Yes, that is one technique for success (although always goes up depends on the TF). But it eliminates a large portion of retail traders who are trying their best to learn to trade with small capital.
Techniques for Day Trading the ES, NQ, YM, MES, MNQ, and MYM
- Thread starter volpri
- Start date
Agree in principal.
Having enough capital helps tremedously, money makes money and allows for more relaxed trading.
If you were holding existing positions making money, have done your research and have patience, just constantly buying further quality stocks on pullbacks should see you well into positive territory.
If you were not holding any existing positions, then results would be more lumpy I reckon unless you were doing very frequent trading.
I do harp on about frequent trading though, imo this form of trading for a lone retail trader at home is hard yakka, however some don't mind lots of activity.
I'm not a book reader much. I am thinking I might go ahead with his big video course.
I swing trade SPY. I'd like to give this emini day trading a solid crack. I still have a day job but it would allow me to trade the mornings most days.
Thank you for the write up.
lol I bet you are right. Love the idea of "hard yakka."
Wishing you a quick recovery from your surgery and illness.
I think the reason people call trading courses BS is because most of such courses lack real time trading examples. In other words, it’s all talk/theory. How can one practice a concept when it may be completely invalidated by current context? This makes all educators both teachers and scammers at the same time. There’s no way a student can get enough practice and confidence in any method without seeing the teacher apply it successfully, imho.
I am going to type slower as some find it hard to understand the subject under discussion. Brooks did not invent Price Action nor was he the first to describe price behavior or how to benefit from that understanding. He teaches no "method" to test. He spent years studying price and has produced material as good as any in the space to understand price behavior and development. From that understanding and cognition, a trader can develop a trade plan suited to his/her own personality and comfort. Most fail before they reach that level of understanding, it takes a lot of work and people who fail at things tend to not like work. Baseless criticism on the other hand is easy. If you want to test, understand the formations described in great detail in his books and courses and test away.
No decent trader I know and in 21 years I've known many, have not tested ideas and setups before risking money. And whether someone else, teacher or not is or is not profitable has little if any bearing on whether you will be profitable. There are two principal areas a trader has to conquer to become successful. First is the understanding described above to understand what the &%^$ is going on in order to derive a viable trade plan from that understanding and the second is the disciplined control of self to be able to follow a trade plan with the consistency needed to succeed and that is where the rubber meets the road. Most do not master the first phase as it takes a lot of work and time. Many who do will/can not master the disciplines necessary.
No decent trader I know and in 21 years I've known many, have not tested ideas and setups before risking money. And whether someone else, teacher or not is or is not profitable has little if any bearing on whether you will be profitable. There are two principal areas a trader has to conquer to become successful. First is the understanding described above to understand what the &%^$ is going on in order to derive a viable trade plan from that understanding and the second is the disciplined control of self to be able to follow a trade plan with the consistency needed to succeed and that is where the rubber meets the road. Most do not master the first phase as it takes a lot of work and time. Many who do will/can not master the disciplines necessary.
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I disagree. I have never seen Brooks trade live. I have never even been in his trading room, unlike some. I have no need to see him trade to give me confidence. I am not him and he is not me. All I need to do is understand what concepts he is postulating or setting forth and test them out live for myself on a SIM, then in real account. That testing is what will give me the confidence to trade the concepts. For myself I have no need to see him trade live nor do I need to see his account statements or tax returns for the last year. I am a “big boy”. I can forward test what ever he says to prove it out for myself. Unlike many he tells in great detail the concepts. In other words, he spills the beans. It is the students responsibility to master his own trading with Brooks concepts (if he chooses to do so) adapting them to his own trading style and preferences. Seeing Brooks trade live or seeing his statements means diddly squat. One still has to master trading regardless.
I'm neutral on the worthy/not worthy debate. HOWEVER...
NumberZ made a very pertinent comment...
From this POV, argument can be made for the most valuable "how to learn" for the student must be a consideration for success or failure. Further, the how of learning needs to match the subject matter.
Obviously, I can only speak for myself. For instance, years ago I was a student of VSA (Volume Spread Analysis). It is a bar-by-bar method. Looking at charts was sort of a waste of time. But written examples explaining the bar-by-bar thought process, well, that worked like a charm! There was even a small group here in ET that would dissect current charts, with bar-by-bar writeups.
Later, studying Jack Hershey, again bar-by-bar methodologies, the reading and looking at annotated charts was extremely difficult. The pen/paper old school exercises were very tedious and tiring. There were times I wondered WTF, f this! But when I uncovered a series of bar-by-bar writeups, many things started falling into place (for me). The discovery of about 20 hours of training videos, some real-time (at the time of recording) narrated by Jack, were also very helpful.
To reiterate... the most valuable "how to learn" for the student must be a consideration for success or failure. Further, the how of learning needs to match the subject matter.
I agree with your disagreement. Learning by watching is one way people learn, but it is not the only way, and not even the main way.
Good Morning Mr.Volpri,
Since you mentioned my name, I will respond to clarify myself.
Well sir, I am business man first. And will always be a business man first. I study trading and trade to make money. ONLY. How much money? ALOT. Once again with great emphasis, I trade to make money.
For example, If the head of the Ku klux klan (KKK racist organization who have a history of killing black people, etc), I am black man, member in my town knocks on my front door and says "Buddy, I want to teach you how to trade 50 ES contracts right now, for $2000." I will kindly pay him $2000.
That means, if I invest in a trading course to make money, and I study and practice that trading course, and I come to conclusion that the trading course does not make money, then I make a business decision that the trading course does not make me money and move on.
Its not about Al Brooks, I don't give a damn about this man, honestly. His trading course does not make me money. So, I made a business decision (as I have done with about 5 other trading courses) to stop investing my time in those trading courses.
Al Brooks course did not make me money and few others I know. In addition, on both of his forums, there are traders on there complaining their ass off, because they make no money over the past X years investing their time and energy.
Here is an screen shot of guy complaining after 5 years invested. 5 years and ten thousands of dollars loss. Listening to a man that makes no money trading. There is more there as well..
Padu, 14 years and going and he has never even talk to Brooks.
I can only speak for myself, but this is not good business to make money.
Would I recommend Al Brooks trading course to someone who sole purpose is to make money trading day-to-day or week-to-week. Absolutely Not. Al Brooks course is not worth a trading business investment/expense and time for my trading business goals.
My main issues with Brooks is, he provides no hope. Lets cut the bullshit, traders to make money. Period. And Brooks makes no money trading and provides no example of day to day trading. Even if he wants to protect his Edge, He can show his PnL to give trader some hope as they study as to one day, they will be profitable as well.
Is Brooks course Bullshit? Yes, without a fraction or micrometer of a doubt.
Why is it bullshit to "me"?
1.It is bullshit because there is no quantified (without question or debate) documented proof anywhere on this Earth that what Brooks teaches makes an individual (including Brooks himself) money for the past X-XX years, over the past X,XXX to XXX, XXXX trades.
2. I was unable to prove the methods make money over a lot of trades samples.
3. Brooks does not trade live or call trades to give the student confidence in what he is studying or practice. Therefore the student, never has nothing to compare his trading too. He/She has to go on the internet and ask many others there subjective view on what they are doing.
When in doubt, blame the teacher.
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