Trading the ES live-the Brooks way

Al Brooks does seem to have a big following in India.

I assume all these other Indian Al Brooks Followers are using a Prop Firm too?


How bad would it be if English was your second language and you were studying Brooks!
 
Frederick Foresight said:
You think so? Damn! That does it.

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Sorry for being a smart ass. :(

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p0box4 said:
What kind of time limit are you talking about? Never heard or seen this before.
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Back when I did it they gave you a month and if you didn't hit the target you started over. But that was many years ago. Either way you're out the monthly fee for each month.

Also never heard of traders who got their account taken away because Topstep doesn't like their trading, also not in their Discord channel that has over 80.000 users.
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I took a look at their rather extensive terms and conditions and it certainly gives them a lot of latitude to do this if they want.

They also don't put any strict rules on a trader because he blew up a lot in the past, however it would take such a trader much longer before they increase the risk allowed from the standard parameters or before he is moved up to a live account, because the risk for Topstep is larger.
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If I were in their shoes I'd certainly be much more stricter about someone who blew up a lot, for very obvious reasons. Here I can't blame them.

One must remember that there are real human beings on the other side who's job is to track the traders working for them and manage them. And if I were investing with them I'd certainly expect them to do this.

Topstep is far from perfect, but if you can manage your risk it can be an alternative to putting $2000 in your own account, but you have to keep your risk management very tight, otherwise the chance off success is very small, but that also goes for a personal $2000 account, if you risk $800 in one trade in there it won't last long either.
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Only if I were in Padu's situation where there are such difficulties trading normal ES/MES/SPY would I even consider TopStep. I'm sure they probably make the bulk of their revenue from their failed trials, while the active traders with them are just a side business. I guess from a statistical standpoint it's a solid enough revenue model.

As a side note I think it's very pathetic that the Indian government issues such crap legislation to 'protect investors'. The same crap as the Pattern Day Trader rule. And what does it accomplish? It makes it impossible for sole proprietors to conduct business for themselves and then they get drawn to stuff like TopStep trader, like moths to a flame.

Unfortunately in any given country traders are not a significant voting block like farmers or teachers. So legislators don't care about you.
 
schizo said:
But then again, Padu never really shows his entries and exits, so it's hard to judge. However, everyone here is too damn gullible to believe everything Padu says at face value, and just assumes he's a losing trader. You're merely playing into Padu's hands and wasting your time (especially you, @Georgii).
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For sure I don't dispute that I'm wasting my time in one sense, but I have in some ways an axe to grind when I see certain behaviors and attitudes. Part of it is me arguing with a much younger me perhaps...
 
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