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For those of you, like me, who have a long bias, and have trouble pulling the trigger to go short. Or are always looking for buys when the market is dropping. Al Brooks himself gave me this tip:
When the ES is dropping, Look at the Pro Shares Trust Ultrashort S&P 500 ETF (SDS). Its an Upside-down S&P500 chart.
https://www.tradingview.com/chart/?symbol=AMEX:SDS&interval=5
If the SDS is rallying and you see buy setups, then you need to be shorting on ES.
Great suggestion! Unfortunately I trap into this bullish bias regularly as well. These days I have always the invert scale open on Tradingview, it has exactly the same bars (same volume and prices, etc) as the regular chart. It helped me so far, i.e. lost less at least ;-).
I'm experimenting occasionally with hedging - staying long, while at the same going short - so far no luck, but it is in any case a great exercise to develop your ambidextrous mind from a both bullish and bearish perpective.
I think it’s a pretty common problem for those of us who have been doing this more than a couple of years. We have spent 80% of our trading career watching the stock market rally higher. So long bias is very common.
Even Al Brooks says he checks on the SDS to keep himself right.
I got no issues piling into long positions but for some reason in my head support is a stronger force than resistance. In bear trends I constantly anticipate a reversal that never comes and I struggle to pull the trigger to go short.
Its a buy damnit. (I mean sell) Gap up, above the MA, double bottom. Its a perfect buy setup. I couldn't follow my own advice.... I just can't pull the trigger on an ES short. What is wrong with me? Maybe I need to trade the SDS rather than the ES.
If you can't short, you can always buy put options to see if that helps. If you're worried about theta decay, maybe buy spreads.
Options is something I definitely need to look into, but I can't trade an asset class that I don't fully understand. I wish Al would do an options course. Many have requested it, but he's got other priorities.
I think I have seen Richard mention somewhere in the forum that Al does not consider this a priority and has no plans to do something related to options. In such a scenario, I think it is best to teach yourself from a solid source. I learnt about options from a book by Sheldon Natenberg. It is a pretty standard book, you can look into it if you're interested.
It helps with risk management, especially for beginners who don't have a large account size like me. I can just enter into any trade despite the large risk as I know how much I can risk and enter to plan accordingly.
Options is something I definitely need to look into, but I can't trade an asset class that I don't fully understand. I wish Al would do an options course. Many have requested it, but he's got other priorities.
Hi Kevin,
As Abir notes, Al does not have any plans for an options course which is why I decided to clean up the original 2012 course videos on topic and add to the Bonus Videos. So watch those 2 videos at least if really interested. But be careful not to distract yourself. Best to be consistently profitable on price action discretionary trading first, right? You still need the underlying market for options stop management.
