Brooks biggest mistake as a teacher

As regards using 1 min charts, my experience is that they provide too
much raw data. For me that data needs to be smoothed out and the best
way to do that is to move to longer time frames. Anything less than 5
min is (for me) useless

In fact, I have been showing a friend how to use 15 min candles and
this seems to filter out the whipsaws that causes most newbies to
wash out.

In the instance below (today's Emini) we had typical price action, with
transitions from spike breakout to trading range, then an attempted
breakout to test a "magnet" that failed. The reversal (a late day reversal)
is easy to see on this time frame.

I taught my friend to use just one setup, and that is what I call a "reversal
bar". In the correct context, it is about 80 percent reliable and easy (for him)
to see. Entry is at the conclusion of the first strong bar after the reversal

I was asked by another trader whether I was concerned about giving up my
edge and I replied that it isn't a concern, since the real issue isn't when to
enter, but how to manage the trade once you are filled. This is why automated
systems prevail (and beat the human traders most of the time). Bottom line
is its all about mental discipline.
 

Attachments

  • 15 Minute Example.PNG
    15 Minute Example.PNG
    91.2 KB · Views: 72
mikeriley said:
Padu, do you review your trades?
If so, I doubt it was your inability to follow Brooks methods that led to losses.
If you've been trading for 15 years, you should know the answer to this next question.

# What's the one element in trading that EVERY trader finds difficult to master?

If you don't know the answer, it's highly likely you'll continue to repeat your past performance.
More...
Hello mikeriley,

I am with you on this.

I know @padutrader and he is a good chart reader. I do not think Brooks is his problem.

I think he has some other issues personally preventing him from being consistent profitable.
 
p0box4 said:
100% this, have said this many times before.
Looks like it no different this time around.
More...
What are you saying he's color blind, directionally dyslexic?

Ida thought it was more Al Brooks methods.
 
p0box4 said:
100% this, have said this many times before.
Looks like it no different this time around.
More...
Hello p0box4,

I agree with you.

I have watched @padutrader over the years, he can read the chart and know all the fancy chart stuff.

The only problem is mentally because of his Indian culture he trained to think that 2+2 ALWAYS =4 in trading and he must respect his teacher and it has to be right and precise and everything must MAKE perfect sense for him to make money. And he believes Brooks books has the Golden Secret, and if he thinks different from Brooks, he is disobeying his master Brooks. He wants to do everything by the book and know the why to every bar on the chart and master the chart and all this fancy stuff.

He is forgetting why the markets even exist anyway. TO get Rich.

Overall, padu is forgetting one thing, that ONLY matters in trading. Make MONEY!

@padutrader put the book down, leave Brooks alone. There is NOTHING more to learn in trading. There is NOTHING more to learn. Just make money PLEASE.
 
Darc said:
What are you saying he's color blind, directionally dyslexic?

Ida thought it was more Al Brooks methods.
More...
it is about understanding certain things that most misunderstand.

but i stick with him do not keep jumping here and there stay with the course for the course

also management plays a key part perhaps more than knowledge or understanding...... mismanagement is one of the main but less acknowledged reasons for failure. knowledge is easy to get nowadays online quite cost effectively.

but many blame Brooks or some other method wrongly
 
Last edited:
padutrader said:
what is hugely different is that i am using 1M something that Brooks has always strongly recommended against doing.
More...
It's exciting to get an ah ha moment and you want to share that joy with others.

Best of luck to you I hope this is the final combination # to unlock your vault.
 
You must log in or register to reply here.
Back
Top