I would appreciate input from experienced traders about this book.
I have read it a couple times and I am know ready for some feedback.
Hopefully, I can find a simple scalping methos that I can trade the NY open on a daily basis.
This book seems to have merit and I have been reading many different posts on forums. TThe hardest part I find is actually believing the input received from different traders.
I am not hellbent on this method but it seems to have some serious merit.
Please give me comments and/or suggestions on how to proceed in my quest to find a profitable style.
I’ve read Bob’s book but didn’t find it “that” helpful really… he seems to scalp off a smaller timeframe with the help of the 20EMA. Check out a forum on here by a guy called Petefader, “MadScalper”… presents a similar style that you can follow along with, and has templates etc. for MT4.
I haven’t read the book but great observation as far as believing the input received from different traders. It’s not that other traders don’t know what they’re talking about but in some cases it’s true: but mostly because in trading there is never a always do this or always do that, or never do this or never do that. What you’re are getting again in most cases is opinions based on traders personal bias, situation and experience.
What you need to have not only to have more positive experiences in the long run than negative, is the ability to look at what is fact, opinion or B.S based on the information at hand. You can do this by learning basics and practice, practice and practice. To scalping specifically there are all kinds of ways to scalp trade. Some use more indicators than others, some use different time frames,multiple time frames. All trades IMO have these parts: Movement up down or sideways; Momentum strong, weak or flat;cycle beginning middle or end; previous support and resistance levels. That’s not the problem, the problem is they all can be measured more than one way. What you need to figure out is what’s the best way for you. You do that by doing what you’re doing: ask questions, read posts, searh utube (big help) search google. The more you do it in the beginning the easier it will be to make decissions based on facts options and picking least of the evils. Try it and you’ll see the different utube video’s you get when you search scalping the forex markets
Good Luck
Gp
I’m not sure you quite understood the methods Bob Volman talks about in his book. For example the 20 EMA is really aesthetics you can take it off the chart if you wish it’s not needed. The value and Bobs book is not the setups it’s the rest of the chapters that have the most merit. I trade the Forex price action scalping method very successfully and it’s great for the New York open. My primary trading times is 8 to 10:40 New York Times
When I first started I did the same thing; short term trades with in NY open and London close. What do you do about news announcements? I use to avoid them by not trading 20 minutes before or after.
Hey Sean. Bob Volman his book is one of the few trading books that have gained a place on my bookshelf.
According to Mike Bellafiore is the most consistent traders, those who master scalp trading.
To Scalp successful is not based on a method but a deep deep understanding, “feel” of the market that gives you indication of which method work there and then. So the word flexibility to market is a key word.
You mention you’ve read the book a few times to understand ,such a book takes a lot of work to understand .
The answer can not be given in a forum, only after countless hours in front of the screen gives you the correct / deep understanding which very few are able to take the hard step
[QUOTE=“torulf39;633100”] Hey Sean. Bob Volman his book is one of the few trading books that have gained a place on my bookshelf. According to Mike Bellafiore is the most consistent traders, those who master scalp trading. To Scalp successful is not based on a method but a deep deep understanding, “feel” of the market that gives you indication of which method work there and then. So the word flexibility to market is a key word. You mention you’ve read the book a few times to understand ,such a book takes a lot of work to understand . The answer can not be given in a forum, only after countless hours in front of the screen gives you the correct / deep understanding which very few are able to take the hard step[/QUOTE]
I don’t know Mike but I agree with the statement 100%. My best trades I know I will hit my target before I ever even into the market. It’s truly about being in the zone. And takes lots of screen time and market study to master. That is why most aspiring traders fail because they think there’s a shortcut or some secret combination of indicators that will aid them.