Al Brooks - Al Crooks, Charlatan
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In other words...he thought he knew a lot but really didn't anything. Anyone with any real-life experience will tell you that one of the biggest causes of failure is thinking that you know it all.Just watched part of an Al Brooks video on youtube where he talks about how he lost money for 10 years before he became profitable. Then goes on to say it took so long not because he wasn't smart enough, but because he was too smart.
What???That makes no sense. It's like saying you bombed the SAT because you were too smart. "Yeah, MIT wouldn't accept me because I'm too smart." LOL! Seems like delusional thinking.
Other highlights included:
"I see 40-50 trades a day on the 5-minute chart, they're just all over the place"
"Most traders at Goldman Sachs have no clue what I'm talking about. But it's real, it's very real"
Then goes on to point out some hindsight trades saying you could just buy here with a 4 point target and go out and take a walk. Yeah sure.... and do it on 100 lots and make 20k, right? LOL..... And of course no one at Goldman has a clue what he's talking about..... they aren't trying to daytrade eminis. And 50 trades a day, yea right that's a brokers dream come true.
Sorry but I can't believe this guy makes a living trading.But I don't know if he's a cynical con-man like some other vendors.... he sounds like a true believer in what he teaches.
This from 2009......
Al Brooks, 56, is a self taught/self made day trader who has traded for his own account for 20 years. He started out in medicine after attending the University of Chicago, where he also did his ophthalmology residency. The pull of trading was with him early, as during his entire stay in Chicago, he always wondered if he should drop out and work on the floor of the Chicago Mercantile Exchange. But he continued his medical career and taught for a year at the Emory University School of Medicine and then practiced in Los Angeles for about 10 years. During his academic years, he published more than 30 scientific papers and regularly presented his work at national ophthalmology meetings. In Los Angeles, he built one of the first Medicare-approved eye surgery centers in California and performed thousands of operations in his office OR.
After his twin girls were born, and then with three girls under the age of 15 months, Al decided to leave medicine. He sold his practice, moved to a small town outside of Sacramento, stayed home to raise his daughters, and started trading.
Looks like he quit medicine around age 40, right after his twin daughters were born. That would coincide with his house being listed as last sold in 1996.... that was when he bought it. Wow.... with 3 infants at home...... it doesn't seem like the best time to take a leap of faith and quit your well paying job to (hopefully) become a daytrader.
Most likely he's a stay-at-home dad with a daytrading obsession who became a vendor in order to make ends meet. That's what I would bet on.
Al Brooks, 56, is a self taught/self made day trader who has traded for his own account for 20 years. He started out in medicine after attending the University of Chicago, where he also did his ophthalmology residency. The pull of trading was with him early, as during his entire stay in Chicago, he always wondered if he should drop out and work on the floor of the Chicago Mercantile Exchange. But he continued his medical career and taught for a year at the Emory University School of Medicine and then practiced in Los Angeles for about 10 years. During his academic years, he published more than 30 scientific papers and regularly presented his work at national ophthalmology meetings. In Los Angeles, he built one of the first Medicare-approved eye surgery centers in California and performed thousands of operations in his office OR.
After his twin girls were born, and then with three girls under the age of 15 months, Al decided to leave medicine. He sold his practice, moved to a small town outside of Sacramento, stayed home to raise his daughters, and started trading.
Looks like he quit medicine around age 40, right after his twin daughters were born. That would coincide with his house being listed as last sold in 1996.... that was when he bought it. Wow.... with 3 infants at home...... it doesn't seem like the best time to take a leap of faith and quit your well paying job to (hopefully) become a daytrader.
Most likely he's a stay-at-home dad with a daytrading obsession who became a vendor in order to make ends meet. That's what I would bet on.
At times the 5 does, and at times it doesn't (regarding S & R), as is the case with all time frames. I'll often place a fade order if I think the signal is weak or a big range bar,(thinking there might be a second test), and reduce my size so that my stop is the prior PP, which will often be evident on higher frames as well as the current. If my fade limit doesn't get hit, I'll enter the breakout. If and when the play does break my way, I will complete my size (or enter full size if my fade wasn't hit), and adjust my stop to the most recent PP of the time frame I enter on (regardless of whichever time frame that might be). I'll often exit the partial fade entry if the next bar takes out the bar I faded, thus keeping my loss very small. The first risk (according to Brooks) with which my size was determined was initial. My new stop is now my actual risk. He is quite clear on that. And why would a major institution who, along with other major institutions, which may have started buying or selling, decide to come back and hit the stop of one or two hapless daytraders? Brooks also discuss this. Seriously, read the newer books (or have you?). If you have, I'll stop responding to you.
I was extremely intimidated by all the hype about HFT destroying daytrading a few years ago. Brooks spends so much time on HFT and computer trading in his current editions, that I am beginning to think it might be an advantage to day trading.
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I would agree with you if he was charging the prices Pristine does, but he doesn't. His following just isn't that big. I doubt he made much, if anything for his Futures articles.
Markets are fractal. The time frame doesn't matter. He also states this, and provides examples in his books.
It's bizzare watching folks cling to untested and frankly very suspect teachings because it fits with their already established view of the markets. Actually its sad.
If anyone truly wants to learn how markets truly work --- get a mentor who is a proven entity in trading. Use altuchers step by step process to find such a person. You need to stop being so naive --- folks wanting to sell you have alternative motives to make their stuff as sellable as possible.
surf
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