I hate to say this because I might be hurting people that sell live trading.. but it's kind of illegal to call exact trades in a live room if you are charging someone.. That's the reason why you don't get exact trades from him..
Al Brooks, I apologize..
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I hate to say this because I might be hurting people that sell live trading.. but it's kind of illegal to call exact trades in a live room if you are charging someone.. That's the reason why you don't get exact trades from him..
I don't care if I'm turning wheels around.. If things are working why should someone stop? Price action doesn't change according to people that have traded way longer than me (and I've been at this for 8 years).. I major in price action, nothing more...
It does happen.
I don't trade stocks, but I did take a trial of a brilliant equities room where the calls made (audio) could not have possibly been more transparent and timely which was really refreshing to see.
The point here is that a lot of people think they've mastered trading just because they got a new insight. And because a light bulb went off, so to speak, they think that they're now a trader or close to being one.
It's great for you that this book opened your eyes in some way, but is it actually producing results?
Reading yesterday's chart bar by bar and being able to tell the story of what happened is quite different from trading a live market profitably. That's why I'm skeptical when people think they've learned more than they actually have.
As for my own trading, I'm not really active, but I have a trade that I've detailed in the thread, "Why are oil prices so low?". Check it out if you're interested.
It's great for you that this book opened your eyes in some way, but is it actually producing results?
Reading yesterday's chart bar by bar and being able to tell the story of what happened is quite different from trading a live market profitably. That's why I'm skeptical when people think they've learned more than they actually have.
As for my own trading, I'm not really active, but I have a trade that I've detailed in the thread, "Why are oil prices so low?". Check it out if you're interested.
The point here is that a lot of people think they've mastered trading just because they got a new insight. And because a light bulb went off, so to speak, they think that they're now a trader or close to being one.
It's great for you that this book opened your eyes in some way, but is it actually producing results?
Reading yesterday's chart bar by bar and being able to tell the story of what happened is quite different from trading a live market profitably. That's why I'm skeptical when people think they've learned more than they actually have.
As for my own trading, I'm not really active, but I have a trade that I've detailed in the thread, "Why are oil prices so low?". Check it out if you're interested.
The reason why i asked is because you probably wouldn't understand if you aren't trading everyday.. No light bulb has went off.. It's just an add on to what I was already doing.. Al brooks never taught me how to trade.. And it wasn't from the book, it was actually from watching one his videos.. I learn better from videos..
He doesn't owe you anything. No one owes you anything on this forum. He posted what are his opinions. Take it or leave it.
It's great for you that this book opened your eyes in some way, but is it actually producing results?
I always thoughts forums were made to exchange ideas. You can have as simple as when X crosses Y, one trader manually tests it over three months and gets incredible results and another may test and code using tick data going back ten years and gets horrible results, who is right? There is not right or wrong, there are only right for you if you can alter with money management rules to cause profits from that.
Most know system where you buy breakout of highest high past 28 days or breakout lowest low last 28 days, if you have a $5,000 account, chances are you can't trade much and have to be extremely careful of what you trade cause of capital restrictions, if one goes by 2% rule protective stop-can have sustained drawdown before or if profitable trade appears, but you have a one million dollar account and drawdowns are very manageable and during same time period very profitable. So which is right?
I come here generally to find new ideas, have made few friends and if I can return giving out ideas, so be it. P&L, tax returns LOL pretty soon someone want to know how big is something else.
And I read Al Brooks book three times, tossed it fireplace, if I have to study something that hard, I will never get it or add it to what I do now.
I have extensive experience day trading ES, but currently I'm not an active day trader. I am however planning to get back to it. Currently just swing trading.
FWIW, I read Al Brooks first book several times and I did feel that I got some value from it, but overall, I don't think it's a complete framework for putting together anything profitable. More like a little part of the puzzle.
