Yes, that's why he is not a rich man.
But what about his p&l statement ?
He's not making money in trading, I hope all his readers realise that.
BAR BY BAR -- Al Brooks
- Thread starter Swan Noir
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Yes, that's why he is not a rich man.
But what about his p&l statement ?
He's not making money in trading, I hope all his readers realise that.
What makes you so convinced of that?
I`ve learned a lot from the book and frankly that`s all that matters to me, regardless if Al Brooks is a millionaire (from trading) or not
1-Traders that supplement their income by selling trading "literature" and other "stuff" in the internet, and have other sources of income unrelated to trading, while their actual "trading" is completely unrelated to what they sell and teach, and utterly unauditable.
2-Those that don't have time to sell anything because basically they don't need to.
There are also plenty other "price action" traders that used to make $2,000 to $3,000 per day trading stocks, almost on automatic (if you believe their posts), but took a big pay cut in the hopes to making $85,000 a year scalping the 5' crude chart, if you believe their posts...again...
out of a little self-respect I have managed to gather for myself, she shall remain unnamed, but everyone knows who I'm talking about, same goes for her mentor, the pig, who is probably broke by now, living in a retirement home in Florida...and who never managed to increase his size to anything worth writing about...
While there are a handful good ideas in that book and in these individual posts, they are buried in a mountain of dung and lies.
Bottomline, believe whatever you want, but verify everything exhaustively, if you don't want to chase invisible carrots for a long long long time...
this book is for basic things rather than for advanced skills with high accuracy and probability. he made simple things complex and confused even this book could be a good reading material for inexperienced traders when writing in a better way. experienced traders know well those patterns from their experience but have to add much more trading skills from their own to be stable profitable.
My remark was meant as a joke because of the apparent inconsistency in her post as I had quoted it. I say "apparent" because I think I actually understand what she meant to say, but I chose to look at it slightly out of context for comical effect. Yes, I think she is a smart missy, and I have read a few of her explanatory posts, but I find her approach a bit too discretionary for my taste. I suppose it comes down to a matter of personal preference.
All price action books make no sense. as price action traders create their own illusions and give them names. never any P/L statements, so you don't know if it works. logically, it it works it would be easy to generate P/L statements and say, look price action works.
As I've learned last year I discovered the reason for this, as I found that daytrading is zero-sum game. No wonder most TA books are gibberish without P/L statements. Zero-sum makes all the difference.
As I've learned last year I discovered the reason for this, as I found that daytrading is zero-sum game. No wonder most TA books are gibberish without P/L statements. Zero-sum makes all the difference.
It is not a zero sum game ... it is, with commissions, a negative sum game. But it is important to realize that neither zero sum or negative sum games result in zero winners. The fact is it is extraordinarily difficult to show even a small profit as a trader yet a small number of people have the talent and acquire the skill to make tons of $$$.
Only a dullard confuses hard with impossible. And only one who has trouble dealing with reality assume that because they can not accomplish something means that no one can. Some traders do very well. Most never crack the nut.
Only a dullard confuses hard with impossible. And only one who has trouble dealing with reality assume that because they can not accomplish something means that no one can. Some traders do very well. Most never crack the nut.
If I have a life-threatening illness and I choose to participate in a clinical trial of new drug treatment, I fully recover during the treatment, it's been two years since the trials, I'm healthy as can be and lab tests show no evidence of disease, yet during the trials I was receiving a placebo, does that mean I'm actually still very sick?
If I read a trading book and by following several of the strategies in the book I become a consistently profitable trader, and two years later I discover that the author of the book is a losing trader whose sole source of income is the sale of his book and subscriptions to his trading room, does that mean my trading will no longer produce profits?
If I read a trading book and by following several of the strategies in the book I become a consistently profitable trader, and two years later I discover that the author of the book is a losing trader whose sole source of income is the sale of his book and subscriptions to his trading room, does that mean my trading will no longer produce profits?