Since there are some traders who are successful using Al Brooks methods, why don't those who have questions ask them here? Or at least show why you say the methods don't work. The best way to prove a method is BS is to actually show how you tested it and tried to trade it. Then the Al Brooks traders who are successful could give feedback to you. If such a dialog could happen either the successful Al traders would give advice that helps everyone and maybe shed some light on how Al Brooks methods can work profitably, or the naysayers would prove that Al Brooks methods don't work. Either way all would benefit.
Funny, I'm most of the way through the first book. Unlike a lot of those here I think it's a very good book. I'm finding a lot of the volume is going over the same key things in a hard way to read. Buy you know what I'm getting a lot out of the book. Maybe having to pause and think through what I just read fits my way of learning. Don't know if I'll get book two or three, he covers a lot in this one. I don't know how much more there is to talk about daytrading watching a 5 minute bar.
He must have been a reasonably succesful trader as he retired (prematurely) from being an opthamologist to become a full time trader. Opthamologists make $200,000 +.
Bah, I don't agree. He could have just inherited 7 houses from his mom, sold them and decided to stop working. Looks like more he became an ophthalmologist because his parents wanted (another) doc in the family. I know personally 2 ophthalmologists and no way they are thinking of changing their career. Seems to me Al brooks changed his career when the pressure was off ? After he received his heritage ? Or something bad could have happened with his wife, leaving him with his daughters and having a huge cash pile received from the life insurance. You see, we can bitch about this all day. It's about the Profit and Loss. You saying that he must be successful as a trader since he 'retired' prematurely from being an ophthalmologist is stupid and based on NOTHING. Everybody who says that Al Brooks is awesome and that most of the non believers are to stupid to understand him but THEY CAN must show their extremely profitable PNL immediately or shut up about it.
Translation: you would like proficient traders to participate on Elite and share their strategies with you and show you how to do it correctly. However, as intelligent commentators are treated poorly when the content they provide contradicts the majority popular opinion this is not going to happen. Your proposed solution is interesting and shows us how you think. You mention money twice: a funded broker account and a small fee. This is because you think having money is, or ought to be, the quality required of aspiring traders. Not true - all the losers start off with enough money to open a brokerage account and trade, and all the winners end up with several multiples of whatever they started with. The last thing a novice trader needs is a "properly funded broker account". If really successful traders wanted to form a "club" it would be on an invitation only basis to traders personally known to existing members. Criteria for membership would not involve money, or the proving existence of a brokerage account. Top level players are not going to be interested in discussing either finances or methodology with others. It would be an environment for discussion amongst people who have similar personal characters and who share similar experiences owing to their efforts to achieve big success in this particular business. Successful people enjoy the unique experiences provided by interaction with other successful people. A filtering mechanism would need to be in place to ensure that those invited to join had earned their place and would not trouble experienced members by trying to pick their brains for either tips or strategies. What you would like is a club where you make the rules and everything is as you think it should be. Rather than learning from failed traders and the lessons they provide, you label them as "unwanted participants" - perhaps their failure is an uncomfortable reminder of the inevitable fate of all those not sufficiently prepared. If you think you truly ought to be the arbiter of good taste then why not set up your own forum with membership criteria according to what you think proper? This should not take a computer literate person more than a few hours and need not cost you much or perhaps can be done for free. I can assure you however that you have nothing to offer which would induce the experts to join your club and teach your members. Leave them to their little delusions. They are comfortable in self deceit. Bottom line is that there is a limited amount of liquidity in day trading and holders of a highly effective methodology would not publish it as the net result would be other traders doing the same and competing for liquidity. Eventually enough would copy to hammer out the edge. Anyone with sufficient savvy to develop a highly effective method understands this. (good example - a few of the ex-Schonfeld folk who post here and are known to have made 7-8 figures in their careers have mentioned that good edges / strategies stopped working once they became common knowledge and too many people in the firm started using them)
Non sequitur. He could have retired due to inheritance, winning the lottery, or as he expects to make more than $200k as a vendor of trading books, courses, and materials. How many people do very good business charging gullible middle class / business folks $3-10k for trading courses? Interesting first post for a 5 year old membership.
As others have told you, put your ego in a trunk and then bury the trunk. Or, take Al Brooks as an ego challenge and seek to understand what he trying to say. Either way, winner, winner, chicken dinner!
Jesus, Blotto. How many handles do you use on this forum? Have you ever replied to yourself? I wonder... I would respond to your post if I took you seriously, but I stopped doing that a long time ago, and now that you operate under multiple aliases and once again put words in my mouth you have sunk even lower - and that`s an accomplishment, believe me! You are a sad, sad person and I urge you to seek professional help. You really need it.