I have read this book for the first time now. As is my wont.
Have I leaned anything – yes definitely. I have learned several new and important tools.
For the first 120 pages or so I was referring to it as “my boring book” and found it hard to keep awake for more than a page at a time (Seriously) !
Is it possible that I could trade the way he suggests ? – Maybe just about.
I did however find it Very frustrating;
Many of the potential trades were annotated as “skip trade” (ie do not enter) and watching many of them go on to reveal 100+ pips whilst his comment just said, “Let it go…. “
However he makes a very valid point that utilising some of his parameters with a good level of judgement, could take a ‘rather underfunded’ starter account to a good level of profit with very little chance of “blowing up”.
You will not find that statement anywhere within the book as a stand-alone statement by him. It is a concatenation of a few points he makes.
But day after day sitting watching prices zoom about whilst deliberately staying out of the market – is something I will find hard !
His example was to take a $5,000 account and to compound it, achieving 25 pips per average week (This he calls 2.5 ‘points’) of profit. After 1 year he said the account could have grown to $52,000 !
When one thinks of those who say “10% a year is a good return” – one has to admit – perhaps he has a point !
That is a little over 3 ‘Doublings’ of account size – ie account ‘doubled’ every 4 months !
He is at pains to point out that it can be done (in proportion) with a micro account, given the right broker.
The ‘system’ (if you can call it that) is based on caution, conservativism, ‘safe’ entries and exit strategies. Nothing is expressed as “Right” or “wrong” – just as “I wouldn’t do that in the context of this strategy” – even when the bet would have been hugely successful. [Ergo the trades do not seem to have been “Cherry picked” at all – just a genuine attempt to pass on knowledge. [There are a significant amount of ‘losers’ as well, for which he makes no apology]
Nothing in this book is given in ‘Black and white’ terms. Which I like very much. There is much room for discretion and the expectation is that each reader will start off by understanding what he is saying and then adapt their own trades to suit their own judgements and understandings.
It is the only ‘trading book’ I have read which does give a complete ‘system’ without any “Go to my website to learn more” rubbish. It stands alone.
The book calls itself a ‘price action’ book. However it contains elements which show that Mr Volman is not just a ‘One trick pony’. Clearly he is fully conversant with many different aspects of trading and has a great depth of understanding. This book however is ruthless in devoting itself to the one style he has promised and he is to be congratulated on that.
I see snippets of “Gannish” understanding and probably a little Wyckoff in there. There is some “Sentiment” and some explanation of “Contrarianist” thinking when looking at the risks of some of the trades.
Whether it would enable a brand new starter to become proficient, on it’s own, I don’t know (depends on the level of ‘OCD’ which they are prepared to commit methinks!) It’s possible.
It is not my intention here to analyse this book in great detail – the guy’s entitled to his Royalties. But I would like to hear from other owners as to how they feel about it.
Maybe we can get a discussion going although experience indicates that anything which requires an attention span greater than 20 minutes is not popular with the “Can I make my fortune by teatime?” brigade.
Ok – so now it’s time to return to page 1! – Hopefully now I know where he’s going, I’ll find those first 120 pages a little less tedious!
This time – out comes my own ‘OCD’ and the spreadsheets and note making equipment !
Is it worth the money? – well if you can take 25 pips at £1 each using what he sells – you’ve broken even ! – How cheap is that? – Even if it gives you enough knowledge to avoid a few losing trades – that too will be fine!
I think it ranks up there with the best of the “how to trade books” – And it is the only one which details a methodology of value. It is one of the first books I would recommend to a trader at any level – possibly even more so for those who believe it will be easy! – It might save years of frustration and losses as they decide trading is just “not for me” !
