A few months back, whilst doing some research on trading and educators as part of my on-going courses/reviews bit for The Armchair Trader, I came across an Aussie guy called Scott Phillips who, from the daily emails he began sending me after I signed up to his Price Action Masterclass, seemed to be shooting fairly straight and sounded like he knew his stuff about trading.
I put some of those emails on the website earlier in the year – which you can find in the Diary of a Trader section, along with our daily posts from Mark Wogan.
I sat and listened quietly for several weeks, posting the odd email to the site, and reading Scott’s emails which were (are) invariably littered with links to buy one or two of his products, typically a Price Action Masterclass priced at $99 and a System Builders Masterclass at $599*. This week, ahead of some more bespoke involvement from Scott next week here on AT, I had a chance to review his Price Action Masterclass.
First Impressions? Positive.
Now, before we go any further – full disclosure. We are an affiliate for Scott, and so if you buy a product from Scott, we here at The Armchair Trader get a percentage of the sale price. Hopefully, from other trading course reviews posted here on the site you’ll find our approach to be independent and fair. We won’t say that a course is good unless we really believe it.
Price Action Masterclass – Breakdown
The course is broken down into several sections. There are some PDFs you can download and print off, but most of the content is video based and accessed via the web. The website is mobile responsive, but I’d suggest it’s best viewed on a tablet or a desktop rather than a mobile. The course content looks like this:
- Introduction & PDF download
- Reading price action without indicators (speech video)
- Trend or range?
- Talking Indicators
- Trading Ranges
- Vacuuming in the Trading Ranges
- Psychology Underpinning Trends
- Telltale Clues
- Recognising Counter Trend Price Action
- End of Trends
- Tops and Bottoms
- Short Term Volume Spikes
- Dow Theory
- Opening Gaps
- Intraday Trading Example (of the S&P500)
- AUDUSD Tape Reading Example
- Soybean Oil Tape Reading Example
- How Should I Trade?
- Three Drives Pattern
Firstly, as a somewhat experienced trader, I have to admit to skipping over quite a bit of the initial information in the first few videos as a lot of this is vaguely familiar to me, and I don’t find it easy to watch lengthy pieces to camera.
However, it does serve as a good reminder, and a lot of the content in those first videos is in the PDF download to review at leisure.
The Good Stuff
The real good stuff for me comes around section six onwards – The Psychology Underpinning Trends.
From hereon in, there are several good videos, varying in length from 7-20 minutes, mostly using charts, which give some good examples of understanding price action without using indicators.
There’s some good material in the Intraday Trading Example which uses the S&P500 as the example instrument, and likewise in the Tape Reading examples.
Several hours of footage and, quite honestly, a fair bit of time and effort has gone into producing the whole course; it’s not one of those ten minute ebook piles of garbage which you regret buying after nine minutes.
The course talks about manual entries and exits, reasons for getting into and out of trades and cites real-world examples of how price action unfolded and what the results were.
It’s not real-time but there’s little benefit in that anyway in this context, and real-time would be undeliverable anyway, certainly at this price point.
Price Action Masterclass – in Summary
So, who is the Scott Phillips Price Action Masterclass good for?
I’d say much as Scott does; if you’re an experienced trader (by that, I’d say if you’ve been trading part time for 12 months or more) who is still struggling to be consistently profitable, still wanting to refine manual entries and exits, understand a bit more about what drives price and see some real examples, then I’d say the course is for you.
It’s not for a complete beginner, that’s for sure, but if you’ve been trading for 12 months or more then I’d say you’ve probably learned enough for it to be suitable and beneficial.
I’d say that for your $99, it’s incredibly good value and offers some real insight into how Scott himself trades, as well as giving practical techniques that could be applied to your own trading.
You can buy the Scott Phillips Price Action Masterclass on the link below. Please use this link as it’s tracked, so we get credited with your referral.