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I agree 100%, but let's give him the benefit of the doubt, for what it's worth.

I have nothing against the guy personally. I've skimmed through his works, and found nothing of value for my style of trading. Since this is an Al Brooks thread, let's take a key excerpt from one of his articles and try to create something we can scientifically validate. If anyone here can...

Homophobes are usually homos

It matters if you're considering daytrading in lieu of college like OP. It doesn't matter if you're a 65 year old male collecting a railroad pension check, piggybacked with a SS check.

To be honest, this is a generic number that's tossed around frequently. I'd estimate the long-term success rate for an independent daytrader is less than 1%

And what specifically have you contributed to society?

There's not many people I don't respect, for what it's worth. I could write a book about proper algo design, but I'll try to answer your question concisely by listing what I feel are critical elements/requirements. Catalysts Volatility Volume Data mining Predictive modeling Signal processing...

In the HFT space, this holds true. Outside of that, there is a multitude of clever designs that can trade as little as a few trades per day, depending on conditions.

If you think algo trading is just applying indicators and backtesting, you've been misled. I wish it was that easy.

Ok, so where would you manually have exited if it didn't revert and kept going up? These aren't decisions you want to be making in a fast runaway market.

This pretty much sums it up. Without a true understanding of signal processing, don't dare jump into the whipsaw. Donate your money to charity instead.

You're a funny guy volpri. I stand firm on my opinion, but forgot to add overcomplicated before horseshit.

All horseshit with no quantitative basis.

Imagine no tail, and your stop did get triggered, and after that, it went up 5x the bar length and never came back. You getting the point?

HARD Your brain is slower than a supercomputer. This is one thing you don't get cute with.

Regardless of the general consensus, I believe that it generally pays to be somewhat a "jack of all trades". Really hard to starve if you're willing and that full of knowledge. If you threw me out on the street naked and broke, I have no doubt that I'd produce income within a matter of days.

Your response lacks conviction. Take a good look at your past samples/trades and testing/execution capability.

What's more relevant is whether he truly has a competitive advantage, or not. No edge, no trading career. Forget all the psychology risk management bullshit. Easy fix for that.

It's best not to perceive bottoms, or tops at all. Euphoria and capitulation appear obvious only in hindsight. Best to build a model that navigates within the unknown extremes.

Enlighten us then. Tell us how you paved your way out of the rat race, to financial freedom, working a "real job".