rangerdoc

Just take them for a short drive south. The poverty in Mexico is a real eye-opener for us spoiled Americans. My first trip there literally changed my worldview 180 degrees. My perspective of my own life changed radically as I realized just how blessed I am. I immediately realized that I already am very wealthy. A short drive up to the Navajo reservation should provide a wake-up call as well. There are many non-profits out there that I already support and wish I could give much more to. There's no end to worthy causes out there that could do so much more except for the lack of funds. If I had lots more money than I already do, I would love to travel the world. There are so many wonders out there, I don't think I could ever tire of seeing it all. I would also love to get a degree for the pure joy of it, instead of the need for career advancement.

Here's a list of trading books I have for sale: All are in very good condition. PM me if you would like more information. You can contact me directly at rangerdoc-at-centurytel-dot-net if you prefer. I'll consider trades for anything Wyckoff related that I don't already have. I'm also looking for a copy of Bright Future by Martin Cole. The buyer is responsible for shipping costs from Missouri, USA. I would prefer we use Paypal to protect both buyer and seller. For sale on TL for a week or two.. after that they all go on sleazeBay. All have dust jackets unless noted. Premium Books: Technical Traders Guide to Computer Analysis of the Futures Market - Lucas & LeBeau New Concepts in Technical Trading Systems - Welles Wilder (Book is excellent- dust cover is in poor shape) Classics: Technical Analysis of Stock Trends - Edwards & Magee 6thEd. The Wall Street Jungle - Richard Ney Pit Bull - Marty Schwartz Elliott Wave Principle - Prechter & Frost (no dust jacket) (I'll throw in "Elliott Wave Simplified - Droke") All are hardcover unless otherwise noted: Technical Analysis Power Tools for Active investors - Gerald Appel (no dust jacket) Trade Your Way to Financial Freedom - Van Tharp (no dust jacket) Way of the Turtle - Curtis Faith The Three Skills of Top Trading - Hank Pruden Day Traders Course - Lewis Borsellino Trading Chaos - Bill Williams Optimize Your Trading Edge - Bo Yoder Daytrading Into the Millenium - Michael Turner The Electronic Daytrader - Friedfertig & West The following are all softcover.. and are offered as one lot (would be an excellent starter for the beginning trader): Market Wizards - Jack Schwager 21 Candlesticks Every trader Should know - Pasternak Unlocking Trading Performance With Money Management - Dave Stendahl Charting made Easy - John Murphy Moving Averages Simplified - Droke Support & Resistance Simplified - Thomsett Swing Trading Simplified - Larry Spears

I first heard about Wyckoff in an audio interview that Dave Allman did for Wall Street Uncut. Can't remember who the interviewee was, but I heard the name mentioned more than once in his interviews. Next, I heard Wyckoff from Raschke. It wasn't until I'd reached the end of my indicator rope (or security blanket) that I decided to learn more about Wyckoff, volume, price action, etc.

I'm not one to make a habit of bumping old threads, but based on earlier discussion, this is clearly the best place to post a link to the original Wyckoff course: The Richard D Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique. Wyckoff - Course.pdf

Maybe a plugin. There's a small "+" in the lower right corner of the pictures in my browser. Click and they open a full-page pic. I'm not sure about copyright, so I'm not gonna attach files. But here's links directly to the full-size images: July 30 July 31a July 31b

Have you looked at his new site yet? He's posting daily reviews of ES. Wish I could be a fly looking over his shoulder for a few weeks. Trading is a very lonely journey. Watching someone else perform successfully could really help us beginners get a better feel for a particular methodology to see it it could work. As a novice, sometimes it's really difficult to know if a tactic is a mismatch & thus may never be profitable for me vs. just a lack of skill that can be improved with screen time & prep. Anyway, For a few months I've been using Brook's methods on the EURUSD mainly for setup and entry triggers. I find buying breakouts takes more guts due to the poor R:R. However, with the extra confirmation I have a higher win % than trying to buy at the reversal. One issue with Forex is that you are dealing with 100 ticks (10 pip) target instead of 4. It's kind of like when stocks went to decimalization & it killed the scalpers, but worse. I demo traded ES & trade EURUSD live. I find the price action of the e-mini to be much more conducive to scalping. Gonna have to stick to bread & butter trades with forex and save Brooks for the e-mini.

That's always a tough one. You get what you pay for. Unfortunately, beginning traders can't afford quality mentoring or any other real-time access to successful traders. Basically, we need someone to be charitable by making it affordable to beginners. That's asking a lot.

The pattern day trading rule may be an issue with trading the SPY on a 15m chart if you have a balance less than $25,000. Not sure since I don't trade equities. You can get a demo from any broker, but most if not all are for 30 days only. The best way around is to open a live account with a broker. Most brokers will give you an indefinite demo account if you have a funded account with them.

