I had difficulty figuring out the question. Almost as tough a read as Al's book. I think it was "is the site being run for him or does he run it?" If it was the answer is " it is run for him." Apparently he started a board (or joined one, I'm not sure) but then found the commitment too much and damaging to his trading. Someone from the original board persuaded him to continue to contribute to their board: http://www.brookspriceaction.com/portal.php On the subject of whether he should or shouldn't call trades here is what he said: "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. " That fits with the advice Woodie received. Why do you guys want someone else calling your trades anyway? Why not just give it to CTA?
Given the strength of opinions here that Al could put up whatever recommendations he wants I did a little google research. Here's what the NFA says. Note the bold section. Note also that you can even be held responsible for what other people posting on your "media" say. "9063 - USE OF ON-LINE SOCIAL NETWORKING GROUPS TO COMMUNICATE WITH THE PUBLIC (Board of Directors, November 19, 2009; effective December 24, 2009) INTERPRETIVE NOTICE On-line social networking groups have changed the way people make trading decisions. A number of NFA Members sponsor blogs, chat rooms, and forums (also called message or bulletin boards), and some use sites like Facebook or Twitter for business purposes. Associates may also sponsor or participate in these groups. Unfortunately, these on-line communities provide opportunities for posters to spread unsubstantiated rumors and intentional misrepresentations. The form of communication does not change the obligations of Members and Associates who host or participate in these groups, and electronic communications must comply with Compliance Rules 2-9, 2-29, 2-36, and 2-39. NFAâs interpretive notice entitled NFA Compliance Rule 2-9: Supervisory Procedures for E-Mail and the Use of Web Site,â (NFA Manual, ¶ 9037) provides guidance on how NFAâs promotional material and supervision rules relate to e-mail and web sites but does not specifically address other types of electronic communications.1 This notice discusses a Member or Associateâs responsibilities in connection with on-line social networking facilities such as blogs, chat rooms, forums, Facebook, and Twitter. Obviously, any electronic content that can be viewed by the general public, or even by a more closed community that includes current and potential customers, can be promotional material. For example, blogs dealing with commodity futures or options are promotional material when written by an NFA Member or Associate, and forex blogs are promotional material when written by a Member or Associate subject to the forex rules. Therefore, content generated by the Member or Associate is subject to the requirements of NFA Compliance Rules 2-29, 2-36, or 2-39. The same is true for futures, options, or forex content written by a Member or Associate and posted on a third partyâs site. The issue becomes more complicated for user-generated comments responding to a Member or Associateâs blog and for Members and Associates who host chat rooms or forums. What is their responsibility for posts from customers or others over whom the Member or Associate has no direct control? When inadequately monitored, social networking sites may contain misleading information, lure customers into trades that they would not normally make, or be used in an attempt to manipulate prices. If a Member or Associate hosts a blog, a chat room, or a forum where futures or forex are discussed, the Member or Associate is required to supervise the use of that community. This requires, at a minimum, that the Member or Associate regularly monitor the content of the sites it hosts, take down any misleading or otherwise fraudulent posts, and ban users for egregious or repeat violations. Not only are these actions required by NFAâs supervision rules, they are both common sense and common practice. Similar requirements apply to Facebook and other sites that allow others to post to the Member or Associateâs âwallâ or other assessable area. Audio pod-casts and videos on the Internetâwhether on the Member or Associateâs Web site or on an independent site such as You-Tubeâare similar to radio and television advertisements. If they make specific trading recommendations or refer to profits that have been obtained in the past or can be achieved in the future, NFA Compliance Rule 2-29(h) requires the Member or Associate to submit them to NFA for approval ten days prior to use. Members should have policies regarding employee conduct. These policies could require employees to notify the employer if they participate in any on-line trading or financial communities and provide screen names so that the employer can monitor employeesâ posts periodically. Alternatively, the policy could simply prohibit participation in such communities. The Member must, of course, take reasonable steps to enforce whatever policies it adopts."
Anyone wanting to debate the book â I am on page 181 with my rewriteâ¦.. Bring your âAâ game and letâs debate its merits (up to page 181 â for nowâ¦) =========================================================================================== I wonât speak to the labeling H1/ H2 â L1/ L2â¦, or the micro trend lines â I donât use them Everything else is fair game As for Al â no clue â he doesnât trade my account, nor will he ever As for Alâs web site â no clue, and Iâm too busy during the day to care ---------------------------------------------------------------------------------------------------------------------------------------------------------- Personally I donât cotton to the idea of defending him â heâs a guru⦠But I am not going to sit by and see misinformation posted when I know different â the book has value â if one does the work to extract itâ¦. ========================================================================================== Stock â your comment about seeing amateur activity â is amateurish Yes individual trader volume does not amount to a pimple on a gnatâs ass Yes we never know whose volume it really is Butâ¦. Iâm always looking for dumb money â that money could be a personâs⦠or a Bots â either way it was traded in an amateurish way and ripe for the taking RN
MUCH/MOST of original post deleted... This applies to NFA MEMBERS and associates....since he is neither (guessing), this does not apply. Again, the hypothetical disclaimer should cover it...
He just kinda shows various price action set-ups where less savvy traders are likely to jump in on the wrong side.
Anyone who chooses to charge money and give trade signals in a chat room is missing a chromosome. You never know which one of your losing trades is going to blow out some chumps 5k futures account, causing a potential legal shitstorm because you told them to get short at that juncture, disclaimers or not. The fact that Al doesnt operate like that speaks volumes, imho. Like Redneck said, there is value in his book if you are willing to put in the work. Everyone Ive talked to who has read his book has used it to supplement their already developed trading style. Nothing more, nothing less. I could care less about his chat room, or anyones chatroom for that matter.
Agreed Spd, Even if he's not an NFA member and not in anyway covered by them he's obviously exposed to every whinging loser out there if they get off there lazy axxes long enough to sue him. The best thing though, for real traders, are that there are a bunch of losers out there wanting someone to give them explicit trading signals. All we can hope is that they trade real money.
Al's book is a very good starting point for reading price action. Some of his methods are way too complex but whatever works for him, fine. Instead of trying to get ready made trade calls, it is more beneficial to make own methods through own observations, his book is more than enough for someone who can think and devise his/her own price action setups. Have to admit that he is blunt and egoistic at times in the book but that's what people who get paid by market often are, not some pansy ass snake oil salesmen who are smooth talkers and whose living depend upon people skills instead of trading skills. Best, Max
I KNOW NA GUY WHo has a trading room and shows his trades... LIVE, shows his DOM. whatever. AND HE DOESNT HAVE A HYPOTHETICAL DISCLAIMER JUST A IF YOU COPY TRADES ITS YOUR OWN DAMN FAULT IF YOU LOSE MONEY Guess what AL Brooks is full of crap! He is flat out lying, so that he doesn't have to show you he can't trade for shit! Those who teach, cannot trade...