All the best
F
[Update – I did return to page 1 and read the first 120 or so pages again. I actually think some of the stuff he brings up could be really quite important at all timeframes. ]
Just exitted my first paper trade based on what I’ve read - at EURUSD 1.1595 (Getting late and resistance before 1.1600 looks pretty strong) after entering 4 hours ago at 1.1579 (17;35 GMT-1 [BST]) - So theoretical 16 pips - but let’s say 2 for spreads - 14 Pips profit Hopeful
I personally haven’t read this book but I love the “skip trade” part, I wish I followed this when I was beginner at trading because you don’t know what you don’t know. I highly recommend to start with simple setups and become confident in yourself that you can make money with those setups or patterns. If you try to catch every move from the beginning without experience you will loose im 99% sure. Later when you have experience and knowledge you will find ways to trade a lot more setups and so on.
But please make the highest priority to protect your account and trade only the setups that you have tested yourself not when someone else is telling you oh this is a great setup, you must test it yourself always.
I bought this book on the recommendation of another member, for whose ability I have a great deal of respect, just before the EU rules changed regarding leverage etc and had thought the rule changes would render it useless. I was very pleasantly surprised to be proven wrong.
Unfortunately (for whatever reason) he seems no longer to be a participant here and I was hoping to find someone or a small group who actually Have read it, since this approach seems to work well in trending markets as well.
Recently I had a windfall prize courtesy of the babypips site and am considering investing it in one of Al Brooke’s books, which are favourably compared by many in the Amazon ratings. They are however quite pricey in comparison.
Thanks for your comments, but I’m finding Candlestick charts on pretty much every page where he is discussing charts - and on the pages 250 to 381 inc. , There are 3 charts on every side, where he goes through the whole of the 5 minute charts for an entire 6 months of the EURUSD discussing entries and exits for every single day for six complete months - around 400 “Candlestick charts” in just those pages.
Perhaps your “extracts” are poorly selected ?
A difficult read ? yes - as I said, he keeps strictly to the point of his book and does not spoonfeed knowledge which can be obtained elsewhere on the internet, or through books. That is one of my “Plus points” for the book.
As I said - it may not be suitable for newbies unless they are prepared to work very hard at it !
Today, I missed a potential long at around 1.1576 a short while ago.
Frustrating, but I’ll obey the dictate “Let it go” - I’ll watch it of course just to see whether it would have worked, but I won’t claim the hypothetical pips nor take the hypothetical loss.
[Edit - well it has just passed the 20 pip target by 3 pips, so I assume that would have been closed for a “win” - Just uder 2 hours would have been spent in the market. ]
It’s been quiet from the point of view of taking trades on his basis.
However, about an hour after missing a “maybe” trade today, which I identified - but wasn’t at the screen when it triggered, (it would have won ). I got another chance. Quite late in the day tho’ and although it went around 10 pips my way, it reversed and came very close to stopping me out, but didn’t. I eventually scratched the trade for + 16 cents (I’ve manipulated the “Bet value” so it equates to around 50 cents / pip - so although it says I,m betting $200, my maximum loss before the stop kicks in is around $5. my TP is $10. [ note that is double the stake I had on that winner a few posts back.]
I am calculating that $5 per 10 pip SL - equates to his 2% risk on a $250 account. With the new EU rules - I may need a little extra “Comfort money” in the account, but that is the basis of my betting at the moment. - THIS is a DEMO account !
You’re very welcome mate - Though the thread is for me as much as anyone else
This book is completely unlike any of the “Price action” stuff you will see on you tube and I expect in other books. If you want something like teh you-tube vids then this book is not for you.
However with Risk;Reward at 1;2 - just like they are - so what ?
Clearly I am very novice in this type of trading, but I’m liking what I’m seeing so far !
It’s been very quiet and I’ve been busy, but thought I’d just pop into the thread and say we’ve only had 50 pip range today, Missed a signal earlier and was feeling so frustrated I had a trade on a signal which really wasn’t - It had no less than 3 “don’t trade” signals against it - but I suppose I just had to have a go - Lost 10 pips !
Doubly annoying because that was my first actual “loser”