Most Open Range Breakout systems take the highest high and lowest low of the first few bars after the open. 30 minutes is typical. The setup is long when price goes above the high and short when price breaks below the low. The difference between systems is mostly in the entry trigger, stops & profit target. The web is overflowing with free information on ORB systems. Just do a Google search. Another good resource (but very expensive) is a book by Toby Crabel, "Day Trading with Short Term Price Patterns and Open Range Breakout". It's likely you'll come across the term "Crabel Patterns" when researching ORB systems.

I noticed that in the webinar "A Month of Great Trades", Al skipped quickly over several slides. I extracted all the slides and saved them as a PDF for those who wish to review them. A Month of Great Trades - Slides.pdf

Like Brooks, Linda Rachke is always talking about looking for places where traders are trapped and taking the other side when they bail. Raschke is very similar to Brooks, except she tends to target swings, while Brooks is a pure scalper. Raschke is also very quick to credit Wyckoff & Taylor. I think "Buy low, sell high" does a great disservice to many. It can work great for reversals. But you'll get your ass handed to you in a trending market. Echoing what thalestrader said, I'm a "buy strength, sell weakness" guy. Even at bottoms, I'm looking for a show of strength at support before I go long & I sell at the first sign of weakness near resistance. So trend trading can consist of buying high & selling low.

It's an open range breakout system.

This is extremely important advice. Focus on trading well, not on making money. A surgeon isn't thinking about the new golf clubs he's gonna buy with the money you're paying him while he's in the operating room. A pro athlete isn't thinking about the money he's making while on the field. He's focusing on playing well. And I sure as hell wouldn't hire anyone who was thinking about his paycheck all day long instead of focusing on the task at hand.

Yes, because the previous bear bar counts as a pullback. This is explained in the first webinar video, "Short-Term Emini Strategies That Work". A Link is posted earlier in this thread.

Not necessarily. Brooks warns to be cautious when a second entry lets you in at a better price. They often fail. Often, an H2,3 & 4 are successively higher. The main thing to remember is that Brooks method is entirely about scalping setups. As such they are highly reliable. Most traders are looking for small swings though & if you use Brooks methods without scalping out a small chunk quickly, you will lose more than you win. You swing a small portion of a position in the hopes that you will catch those larger moves, but the trade is really all about grabbing a very small profit quickly.

I'm new to this conversation, but have been digesting Al's book ever since I got my copy last month. I found this thread as I was searching the web for additional info to help clarify and assist with the book. I've been trading with marginal success for several years now, but have recently jumped into the deep end of the pool by immersing myself in Wyckoff, Taylor & most recently, Brooks. Tossing out all my indicators was the best move I ever made for my bottom line. I have to jump in and give a huge thanks to all the hard work everyone has contributed in this thread. I've found it invaluable and think it will really help me as I work my way through Al's book.

Another contrarian viewpoint here... I think it's a great idea. Much better to start with $1000 trading micro lots & losing it all than to deposit $20-30K like other suggest and losing all of it. It's essential to discover what type of trading fits you best. I personally don't believe you can accurately find this out with a practice account. Paper accounts just don't screw with your emotions enough to be of value. I say, 1) Open a micro account with a market maker (FYI, if you're trading anything less than $100,000 lots then you are trading with a market maker even if they tell you differently). 2) Try really hard not to lose it all. 3) Lose it all. Hopefully, after completing these three steps, you will have learned a few things like: A)What types of trading fit you best. Fast, slow, in-between. Are you an impatient person who is a nervous wreck if you have a trade open overnight.. do you lose sleep in this scenario? Or are you a rather disciplined patient person who would rather take your time making calculated decisions, then sit back and watch it develop? B)Trading may be simple, but it sure ain't easy. c)That the earlier posts were right... you are going to have to learn how to trade. This will take lots of time. D)That you are the weakest link in the trading process. E) You may even discover that trading isn't for you. No shame in that. Just like everyone isn't meant to be a pro athlete or musician. If you walk away from your first account with this knowledge, then your $1000 taught you more than any book, video or course could. Once you figure this out definitively, only then can you develop a methodology that has a snowballs-chance-in-hell of making money for you. You've probably heard this over and over by now: Almost any system will make money in the right hands. 90% of your success or failure is in the 7lbs of grey matter between your ears, not in any external thing like a system, broker or which market you trade. To illustrate this, I once heard Eddie Van Halen pick up a cheap department store piece-of-crap guitar and play it. You know what? It sounded freakin' awesome. Now, put Eddie's guitar in my hands... you know what? It will sound like a piece-of-crap dept. store junker. yet the world is full of amateur musicians who are constantly chasing the latest gear, equipment and techniques, when all they really need is simply years of practice. Sound familiar? Just replace "musicians" with "traders" and you have an accurate description of the trading industry. If you are really wise you will take this to heart. If not, then you will have to follow in the footsteps of millions of losers before you. Which is to first buy a system, then build a system, then build zillions of different systems. Once all these have failed you, then you may finally start to realize that the problem is you, not the systems. There are plenty of threads on here about the typical progression that traders make as they develop. There's lifetimes of experience in these forums. (Unfortunately, lots of it is buried in mounds of horse s#!t). Dig through it and you'll find gold. Fact: You are NOT going to take $1000 and turn it into a million. Even with world-class rates of return, it would take decades to turn this amount of money into anything of value. The pressure to get above normal rates of return because your account is so small will ruin your chances for survival, even if you practice good money management by trading micro lots. And the absolute best advice I could give you... has nothing to do with trading.... drumroll please.... Stay out of debt or get out of debt. Most people in America make enough money in their lifetimes to retire very comfortably, yet almost all retire broke instead. Why? Because of debt. It's much easier to trade for a living if you only need $20,000 a year to live on. Contrast that to most people who's lifestyles demand an income of $60-100K per year just to stay afloat. Which do you think has a better chance at trading for a living? If you can't do this first, then it is a good indication that you have psychological or emotional issues with money. If you do not fix those first, they WILL manifest themselves in you trading behavior in very nasty ways. I promise. if the whole reason you want to trade is to live a comfortable lifestyle, then this last piece of advice is enough alone. But if that is not good enough.. if you'd rather gouge out your eyes with a toothpick than have to work for someone else for the rest of your life, than trading may be one option. All the posts here have been excellent. If you're not scared away yet, I say go for it!

