Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I've been mostly out of the market for 2 years. I'm in a rut where I have no confidence or faith in myself. I used to try so hard to refine my strategy and nothing worked because I had all this anxiety crop up and id make poor decisions giving away all my gains from my good days.
I had a major psychotic break in may where all this paranoid fears surfaced came out since that experience I have lost my trading anxiety and social anxiety (which is why I'm starting again. My problem now is my trading is impulsive and without clear strategy or direction it's kind of built from learned helpnewsness from my mountain of failures.
Long story short I'm looking for good information on price action because I know a lot of it is just crap from non traders who want money. Any books/YouTube videos would be appreciated. My focus now is discipline, simplification and gaining my confidence back.
Long story short. I need discipline, rules, strategy, my trading is haphazard
Understanding yourself is just as important as understanding markets.
I am not sure your attitude towards the subject is conducive towards finding inspiration. At any rate, you list a series of problems that do not have really have to do with price action such as your lack of discipline and focus. Based on the information provided, it sounds like you may want to switch to systematic trading or algorithmic trading.
this is just the reality. there is a big market out there for trading education and there are a lot of people who just want to sell who dont even trade profitably.
Understanding yourself is just as important as understanding markets.
My advice may not appeal to you, but it's the best advice I can give:
1. Just pick something, literally anything, that makes sense to you and that has clear and simple rules that you can understand and apply. You may have to do dumb-seeming things like make up rules about what you'll do in a particular situation: literally, anything where you have clear criteria laid out about what you will do (you should also attempt to pick things that at least sometimes work. ) They do not have to be super-exact or programmable into a computer; they just have to be things you can follow, and that you know how to do. But get yourself some rules. Have a structure. It doesn't have to be the best structure, it just needs to be one.
2. Trade those rules in SIM, so you don't go crazy if/when you have losses.
3. Your main goal is just to learn how to be totally consistent in applying something -- not in learning the best thing to apply: just becoming good at applying a few simple things, the same way when the situations are the same, all the time.
4. When you get good at that, you probably will also know when you failed in your execution, and when your rules failed because they are incomplete, have some drawbacks, don't work, etc.
5. Fix what needs fixing in your rules, or scrap them and try something else. Repeat until it all works reasonably well.
6. Now go off SIM. Repeat the process now, with the added stresses of being live. Manage these the same way until it all works reasonably well.
The reason for these suggestions is that your issues are not with a particular trading method, they are with you. We have all been there, and I am there now, essentially doing exactly what I just laid out for you. (This makes me an expert at the problem, but perhaps not an expert at the solution -- but I am improving both my consistency and, slowly, my results.)
So, if you like price action as a method, by all means brush up with one or another version of it (or, if you like some other method, brush up on that -- it's not the method now, it's your execution of it that matters.) I suggested you extract some very simple principles, even too-simple, oversimplified ones, and formulate them as rules, and just apply them until you are totally consistent. The reason is simply that you said that your issues are discipline, simplification and confidence. OK, so this will let you focus right on those things. Once you can be consistent, without worrying about how a trade will turn out, only being concerned about whether it met your own criteria (rules), then you can focus on improving the rules, if you need to. (You probably will. Do that later.)
If your execution is flawless, any issues are due to problems with the rules. But you can't know that until you execute correctly.
Sorry that I didn't exactly answer your question, which was about a price action resource. But I would not be that concerned, right now, on getting the method right. Lots of methods work well, but only for traders who use them well. I have observed that many or most traders try one thing and then another, but never actually get consistent enough with anything. The issue is seldom only with the method, or so I believe.
The question is often: "Why can't I follow my rules?" The answer is: "Because you don't" .
And of course, choose rules that seem good to you and that you can believe in, and that you know can work at least some of the time. No sense in going in blindly. But the rule-set, while it has to make sense, is not the main thing right now.
I like his method. He uses very few things and he has proved you can be profitable using Fibonacci ratios and some harmonic specially the famous measured move or ABCD formation. It is not rare to see him trade 50 or 100 lots on the YM.
His more recent videos are located here: [yt]https://www.youtube.com/channel/UCy5Zq25cFK3FZeF26wn4m0w/videos[/yt]
IMO, you should start by looking at his method by viewing these lessons 1 to 9.
Some of his followers are discussing the intraday session on discord:
Permanent Invite Link: (content not permitted)
I recommend you take a look into Al Brooks. His 3 price action books are good but hard to digest without knowing his jargon already. I suggest his video course, it's much more approachable. It is a lot of work compared to most other methods but you will come away with a thorough education in price action. He has done webinars here on futures.io so you can check them out and see what you think. Best of luck.