al brooks is not a profitable trader imho but a profitable guru
I bet he's already thinking what bullshit he can write next
I bet he's already thinking what bullshit he can write next
Al Brooks Trading Best Pice Action
- Thread starter Ares
- Start date
For all except a few authors, there is not much money in writing books. As a published author, I can tell you that. I give my yearly royalty check to charity--it is nice write off on my taxes.
The big money in trading gurudom comes from doing seminars charging hundreds or even a couple of grand a pop. Wade Cook was a master of that. Larry Williams, too.
where does it say this on the ib website?
there is a slight but profound difference in CL versus 6E
CL will often, very often blow right thru trade-entry signals and never look back for a second chance. You might get stopped out two - three times for small losses but only need one solid win to profit overall for the sequence. Then on what would be the overall winning trade, you miss getting filled and cannot find a strategic way in.
Secondly, CL tends to slip stops often, and sometimes will slip -$50 to -$200 per contract when things get wild. One time I had a one-lot CL position slip -30 ticks / -$300 per contract into 10am econ news.
6E does not do either of those to that degree. It is far more methodical and much less wild than CL. The wildness of CL will lure less experienced traders into bad habits: chasing fills, then trigger shyness, then choking stops or scalping out before price slams them again.
All those behaviors lead to loss and ruin. CL trading is for highly capitalized, highly experienced traders only
CL is also one of the most emotionally traded, least HFT traded instruments.
That's why I like HFT.
That's why I like HFT.
Quote from austinp:
The wildness of CL will lure less experienced traders into bad habits: chasing fills, then trigger shyness, then choking stops or scalping out before price slams them again.
All those behaviors lead to loss and ruin. CL trading is for highly capitalized, highly experienced traders only
True, if you don't have a complete plan, the ability to follow it, and at least $20K per contract traded, don't even consider trading CL.
For anyone thinking of believing the negative Brooks' posts on this site, his price action tactics are golden. GOLDEN. Take the 3-6 months necessary to study his book and master the concepts. Build a trading plan. Practice trading it. Trade it live.
You will find comfort and profitability with such consistency that it will seem surreal, day after day.
But you have to do the work. There's no magic that will come from simply reading the book and getting annoyed because it's poorly edited, poorly laid out, and the charts require a magnifying glass to see.
yeah..it's so golden you're still trading 1 lot...why haven't you put your money where your mouth is,, if it's sooooooo good...