Because:
1. People need to believe it is possible if you put enough time in it
2. It's not good if it's not complicated
how to understand Al Brooks
- Thread starter padutrader
- Start date
Because:
1. People need to believe it is possible if you put enough time in it
2. It's not good if it's not complicated
With apologies, I'm not at all sure that I'm a "fit and proper" person to answer this question, for various reasons: first, English isn't my first language (I don't really know to what extent this was relevant to my experience - maybe not as much as I felt at the time, admittedly, after seeing what other people say); secondly, I have Asperger's syndrome and probably react pretty differently to "stuff like this" from how others will (but that makes me persistent, too: I shared Frederick's reaction - mentioned above - to the first 100 pages of the first book, but kept going slowly and deliberately and very conscientiously, and then read the entire set of books a second time, and most of their content a third time); thirdly, everyone seems to have different opinions from mine, on this question, too, and I therefore question how relevant or helpful anything I can offer will be to anyone else. But, having said all that ...
A lot of the former and a little bit of the latter, too, I suspect.
It is, very much, "his" price action, because he really is teaching different material/information from other established, well-recognized price action authors (I'm thinking primarily of Beggs, Volman and Ross). But I think his writing's not great, too: it's awkward to read, and the books are very badly edited as well (I think that last bit's actually more or less factual - not just my opinion), none of which helps.
I've seen enough people commenting (I've even seen enough enthusiasts commenting) to suspect strongly that it's seen as "challenging" all round: i.e. it's not just me and my own difficulties.
My overall view is that it's a slow, difficult learning-curve, and very time-consuming, but amazingly worthwhile.
For what it's worth, if anything, I always suggest to people that they should read both Volman's books before tackling Brooks (don't know if you've seen them?), and then start with his video-course, before looking at his books. It's not what I did myself, but I wish I had done, and I think it will probably smooth the path for most people.
Sorry - not a particularly helpful answer at all, I know.
Thanks Xela for the response. Great write up and well delivered.
Al Brooks history is 10 years of losing than he turned into just another washed out day trader turned author/promoter of himself. He is crafty to only say he does not lose anymore, which is easy to do since he has not traded for a long time per those that investigated him.
https://www.valforex.com/2017/09/al-brooks-trading-review-another-idiotic-scam.html
If anything your doing good despite Al Brooks.
I watched some video clips trying to see what the appeal is for so many. This guy is a complete nobody in trading, he is a very good marketer/promoter.
Hmm - he does not use volume
Hmm - he does not look at higher time frames
Hmm - he thinks the market changes direction at 5 minute increments
Hmm - he does not plan his exit or profit target.
Hmm - he never mentions risk/trade mgmt, risk-to-reward, position sizing, etc.
Hmm - not a mention of the psychology of trading
AB follows 5 minute candles and uses a few trend lines, every candle is a new decision, he trades exactly like so many newbies do, trying to catch every tiny move, tiny winners & big losers, & over trading -HFTs will eat you alive trading like that - trade like that you make your broker rich, until you go bust.
Consult a doctor when your ill. Consult with a winning trader with a good track record to learn how to trade.
https://www.valforex.com/2017/09/al-brooks-trading-review-another-idiotic-scam.html
If anything your doing good despite Al Brooks.
I watched some video clips trying to see what the appeal is for so many. This guy is a complete nobody in trading, he is a very good marketer/promoter.
Hmm - he does not use volume
Hmm - he does not look at higher time frames
Hmm - he thinks the market changes direction at 5 minute increments
Hmm - he does not plan his exit or profit target.
Hmm - he never mentions risk/trade mgmt, risk-to-reward, position sizing, etc.
Hmm - not a mention of the psychology of trading
AB follows 5 minute candles and uses a few trend lines, every candle is a new decision, he trades exactly like so many newbies do, trying to catch every tiny move, tiny winners & big losers, & over trading -HFTs will eat you alive trading like that - trade like that you make your broker rich, until you go bust.
Consult a doctor when your ill. Consult with a winning trader with a good track record to learn how to trade.
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Those were the days! I've heard he had on the wrong shoes for Surf's private club at 666 Fifth and no tie, so they gave him a tie and new shoes to wear. Anyway, there's a Surf event coming up this week in West Palm, and I'm sure Brooks star students are welcome!
Is there a single institutional trader anywhere who's on record as a "Brooks enthusiast"?
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He was a student of a different mentor, and not a Brooks student. I don't remember all the details, but I remember the players. The mentor has since passed away, and not worth dredging it up now.
There is also an old thread here at ET about frayed short collars and holes in shoes which is a reference to an allegedly true anecdote composed by Burton Malkiel in his Random Walk book. You sound as though you may be mixing two memories.
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I suspect that may depend on exactly what you mean by "on record".
If you mean named individuals with independently verifiable identities and trading records visible online, then the answer's "I don't know" ... but I'd suggest to you that their NDA's might preclude that from happening (as indeed my own would) - and I'd further suggest that you probably know this, too, really.
If you accept less formal criteria for being "on record", then the answer's certainly and clearly "yes", and many of them.
Since posting a little here, myself, intermittently, about Al Brooks, in other people's threads, over the last year or two, I've been contacted on at least three occasions (I think possibly four) by private message/thread by other institutional traders who are now-non-posting members here (for various different reasons), all of them sharing my perspectives and experiences of this subject and some of them warning me about the extraordinary prejudices and misinformation on display here about Al; I've had some very interesting conversations with many colleagues as a result, and I've even made at least a couple of interesting and welcome online friends/contacts because of it.
There are also many (I think some of them even with full names, and possibly "verifiable" if you can be bothered to) in the futures.io forum. And probably elsewhere, too.
But if all that doesn't satisfy you, then from your perspective the answer's probably "no".
I don't care much, either way, myself: at the end of the day, it doesn't really affect me what people say about his textbooks and teaching - my perspective is that no matter how anyone else maligns him, and no matter for what reasons, I'm one of the evidently substantial group of people who fortunately don't have to pay back to anyone the money we've made (originally, in my case, directly for my own accounts, and more recently indirectly in the form of the acquired skill-set that produces my salary and bonuses for trading OPM) by following his teaching.
I'll add that I think it's quite a good and healthy thing, in principle, in this industry, to have some skepticism about "vendors", and Al Brooks is now technically a "vendor", as well as a trader ... though obviously there's a world of difference between having written 3 or 4 textbooks which Wiley has published at about $50 each and is probably paying him a 12.5% royalty on the sales, and being a hype-driven, self-promoting con-man hard-selling trading courses for $3,000 or $5,000 or whatever image people conjure up when they think of "trading service vendors". For a wide range of reasons, in all subjects, some people write textbooks (fortunately for people like me, who needed to study them to be able to make a living). To me it seems self-evident that Al Brooks' teaching isn't anyone's "primary income". But that's just my perspective, as the saying goes.
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Thank you for the tip. Are there some youtube videos that you would recommend for someone to gain a better understanding of Al Brooks?
For long-term traders, is Al Brooks' teachings relevant?
You mention Al Brooks focuses mainly on higher time frames. Seems like he looks at 5-minute charts. I wonder if long-term traders can learn useful things from Al Brooks that can be applied to long-term trading.
You mention Al Brooks focuses mainly on higher time frames. Seems like he looks at 5-minute charts. I wonder if long-term traders can learn useful things from Al Brooks that can be applied to long-term trading.