I’m still in the study phase of Bob Volman’s forex price action scalping method, which is the reason for a lack of trade journal postings on my blog. I’ve recently read the book twice and made detailed notes on the second reading. Now I’m working through my notes, making notes of notes, then it will be on to notes of notes of notes, then likely a third reading with my consolidated notes in my mind. I have done a few rehearsals looking through Bob Volman’s dropbox trades and traderAllens trades on his forum, but nothing like I want to do before going to the live charts.
At the end of Chapter 15 ‘Unfavourable Conditions,’ (Referring to the use of aggression or prudence in our trades), Bob writes, ”Bear in mind that the technical edge in trading, as much as it is the key to survival in the markets, is quite a dubious phenomenon as well. In contrast, the edge in a game of roulette, just to name one, is evident. It will surface. In trading, however, the edge is much more a personal perception than it is a statistical certainty. And it could be totally off. In the face of such ambivalence, how could a trader ever trust his own perception and back it up with capital to boot? Quite simply: he studies, rehearses and experiences. And then he studies, rehearses and experiences some more. There is no way around it. The committed trader who is truly determined to turn his scalping ventures into a proper business will find his edge, and his own way of trading it, eventually.
Also as a side note, I’m also reading, ‘ Fooled by Randomness,’ by Nassim Taleb, an interesting book about the role of chance in life and the markets. Some long words to get through, but still a good read.
Also 2 more excellent articles by James Clear, Read this article on JamesClear.com and Read this article on JamesClear.com and a truly interesting traderspodcast number 297 this week Ep 297 – The Journey to Become a Full-Time Trader . Also enjoying Shonn Campbell’s fxinventory postings on his blog at http://tradinglifeownit.wordpress.com/ which leave you with plenty of food for thought on stop hunts and such.
Well back to the study now. I’m outta here!