i just went onto brooks site...doesn't say anything about being a retired trader. Seems he sell courses and books too and offers 100% money back on the courses (which are only a couple of hundred bucks in the first place!). Had a brief gander at a ebook he gives out when you take up the course ( he has put some free sections of the book on the site), sounds interesting. Most struggling traders here should take this guy's course, see if it is for them, if not, claim a full refund! If you make money from his teachings, don't claim a refund! I don't get why struggling guys here don't do this!
Brooks' teachings Because no one knows exactly. Brooks suggests it's much higher than nearly any other anecdotal evidence suggests. Why have I upped it? I just said make up a number that you think, fitting whatever ethical framework you want to judge Brooks by, roughly 30K a year vendor would have to make as a 5-minute day trader on the ES to make that figure miniscule and make Brooks not a liar.
I have read his books, watched his videos, attended his trading room...all I can say is that I have learned a lot and it made me a better trader. ...IMO Al Brooks is one of the best PA educators that you can find around and of course these patterns and concepts were discovered many many years ago (see H M Gartley's book "Profits in the Stock Market " published in 1935). If one's expectations is to find someone who can precisely explain and prove it how to trade profitable day after day, week after week, year after year, then I must say that this person doesn't exist...at least in my opinion. Trading is a probability game combined with an emotional component where the latter is the most difficult to harness. The real question one should ask: if a trader has become profitable, how long he/she can last?
I have to stand by Al Brooks. I've read his books and bought his course and for along time attended his daily trading room. He has improved my trading and understanding of the market enormously. In my opinion he is one of the very best trading educators out there. I've paid to attend several trading guru classrooms in my time, and have been trading for over 10 years, so I know a thing or two about those who do it for money and who are not real traders - i.e. those who cannot trade for a living consistently and rely on chat rooms, etc., to make their money. In Al's trading room, Al sits there for 8 hours a day commenting on every move in the ES as it happens day in day out. He does this to teach you how it is. He discusses PA in great detail and teaches his students to focus on probabilities. He also trades his own account as he teaches which is how he makes his money. I would recommend Al without hesitation.
Exactly. Even if we assume Brooks was possible at some point, prior to the HFT revolution of 2008, that has no bearing on whether he is still profitable as a 5-minute day trader.
Just because you are a failure at understanding price action doesn't mean that Al Brooks is a fraud. I and others that I know have become better and better every day by learning principles from Al Brooks' books and video course and putting into practice what they have learned. In fact, I have become more profitable than I have been before, though I am still learning and using a small account. You are one of those people who think that setups are the key to trading, when in fact successful trading depends on a lot more than that. You are probably a classic example of a failure trader who keeps buying one tick above an H2 after an exhaustive bull spike thinking that the bull trend is still strong, only to see a sharp reversal take out your stop. Then you cry, not realizing that you are not paying attention to market context and are relying on setups in the wrong place at the wrong time. People like you make me laugh.
Have you read his books? He states over and over again that overall context is more important than setups. He says a good setup in a bad context is a bad trade. I'm afraid you are knocking an author that you don't understand the material.
Can you elaborate how you came to this conclusion (specifically what investigation did you do) and why it took years to figure out? How do you know he has no profitable students? As for just looking for money, he offers a 100% refund on his course within 30 days if dissatisfied. Do you have evidence that he has not complied with this? From my point of view, I have just looked at this guy's site in the past 24 hours or so and found no evidence of fraud or misleading statements. I have found no instances on the web of people complaining that he did not refund monies paid for his course if requested.