The Woodies Club people call trades at specific prices all morning long for about 6 instruments. They are cultishly dedicated to that indicator, and no decent or questioning of it is tolerated. However, if you're interested in that indicator and method of trading, they are very helpful and friendly - and it's totally free. I suspect that Brooks just doesn't want the hassle of defending failed trades.
For anyone considering Al's room and not wishing to waste their time. You should be able to answer yes to the following questions: - have you read his book and understood at least the "best trades" bit? - have you gone to the web site being run for him and worked through all the free material? - do you understand it and see how that is a valid way to trade? If you can't answer yes, yes, yes then either do it or simply put your money in the market at random. To the cta/non-cta argument. Clearly Al has received advice that he shouldn't call trades as a non-CTA. As a CTA he would have some protection; he has none. To the people who said trades are called in Woodies room - years ago Woodie stopped calling them himself after he received some legal advice. The current callers may not even know that. Or, being anonymous, may not care much. If you did the work (I don't believe the OP can answer yes to all of the above questions by the sound of his statements - actually given that there is a thread on the web site where this question was raised and answered, I'm sure they have not) then what it sounds like his room is designed to do is help you see the stuff from the book and the site in real time.
Never read the book never will. He is full of shit if he says the nfa or cftc said it was illegal to call out trades without registering as a cta. The guy is a fucking MD, he is not fucking stupid. If
Here is where some rubber can meet the provervial road or you mispoke? Do you know for a fact that Al personally runs his site or it is being, "run for him" as you quote? kiwi_trader Registered: Aug 2002 Posts: 3567 10-16-10 10:24 PM -------------------------------------------------------------------------------- Quote from anituchka: 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? -------------------------------------------------------------------------------- For anyone considering Al's room and not wishing to waste their time. You should be able to answer yes to the following questions: - have you read his book and understood at least the "best trades" bit? - have you gone to the web site being run for him and worked through all the free material?
illegal and legal liabilities are two seperate things. Being responsible for some chumps bad trades sounds like a giant pain in the ass. And a good attorney would wipe his ass with some educational or hypothetical disclaimer. Ive read his book and love it, but I'll never pay money for his trading room, his book and free anaylsis on his website were plenty. Im sure the people who have put in the time to even be able to extract useful info from his trading room could care less if he calls/signals/whatever trades. They would have their entry orders placed before he could make a bell ring.
Anyone can call trades (Assuming USA here, not familiar with regulations in other countries). If you do not have CTA or RIA type certifications, you cannot give ANY personalized advice, discuss the client's individual financial goals, tailor it to their account size... In addition, you must use the standard disclaimers - about hypothetical results, etc. In other words, you are a publisher of information, be it calls, education information, GENERAL suggestions, ... The main problem is, the CFTC, SEC, etc. do not require said publisher to have any clue about money management, trade management, an actual edge, etc. And that leads to a whole lot of ripoffs, clueless advice, self-deluded guru wannabes, etc.
I am reading his book now. It is extremely difficult to read as it is not written very well. Right in Chapter 1 he refers to things that he hasn't explained yet. actually given that there is a thread on the web site where this question was raised and answered - do you mean "futures trading room" thread? I read that thread but it started long time ago and was closed so I wanted to get some fresh info. His room was discussed briefly among others. Not sure if there is another thread that I may have missed
I read his book, some parts were really good especially the ones he discuss how amateurs trade and how to identify that during the day. Some parts where he gets technical, I wanted to put a pencil in my eye, and then he showed some nice price action set up. To me the whole concept of Al is a bit funny, he wants to help traders but on his terms. If you want to step out, step out, don't just pick behind the curtain. from his forum"This site is run by a community of traders that follow Al's price action trading methods" ??? He is a smart guy but he needs a Jerry McGuire behind him LOL RG
Do you really think you can see what the 'amateurs' are doing on the tape of the ES, when they are probably 1% of the volume? I like to teach