively small amount of study under your belt (as you mentioned elsewhere), will, I think, probably lead to a lot of confusion for you.
I'm asking questions on the support forum to help learn the material. It's part of my learning process. If its offending you, please ignore my posts. It's a waste of my time to have to defend myself for trying to learn the material.
What's the RR for scalping? Is that 1:1 or go for a certain amount of points?
Yeah usually for scalping RR is 1:1. I will not go below .5 of risk. In terms of points, Al says 1/2-1 of avg bar size.
I'm asking questions on the support forum to help learn the material. It's part of my learning process. If its offending you, please ignore my posts. It's a waste of my time to have to defend myself for trying to learn the material.
Yes, I agree. Keep going in your own way.
Your posts dont offend me.
yes the successful traders make a logical bet and they use word probabilities like "maybe" "probably". You never know the probability with certainty, but you usually know when it is 60 percent or greater; if you are uncertain, then assume that it is 50 percent or less.
