Al brooks says breakouts provide the largest edge for a trader yet...
- Thread starter ChkitOut
- Start date
Think outside the box..obviously that friend of his is not trading only one contract.
Simply, if his friend is trading "multiple contracts", its very possible to achieve 10 points per day/average while trading the Emini ES futures assuming we're talking about the Emini ES futures. Think about that carefully because its very common to see 20 - 100 contract trades multiple times every trading day for something that's highly liquid like the Emini ES futures.
There was a guy here at ET that use to do such on a consistently basis on "most" trading days accordingly to him. Some said no way and dared him to prove it. Soon afterwards he showed up in an IRC chat room and proved it in real-time for about 4 months via trading multiple ES contracts per trade...he also posted an occasional brokerage statement to validate what he had posted in real-time in the IRC chat room. Hint on his username: AMT4SWA
Yeah, once in awhile he had big losing days but still maintain that overall number of ES points per day. Yet, give credit to the volatility back in those days...it was very high. Therefore, the range in Emini ES futures was very large and he really didn't need large position size to achieve a large number of ES points per day.
Do you know what the average contract size per trade and if its over 10 contracts per trade...yeah...its possible to achieve 10 points per day in the Emini ES futures even in today's low volatility market conditions assuming that friend of Al's is trading multiple times per day ?
Can Al's friend or anyone else continue doing such for many more years...don't know because I think every profitable trader eventually hits a drawdown period or difficult trading period where they aren't even near their past profit levels. Regardless, I've seen it done before and that's why I believe its true if Al saids he has a friend that can do it solely because I've seen it done too.
Quote from Pekelo:
OK, but here is missing the "per contract" qualifier, which would make the claim absurd.
And at least he didn't say his friend was using his (Al's) strategies, did he?
no he didnt mention the strategy he was using.
all he said was his friend was making 10 pts per day trading i believe 13 contracts because that was his comfort level.
Quote from wrbtrader:
Think outside the box..obviously that friend of his is not trading only one contract.
Simply, if his friend is trading "multiple contracts", its very possible to achieve 10 points per day/average while trading the Emini ES futures assuming we're talking about the Emini ES futures.
Think about that carefully because its very common to see 20 - 100 contract trades multiple times every trading day for something that's highly liquid like the Emini ES futures.
There was a guy here at ET that use to do such on a consistently basis on "most" trading days accordingly to him. Some said no way and dared him to prove it. Soon afterwards he showed up in an IRC chat room and proved it in real-time for about 4 months via trading multiple ES contracts per trade...he also posted an occasional brokerage statement to validate what he had posted in real-time in the IRC chat room. Hint on his username: AMT4SWA
Yeah, once in awhile he had big losing days but still maintain that overall number of ES points per day. Yet, give credit to the volatility back in those days...it was very high. Therefore, the range in Emini ES futures was very large and he really didn't need large position size to achieve a large number of ES points per day.
Do you know what the average contract size per trade and if its over 10 contracts per trade...yeah...its possible to achieve 10 points per day in the Emini ES futures even in today's low volatility market conditions assuming that friend of Al's is trading multiple times per day ?
Can Al's friend or anyone else continue doing such for many more years...don't know because I think every profitable trader eventually hits a drawdown period or difficult trading period where they aren't even near their past profit levels.
to be honest, im not sure what you're getting at.
either
a) he is making 500 dollars a day (10 pts x 50 dollars per pts 12.5 per tick x 4 ticks = 50 dollars = 1 pt) and using 13 contracts to do it, as in averaging in and out with 13 being the max.
OR
b) he is making 6500 per day ( 50 x 10 x 13)
When Al said his friend was stuck at 13 contracts but making 10 pts he mentioned something to the effect of 'you can see thats still a lot of money'
so clearly he was talking about option b. which is of course impossible.
What I'm getting at is that you don't know for sure what exactly that number 13 contracts are being applied. That's why you gave the above options and you didn't mentioned when such occurred (e.g. years ago or now). For example, if Al was talking about his friend trading Emini ES futures many years ago when volatility was high...my guess is option B.
Yet, if Al was talking about his friend trading in today's market conditions for Emini ES futures...my guess is option A.
Simply, why bark its "not possible", "not true", "claims", "so bizarre" if you yourself don't even know all the facts.
P.S. $500 per day / 10k per month / 120k per year is very good income in today's tough economic times especially if you have no debts.
Quote from wrbtrader:
Simply, why bark its "not possible", "not true", "claims" if you yourself don't even know all the facts.
and therein lies the problem. for a guy that talks and talks and talks and writes and writes and writes, and talks some more, and writes some more. we still dont know much. its all a hazy dense fog.
http://en.wikipedia.org/wiki/Obfuscation
Quote from ChkitOut:
he also said the friend that makes 10 pts a day stays at i think 13 contracts is what he said, because that is his 'comfort level'
if im making 10 pts per day for years, you better believe my comfort level is going higher than 13 contracts.
its all so bizarre.
So >$1.6MM trading 13-contract size. No. It would be impossible at 30-vol, let alone the current environment. Look at the realized vol in the SPX. Of course, Hershey's comments that he does 6x the ATR makes him an imbecile, and he's lost money every year for decades. This guy is simply delusional.
even option A of $500 a day or $2,500 a week would be over $100,000 a year
I'm sure any of Al's followers would be extremely happy with that result
but all that talk is cheap, anyone in this forum can claim to have a "friend" who is killing the markets daily
unless Al wants to get into specifics and have his "friend" quantify that statement with some proof, then he should not even get into making such claims
because random comments of "I know this person or that person", without any substance, can give readers the impression he is just trying to build hype around he and his teaching services.
I'm sure any of Al's followers would be extremely happy with that result
but all that talk is cheap, anyone in this forum can claim to have a "friend" who is killing the markets daily
unless Al wants to get into specifics and have his "friend" quantify that statement with some proof, then he should not even get into making such claims
because random comments of "I know this person or that person", without any substance, can give readers the impression he is just trying to build hype around he and his teaching services.