Perfect example of why Al Brooks is impossible to follow

Quote from wrbtrader:

Actually that's not true and is how rumors starts. I was the one and the only one that specifically had conversations with two of those guys (e.g. Lescor).

Lescor specifically stated in his own thread to me as a reply that he "does trade futures" and "is profitable". Yet, he stated futures trading is nowhere close to what he's doing in his stock trading. Nobody else in that popular thread seem to notice that slip by Lescor that he was profitable in his futures trading. Instead, they grabbed onto the other sentence when he said he didn't know anybody "else" that was profitable in futures trading.

I responded by asking that if he states "no one is profitable" in futures trading while he was on record in saying his own trading in futures was profitable...he was basically saying he was the ONLY one profitable at futures trading regardless if he only does it a few times each month.

Then one of those other guys chimed into my conversation with lescor and "vouched" that such was true.

Lescor then later "clarified" that he didn't know anyone that was profitable in futures while doing similar like frequency of stock trading as he was doing as a day trader while at the same time minimizing his own trading in futures. Also, I asked what type of % of futures trading he was doing...he didn't respond to that question and I didn't pursue it further after that.
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How long ago was that? I may be wrong, but I think if you were to ask him again, he'll tell you it's not worth his time. As prop traders, we'll just use a ton of leverage and trade the SPY if we feel like trading an index.

But more to the point of the thread, there a few points on that chart which make me all giddy inside. For instance, look at the consecutive higher lows leading up to bar 12, and the subsequent continuation of the downtrend. I think the Al Brooks stuff works, but you need to use some discretion on every trade.
 
Quote from jnbadger:

How long ago was that? I may be wrong, but I think if you were to ask him again, he'll tell you it's not worth his time...
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The conversation was a long time ago and I don't know much anything about his stock trading or "infrequent" futures trading today except that he recently mentioned his stock trading performance is not near to what it use to be due to current market conditions...that just happen to coincide with him spending a lot of time building his new dream house. He seemed OK (not upset about it) with his performance since the financial crisis of 2009 but I think that's because he's content with life especially involving his new home.

Yet, back then, he also said that futures trading wasn't worth his time but that he still did it although I'm not sure why he would do it if it really wasn't worth his time.
 
Quote from ChkitOut:

lol, another example of how funny the internet is.

point proven.

also, al brooks goes months without a losing day. see how all this works?
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I suppose my point is, other than my eidetic memory, that hubris (to that extreme) and trading don't mix. Sorry you've had a tough time.

And yesss, Al Brooks is full of shit.
 
So do you admit you were lying when you said you could estimate the probability on almost every 5-min bar with 95% confidence?

Why not take it a step further and say you have a 'friend" who can do it with 99% confidence and that he makes 10 pts a day and was able to quit his job as a Taco Bell janitor and buy a Ferrari?

If it's that easy for you to make stuff up, it must be just as easy for Al and his disciples to do it too. :D

See how easy it is to start internet myths? :cool:
 
Quote from atticus:



And yesss, Al Brooks is full of shit.
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well yes, yes he is.

and i agree with your point on hubris. hubris and al brooks is like flies and shit.
 
Lescor didnt say no one made money in futures, just that he didnt personally know any. He said the reason for this was that he trained in an equities prop shop and all the guys he has worked and networked with were also equities traders. I remember this conversation....

though I notice in the journal section Bmwhendrix vs NQ is off to a good start. he has made $800 in 2 weeks scalping 1 lot of NQ. If he can continue that pace, and increase his size, he could become one of the rare success stories. But it is only 2 weeks so far, too early to starting heaping praise on him. :D
 
Quote from Ol' Yella:

Lescor didnt say no one made money in futures, just that he didnt personally know any. He said the reason for this was that he trained in an equities prop shop and all the guys he has worked and networked with were also equities traders. I remember this conversation....

though I notice in the journal section Bmwhendrix vs NQ is off to a good start. he has made $800 in 2 weeks scalping 1 lot of NQ. If he can continue that pace, and increase his size, he could become one of the rare success stories. But it is only 2 weeks so far, too early to starting heaping praise on him. :D
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I Remember It As Well (Not Sure Why My Phone IsCapitalizing EveryWord) I Think He Even Used The Word "Awesomer" When Describing The Use Of Leverage In Equities Vs Futures.

Btw, I'm Surprised Nodoji HaSn't Replied. I Can Hear Her Feathers RUffling From AThousand Miles Away.
 
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