I don't think that is accurate because the same time he talked about the friend who made 10 ES pts. daily he also quoted the friend (as smilingsynic said) as saying even a relatively new trader should extract 6 pts. daily which Al said shocked him. Anyone who thinks that even the talented trader who, with hard work, is destined to do well over time is likely to consistently take 6 pts. daily from ES anytime in his couple of years is, IMHO, delusional. It must be repeated that Al did not subscribe to the 6 pt. theory for the novice.
Al brooks says breakouts provide the largest edge for a trader yet...
- Thread starter ChkitOut
- Start date
You think 100k/yr is killing it in the mkts??? 
Aren't you the one moving down to Palm Beach and who has recently posted pics of large yachts?
You claim to know so many bigshots in the industry, I find it hard to believe none of your "friends" are able to make 100k/yr
Aren't you the one moving down to Palm Beach and who has recently posted pics of large yachts?
You claim to know so many bigshots in the industry, I find it hard to believe none of your "friends" are able to make 100k/yr
Quote from R. Raskolnikov:
You think 100k/yr is killing it in the mkts???
in reality, yes, it is killing it. if you made 100k say 3 years in a row, that is not only killing it, that is actually entering the realm of the elite.
why? because the failure rate is so dismal, if you can demonstrate that kind of positive outcome, you're on top. sizing up, is the next step but yes, you are killing it, no question.
sizing up and taking advantage of a scalable approach is not what I meant. I guess I'm only looking at the 100k figure alone but, of course, if you are able to pull in 100k/yr for 3 years in a row and COULD HAVE traded, say 5x the size without disrupting the mkt, then that is another thing entirely.
I've been day trading since 1998, so maybe my opinion is too biased. Maybe making 100k/yr nowadays for less experienced traders is harder than I think. I'm not against admitting that I may be or am wrong.
I've been day trading since 1998, so maybe my opinion is too biased. Maybe making 100k/yr nowadays for less experienced traders is harder than I think. I'm not against admitting that I may be or am wrong.
Quote from R. Raskolnikov:
You think 100k/yr is killing it in the mkts???
Aren't you the one moving down to Palm Beach and who has recently posted pics of large yachts?
You claim to know so many bigshots in the industry, I find it hard to believe none of your "friends" are able to make 100k/yr
You need to know your audience. Folks attracted to al brook type of obfuscation are 99% losing in the markets. 100k is like a dream for most if not all at home retail traders in today's market. Save the glory day day dreams comments--those days don't exist today.
Correct, I know not one retail at home trader earning anywhere near 100k as an average guy. Clearly there are likely many who started from a position of wealth that can do it-- but the wealthy I know invest and don't trade personally.
Hmm, odd thread.
To the OP: his second book (in the new three-book set) on trading ranges talks at length about breakouts. The book is over 300 pages. Maybe that gives you some food for thought. Additionally, he talks about breakouts throughout all of his texts. It's almost an overarching theme.
So, as to the rest of this discussion: has anyone actually read his books (or at least one of them) in their entirety? I understand that the main point here seems to be that Al provides no live trading results and supposedly makes claims that can't be verified. (I don't know whether this is actually true as I don't participate in his forums or chat rooms) However, after having studied his material and used his methodology to augment my own I find that worrying about Al's friend's contract size or about what the guys on Al's forum make is sort of like looking at the finger pointing at the moon.
I like what Al has to say in his texts. A lot of it resonated with what I already knew and some of it explained why what I knew worked the way it did. FWIW, Al's methods are, without doubt, very enriching. They provide an organized way of looking at things, show concrete reasons to base one's judgments and allow one to quantify risk. That is, if one takes the time to study them.
Now, as to what Al or any of his "students" make, I could give a shit. Ok, maybe two shits. Seriously, while the crowd is clamoring about someone maybe making 20 or 100K using Al's methods, someone else out there is busy doing work and really is making a killing.
/Wulfrede
To the OP: his second book (in the new three-book set) on trading ranges talks at length about breakouts. The book is over 300 pages. Maybe that gives you some food for thought. Additionally, he talks about breakouts throughout all of his texts. It's almost an overarching theme.
So, as to the rest of this discussion: has anyone actually read his books (or at least one of them) in their entirety? I understand that the main point here seems to be that Al provides no live trading results and supposedly makes claims that can't be verified. (I don't know whether this is actually true as I don't participate in his forums or chat rooms) However, after having studied his material and used his methodology to augment my own I find that worrying about Al's friend's contract size or about what the guys on Al's forum make is sort of like looking at the finger pointing at the moon.
I like what Al has to say in his texts. A lot of it resonated with what I already knew and some of it explained why what I knew worked the way it did. FWIW, Al's methods are, without doubt, very enriching. They provide an organized way of looking at things, show concrete reasons to base one's judgments and allow one to quantify risk. That is, if one takes the time to study them.
Now, as to what Al or any of his "students" make, I could give a shit. Ok, maybe two shits. Seriously, while the crowd is clamoring about someone maybe making 20 or 100K using Al's methods, someone else out there is busy doing work and really is making a killing.
/Wulfrede
And, of COURSE, if you don't know someone who does then it cannot be happening, right? LOL, this is the same argument you always throw out there.
I personally know 2 other "at home" traders who make more than 100k/yr. You know wealthy people who only invest. We all know people who do different things, I don't think that's so strange.
I personally know 2 other "at home" traders who make more than 100k/yr. You know wealthy people who only invest. We all know people who do different things, I don't think that's so strange.
I agree about Al's take, but you are wrong about the success of his students. Al could be a bad trader and still a good teacher. Or a good trader and still a bad teacher. One reviewer on Amazon (since you asked about his books) correctly pointed out that ANY trading book worths as much as it can enhance your trading.
If the book doesn't help you with your profits, than it is worthless. And that is exactly why Al's students' success is important. It provides a valuable statistics. You see if we go just by ChkitOut's experience, Al's books are a piece of shit. But if we throw in a bunch of successful students' experience, the books might be pure gold.
That simple....
So you admit that these 100k plus at home retail traders were wealthy to begin with from a biz, good job, family, or spouse prior to making the consistent 100k per year.
I am interested to see ONE example of an average guy who started from very little who is now making 100k per year trading with trading being the only source of income--- it doesn;t exist.
surf