You're definitely pointed in the right direction if discretionary trading is what suits you best. Most people, including myself, waste years chasing systems and system devolpment before realizing this. Some succeed, most don't. While systems traders can be successful, I honestly believe that the truly exceptional traders primarily trade price action. I would recommend: Studies in Tape Reading: Richard Wyckoff (although the examples are outdated, the principles are a great place to start) The two books by Dalton that you mentioned in your first book are very good. Hank Pruden may be the foremost expert on Wyckoff alive, but I found his latest book difficult to follow. Reminiscences of a Stock Operator. Also, market wizard/goddess Linda Raschke largely uses price action, Wyckoff & The Taylor Trading Method.

About $4,980 profit per customer.

IMO, price action is forex tends to be pretty much symmetrical. If you flip a chart of EURUSD upside down, you really don't have to change your system to effectively trade it. I've found that good mechanical systems for forex usually have the same parameters for long or short. Since stocks as a whole tend to have an upward bias. Price declines in stocks tend to behave differently than rallies. I've found that mechanical systems for stocks can often perform better with different parameters for short vs. long.

If you're fairly new to trading, I would recommend you start with books over pricey courses. Courses tend to focus on a fairly narrow methodology or topic, so there's not much bang for your buck. As a new trader, you have yet to discover what type of trading or methodology will fit you best. Therefore, it would be prudent to keep your cash until it can be spent on a course that you know will be most beneficial to you. There's two things that all traders MUST learn before they can be successful: 1) The nature of the markets. 2) The nature of themselves. The second, IMHO is more difficult than the first. Because of this, it is extremely unlikely that you will pick up someone else's technique or methodology and trade it successfully. I've done dozens of courses and seminars over the years. While I always took away something of value from every one, not a single one of them was complete. Each of these small things got assimilated into my own methodology. So, what I'm trying to say here is, One course will not be enough. Knowing this, initially your money could be spent better elsewhere. As for the books, try not to get information overload. I think I could say the same for books as I can for all the courses I've attended. I have an enormous trading library. Again, no single book is sufficient to make you a good trader. Out of the hundred or so trading books I've read, I'd say 95% of the content was worthless. The problem is, you may have to read the whole book to find that one golden nugget hidden within. Oh, and don't forget to have fun!

I've read & re-read this book several times because I find it useful. While others critique the author or his motives, I'm interested in just the book. While it's true that much of the information found in here is not original, it does a good job of presenting what is covered. Personally, this book helped take my trading to the next level when I read it several years ago. In fact, I had given up on trading after early failures and it was only after reading this book that I decided to try again. Boy am I glad I did!

I found this book very early in my trading journey. I consider it a very fortunate stroke of luck. Years later I see that there are a lot of books out there that cover essentially the same materials, but for some reason this one really stands out for me. Possibly I have a special place for Dr.Elder because he was the first person to point me in any specific direction, but this book or its follow-up "Come Into My Trading Room" would stay on my shelf if I were only allowed to keep 5 trading books & had to discard the rest. In fact, if I knew that tomorrow I would wake up and not remember anything at all about trading and could only keep one book with which to start over, this may well be the one.

Bust out the laser pointer and f--k with the cat