Quote:Originally Posted by Scotty BAs I have found, it’s pretty much impossible to take the things learned from all the sources floating around here; Harris, Lyons, Osler, Ect and effectively sublimate them into a profitable trading strategy. I felt for a long time about those I just mentioned like pip and mark feel about me. They passed on a lot of good information, but it’s hard to see examples of what they are talking about in the market. Have you noticed in the Harris book in the discussion about how orderflow impacts prices that no examples are given?…
Trading is an art not a science so it is difficult to say, read a book and automatically bang develop a profitable truly order flow based system.
Harris’s book is very good, but it will not automatically get you to where you want to be. Applying the knowledge in the book took me around 6 months. Everyone gets different things out of the book because we all have different personalities and are coming from different mindsets and are at various stages of personal/psychological development.
The most important chapters(to myself at least) were Chapters 4,8, 10,11,12,15,16,17. He does give examples but it is natural to initially struggle to comprehend how you could possibly apply it to the forex market. You are after all going up against the best of the best, with talent and liquidity all across the globe, all fixated and trying to figure out where the eur/usd(or any currency) is going to go. They are still human beings and are highly susceptible to emotions of fear/greed and are thus inefficient at best.
I understand people have a tough time applying the material to the market but it is a learning process. You need to read, apply, think deeply about the market and its basic structure/micro structure, rinse and repeat. You apply and come back every few days and reread and re apply. You do that for a few months and you still start to discover the opportunities that eluded you previously. You will be able to read the book again and notice that your mindset has started to change and can interpret the information much better that time around.
Not everyone can make it. Over 90% will fail if not far higher, either because they didn’t have the commitment to break through the innumerable barriers, or they discovered that this particular trading mindset didn’t fit their personality and found some other way to trade.