For instance with the ES, I think it's far more important to be focusing on the big picture, i.e., how price moves between levels, where did we open in relation to yesterday's close, big gap up, small gap up and so on. If I remember correctly, Al is more focused on bar-for-bar approach which I think is a little too narrow minded, unless you're in fact scalping just for ticks.
Hence why I was curious if it had actually produced any tangible results.
Well, I wasn't really serious about the P&L, but I was serious about if it actually had produced a result as in improving his P&L, which in the end is all that matters.
Since you mention sharing ideas, what ideas has really been shared here? Maybe this thread would be more interesting if we could get some of the specifics of what's helpful in the book?
If an educator doesn't have the proper certifications, he/she will open the doorway to litigation if they have a fee service that specifically tells paying clients when to buy and when to sell something. It's a dirty part of the industry that organizations like the SEC want to clean up.
With that, in my opinion Al Brooks doesn't fall into the problematic educator category. I've seen brief summaries of Al's background and I've never read anything that "imply" or specifically state he's a CTA or whatever it is that's needed to do what people say he's not doing...charge a fee for a live call service. Al Brooks does not have a live call service...that's the fact about why he doesn't make live calls.
Yet, in fairness, he can make live calls but he can't charge a fee for such and/or he needs to be clear these are "his" trades and that he's not telling others to mimic his trades. Simply, the purpose of the live calls would be to show he can make them and nothing more...it would then be more of an ego thing or to help his own trading or both via making a public record of such...similar to Elitertrader.com trade journal section.
Also, doesn't the Brooks forum website specifically state he's not the one that started the chat room when in fact the chat room is started by those that use his method and those folks then "negotiated" with Al to show up to give a daily webinar ? I assumed that means those folks that started the chat room for a fee...its a chat room specifically for the purpose to educate traders about the Al Brooks method. These folks (those that started the chat room) then pay Al Brooks a fee to show up.
Yet, confusingly, soon after that forum (the one that's the portal to the chat room that imply Al did not start the chat room) showed up...Al Brooks himself started his own website in contrast to the discussion forum started by others and at Al's own website he refers to the chat room as "his chat room". Further, confusingly, at Al's own website he then said "Al Brooks online day trading room is hosed on the totally independent Brooks Price Action website".
I'll cut him some slack about the confusing info about the chat room via that he's more of a trader instead of someone that gives coherent easy to understand speeches.
Regardless, I've seen on twitter and stocktwits folks using Al Brooks trade method making live calls here and there...some traders are profitable and some are not profitable. The point I'm making is that live calls are being made and sometimes broker statements are shown...just not by Al Brooks himself.
This reminds me of folks like the ET member name Buy1Sell2 that demand proof via live calls by other members here at ET that freely share their methods when in fact live calls are being made...just not in the location they're attacking members and not in the format they wanted. The problem is that when someone specifically tells them where to look (not here at ET)...they refuse to look (research) places like twitter, stockwits and other locations as if Elitetrader.com is the only trader forum in existence. Geeesh, how difficult can it be to type a keyword search in these other places to see whom is discussing a particular trade method and then research further to see which of them are making live calls.
Simply, regardless to the method being taught here are ET or discussed about someone that's an educator...there are some traders that are learning these methods...they are the one's posting live calls on places like twitter, stocktwits, facebook, chat rooms not associated with the educator and other social media locations although they aren't required to do such. As to those that demand live calls, my guess is that these folks really aren't interested in live calls but try to use it as a "gauge" because they've seen others make similar like requests too in their troll like debates with the educator.
Some educators make live calls, some educators don't make live calls and those that don't...you can find students of educators that do make live calls.
P.S. I've read all of his books and I then donated them to the local university business school that has a large private section on educators trade methods. Confusing read but you'll understand the explanations if you "already" know price action trading because I had to dig deep into my memory bank to grasp the concepts. Yet, anything I didn't understand...I easily figured it out via a simple Google search.
P.S.S. I'm curious what ET would be like as a trader forum if folks didn't give any brief insights into their trade methods and personal trade experiences.
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