I agree with you. However, I would like to mention the following: Suppose you read all the books and articles about brain surgery. Can you operate on a patient with brain tumor immediately ? No way. Knowledge is not equivalent to experience. Even though a highly profitable trader reveals all the details about his/her strategies, a newbie still needs to practice a lot to gain the experience through simulation and LIVE trading in order to become a slightly profitable trader. Well, if the mentors have all the profitable strategies automated, and then give the students their trading programs, it may be a different story. But I doubt anyone would do that. Just my two cents.
I don't use Al Brooks and you'll need to talk to him yourself to answer those questions...not sure why you keep behaving as if I am one of his clients. Maybe he's one of those people that think learning risk management, diversification and many other things like "how to do your trader tax" is your responsibility...not his. Maybe he does talk about but its info discuss somewhere by him in great detail that you haven't read considering the guy gives blogs, seminars, podcast and lectures. Seriously, talk to the guy about the above issues to see what he may say. Think about it carefully, is he responsible for educating you about how important it is to eat properly, get enough rest and have regular medical checkups so that you don't have a heart attack while trading within stressful trading conditions ? Should he teach you about how to be a discipline trader ? Should he teach you about how to remodel your home office so that its suitable for trading from proper chairs, desk setup, lighting, proper monitor to eye distance and recommend ergo keyboards ? Some things you really need to be responsible for yourself. Yet, if you think he's responsible for educating you about those things above...talk to him and he may say YES and I'll help you or he may say "its your responsibility". Something else to think about it. If you truly believe its his responsibility...how come your broker, chart vendor or any other trading related services you're using to trade didn't school you on those topics about risk management and diversification...so that you don't blow up and can continue being their client ? In away, I think they are all responsible including Mr. Brooks instead of asking you to sign something that states you read their "disclaimer statement". P.S. Today I was in the middle of a trade and some food over-cooked...boiled over and made a mess. I think trading authors should have educated me about leaving cooking food on the stove without a timer so that I can trade. Seriously, I could have caused a fire in my house while trading. Just imagine if I was Visaria and watching one of Al's videos...wouldn't I be able to sue Al for any damages had I burnt down my house while watching those videos? Something to think about (sarcasm). P.S.S. You're right, trading authors and any other trading related service (e.g eSignal, Interactive Brokers, ET members following the trade calls by other ET members in journals here) do not want to totally spell out the dangers inherent in day trading. If they did, they'll soon be out of business because most retail traders will be too scared to trade with all of the reality check info. You know I'm right.
You could insert "astrology" for the word TA in these arguments for TA and it would make sense Still waiting on the quantatative data that shows TA has any edge. Read aronsons book "evidence based TA" for the proven truth about TA. Peace surf
I guess the issue is that the people claiming to use TA to brilliant effect aren't able to demonstrate it. The only proof would be realtime calls. (And lots of them) Statements can be photoshopped. I think the best case for TA 'working' is the posts of schizo in the ESjournal thread. He's 1 of about 3 traders on the whole site who has the balls to make realtime calls, and from what i've seen over the years, he's profitable (and uses charts/TA)
I thought there are lots of traders in the ES Journal posting real-time calls and that use TA ??? You seem to imply there's only one and his name is schizo.
Just another follow up... This forum (Elitertrader.com) has many threads were traders are teaching their trade methods, traders posting live calls and many others wanting the readers to perceive them as experts on whatever trading or market knowledge. Yet, only a few out of hundreds of traders freely sharing their trade methods here or live calls only discuss the details involving dangers inherent to any form of trading (not limited to just day trading) beyond just saying trading is tough, you'll most likely lose your money, your first trading account is your education, trading doesn't work and so on. Therefore, due to the fact that Elitetrader.com does not have an obvious "disclaimer statement"...is this forum liable if someone losses all or most of their money after learning someones method at this forum, what if someone is mentally disturb and decides to show up at one of ETs hook up meetings and then shoots all those ET members that attended just because he felt scorned at this forum, what if someone here at ET was lied to or misinformed about a trader tax issue that caused him to be audited and fined after following the tax advice given at this forum... Is this forum liable, is the trader that gave the advice here liable or is it the fault of the person acting upon the advice given to him/her ? I'm sure its the fault of the person acting upon the advice given to him/her from another ET member. Simply, why would Al Brooks be any different than those doing the exact same thing here at Elitetrader.com for free ??? By the way, these are questions you should have asked Al Brooks prior to getting involved with him...phone call, email, chat room or whatever for your due diligence. If you failed to ask such questions and decide to only ask them after the fact...after your trading expectations wasn't achieved...after knowing he has a disclaimer statement... If its his fault to and not yours...I'm sure Baron (ET owner) would have been sued and shut down by now for the information he allows to be posted at this forum by so called "experts" because ET has not disclaimer statement. Does the latter make ET liable ??? I think we both really know the answer to the above question. As to that other stuff you mention like risk to ruin...maybe its discussed by another user at his forum or maybe he recommended a book about those topics because he's not able to address such. Once again, that puts the burden on the user to educate himself/herself...at the minimum the burden is on you to ask questions when in communication with him. P.S. All over Al's website is a disclaimer statement with the following sentences about anyone using the site and its contents... I understand that Commodity Futures Trading and Options trading has large potential rewards, but also large potential risk. I am aware of the risks and be willing to accept them in order to invest in the futures and options markets... I understand investing involves substantial risk, may result in serious financial loss, and is not suitable to everyone. I understand I am responsible for my own investment decisions... If you are not yet achieving consistent profits, then we encourage you to continue educating yourself on the business aspects of trading, risk management, money management, and trading psychology. And NEVER RISK MONEY THAT YOU CANNOT AFFORD TO LOSE... If you’re new to trading, then you ARE going to lose money. P.S.S. I remember an ET member here once had a disclaimer statement as his signature years back when Baron allowed signatures. I thought it was funny but I can see why he would be paranoid because he was posting live calls here for a few months. Therefore, shouldn't anyone here at ET posting live calls have a disclaimer statement with each and every posted trade. Ok all you backyard lawyers...have at it.
Bad risk & trade management, which apply to any other decision making process. The reason you see mostly ta threads is simply because in the world of retail trading is by far the most popular. Any more idiotic questions from you?
So if I'm profitable in the last say 5 years, every year, with little to no correlation to market, it's luck. But if marketsurfer or Niederhoffer does it with "price drivers", then it's skill and confirmation of a working method? Sound logic.
Well there are dozens of threads on ET debating it. And apparently the sucessful traders are smart enough not to publish anything. Publishing will only bring risk and no reward for them, and that is precisely why these traders are successful: they watch risk/reward carefully. The risk: loss of anonimity, potential problems with IRS or other authorities, making their system public by accident telling or showing too much. The reward: maybe recognition, but probably reaction like: not valid because..., you were lucky..., fake...., will not buy it....