I signed up for a free trial in Al Brooks' trading room. Got 2 days. He does talk throughout the day and stays all day with you. He kind of indicates when he is going to buy/sell but does not get too specific unless I missed something. What really worried me was that there was no DOM so I didn't know whether he was actually making the same trades as he recommended. Most of the time he would say something like "I am not taking this trade but you can if you want." Has anyone had any success with his methods/in his room? I know some members here like his book (thanks, NoDoji for recommending it!) and I am slowly trying to read it but has anyone been in his trading room? Please give me your feedback?
I just asked on his forum, and was told that he doesn't call trades but identifies price action. He is legally not allowed to call trades and show his DOM, as he is not licensed. What I don't understand is what is the purpose of such a trading room if he doesn't give you any signals? What will prevent him from saying "I would go short here" and go long. You can't see anything anyway! I am probably naive but doesn't "trading" room imply that some trading is done there?
Im not a member of his room, but I have read his book. I imagine the room is much more helpful if you can put the price action in the context of his book.
Would you accept signals from a stranger as concrete fact and risk you own money? Al's methods just help give you a lens to view what you are seeing on the chart as the day unfolds. There is no magic.
It was mentioned in this thread already. From what I heard/read, Al Brooks is a CTA (?) so he is not legally allowed to publicly announce his trades. He can talk about the charts, but he cannot tell you when he enters or exits.
Wether you are a cta or not you can run a room and call trades. That's what all the educational and hypothetical disclosures are for. Anyone who tells you otherwise is full of shit. QUOTE]Quote from FirstDegree: It was mentioned in this thread already. From what I heard/read, Al Brooks is a CTA (?) so he is not legally allowed to publicly announce his trades. He can talk about the charts, but he cannot tell you when he enters or exits. [/QUOTE]
Sorry, my information was wrong. I found what it was that I was referring to, from Al Brooks's site: "I am not a CTA and therefore need to restrict what I publish on this site. Otherwise, I would have to become a CTA and this is against my minimalistic approach to life. I called the NFA and asked what my limitations are and they told me that I cannot make trade recommendations, I cannot discuss my trades or trading results, and I cannot answer specific questions about particular trades that anyone has taken or contemplates taking. However, I can publish my reading of charts and I can discuss trades and management in general terms." So he's not a CTA, but that is directly from Al Brooks.
Thanks for the quote fd. He is full of shit. If he used the cftc educational and hypothetical disclaimer he would be fine. Additionally the NFA would not give him legal advice so that is another line of shit. Make the same call yourself to whoever doubts.