Again today (I've done this a lot for a year and a half now), I spent time with other Brooks PA traders and in a couple hours in real time at the hard right edge put on six trades consisting of one loss, one break even, three minimum profit targets and one channel breakout for a total of 83 ticks ($830/contract) profit. The entire price range during this time period (noon through 2:00pm ET) was 81 ticks. This Brooks stuff has been working for a year and a half through bull runs, bear runs, and chop, through calm markets and volatile markets. The market did indeed change a lot during that time, but price action has been working like a charm the whole way. "...the man who says it canât be done is generally interrupted by someone doing it." - Harry Emerson Fosdick
I skimmed through bar by bar via a PDF document I was handed. All in all, I saw nothing special. You can tell the brilliance of a trader just by looking at his/her chart annotations, I know I can, there's no brilliance here. In my opinion, he does not get it but feel free to believe whatever you wish, it's your right. If you making money don't give him or the book credit, give yourself credit. My 02 cents Crazy A
Thank you Hurricane. You have placed me in some august company and I will redouble my efforts as I strive to belong in such a grouping.
You skimmed through it and judged it based on the chart annotations? Have you written any books on trading or articles for trading publications?
Brooks gets credit for handing us 10 years of experience in a book-format trading course that will take a fairly bright and dedicated student about 6 months to a year to complete. I get the credit for being one of those students who put in the year of work to turn the book-learning into a real-world plan that extracts money from the market every day, regardless of whether the market is trending, ranging, or chopping. I'm not saying there aren't other methods that work, which is what the naysayers here are saying; they're saying Brooks is everything from worthless to dangerous, yet not one of you has provided concrete evidence of this. I'm saying Brooks' tactics work consistently through all market conditions over time with firm risk management for the student willing to master the tactics, not just "skim" through the book.
Actually, your quote tells me clearly that you do not understand statistics and how it can and should be used in trading. It is the returns of financial markets that are not normally distributed which is different from what was mentioned here. If you think keeping track of statistics and metrics of the market you are trading is meaningless even if the distribution is not normal, it tells me that you are flat out clueless and need to go back to school. I have been fortunate to be a member of a non-trading related forum in the past where everyone was moving in the same direction and shared a great vision. It was truly a great environment for learning, but I think it is futile to hope for something like that today in a public forum like this where there is no level of entry for registration. Especially now that trading is mainstream. I agree with the guy who once suggested a forum where every member needed to submit proof of a properly funded broker account among the requirements to participate. That would weed out a lot of unwanted participants who have nothing to do but spread negativity and lower the level of any discussion. Perhaps monthly broker statements would have to be validated to ensure that blowups or failed traders hang around to spread negativity long after they quit the game. Those seems to be the most bitter and negative. A sworn and written oath could be accepted as an option if the trader truly wanted to repent and continue learning in this environment to prepare a comeback. Perhaps a small fee could work. Although my understanding of the human psyche is remarkable and I do understand why people want to hang around at a forum and simply troll, it is still hard to understand and relate to it because it is so different from how I view the world, although I know that it is part of it. Al Brooks is not the end all of trading and there are things in his book that I do not agree with, much that lacks and he may be hyped up, but for 40$ or whatever it is, I think the book is a bargain if you can pick up only one good idea. If it was not for you, refund the book and move on with your life. Do not waste it here on ET and make life hard here for those who really want to learn. If you think the book is horrible, write out your opinion in an intelligent manner without retorting to calling names or personal remarks. Let us learn from your knowledge. Regards.
Baron will not put in a filter process in the registration because EliteTrader.com generates decent income for him. Simply, filtering out the unwanted (e.g. trolls) will take a lot of money out of the pockets of Baron via all of those sponsors not willing to pony up the cash to continue sponsoring ET because it will also impact greatly those that do contribute in a positive way at ET. Simply, a filter as you suggested will work is if ET was not sponsored nor generated income for Baron. Another option is to do what BigMikeTrading.com did via creating a "Elite Member" private area of a public forum that requires a fee and identification to join in comparison to the public area of his forum where folks remain anonymous. It works extremely well for BigMikeTrading.com and I've been perplexed why Baron of EliteTrader.com doesn't want to adopt the same format after it's been suggested to him dozens of times down in the feedback section over the years....especially considering a "Elite Member" private area of a public forum brings in "additional income" to his pockets. By the way, Joe and Baron have been recently taking a tougher stance against trolls the recent months for obvious reasons. All you need to do is send Baron or Joe a private message or email with user names and quotes of the trolls... ET management will take a closer look at the posting history to see if the user name has been consistently trolling or consistently participating in a negative way...they'll then ban the member. I've complained about 3 trolls in the past year that have done much LESS than the ones in this thread...they were all banned within a few days. Contact Joe @ http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=30969 Contact Baron @ http://www.elitetrader.com/vb/member.php?s=&action=getinfo&userid=2 Trolls exist because we continue replying to them and we don't send direct complaints to ET management about their existence.
PA worked a hundred years ago â itâll work a hundred years from now PA works when indicators fail PA works when statistics fail PA works when nothing else does I didnât understand brookâs writing either and had to rewrite the entire book â and I damn sure donât trade like him But to deny the truth is â well you feel free to fill in the blank Dolts On another note⦠Anyone ever consider the jobs report today was based on holiday seasonality (cooked numbers possibly??) We shall see RN