You didn't get what I was saying. He kept saying not to sell on the way down because there was a selling climax and buyers would be coming in. He kept saying this as the market kept going down.
What is really strange is how he knocks anyone who would trade the 1-min chart in the first part of his book and yet that is exactly what he does on the open if he can't find an entry on the 5-min chart.
I remember somebody writing an automated strategy on TradersLab with the Al Brooks method and it proved to be a losing system.
I understood completely what you meant. I was commenting on the value of his observation. He should have been recommending to sell.
You have to ask yourself why someone would give up on ophthalmology to make a few bucks off some rinky dink website??
Right, so I would have to assume he is a real trader making real good money otherwise why would you give up a very respectable career to sell snake oil??
He could have inherited a few houses which he lives of their rent, or sold them and see that he has $2M on his account and not wanted to work every day with boring patients like his last 10 years ? Then searching for what to do he stumbled at the end of the dotcom into trading, after 10 years of paying for rooms and teachers but not becoming profitable he finally found his holy grail: Teaching people how to trade. That's how he makes money. He says he wants a simple life. Well then trade and shut up. Writing a book, and now saying that there are 3 new books coming and trying to become a guru is not choosing a simple life. He's just the same crap but in a different wrapping, he's just a teacher making money not in trading but in teaching.
I remember him saying it wasn't intellectually stimulating enough to mess around with peoples eyeballs. He also stated that the markets are more of a challenge to him. It is interesting that he has described himself as a trading recluse I believe it was and now he has articles, a book (and more to come) a trading room and has done a seminar at an Expo. I guess he has broken out of his shell. Sometimes people do that.
I sat down this week with a friend while trying to help him with trading. He is making the same classical mistakes that I used to do when I started trading, in fact, I took a few days off trading to help him out. I remember those sick to the stomach days that I did not know why I even got into trading. I didn't want my friend to go through the same thing as I did. I persisted, I won but I don't know if he will. Part of my effort to help was creating a 7 page guide line, an excel spread sheet journal that includes an equity curve and finally getting him on the right platform. He was super excited, and offered to pay me for this "kit" but I refused because it was just a pleasure to see him smile and I was happy I helped. He said I should sell this on the net....BUT, if I did guys like MetalTrade and other like him that loves calling everything "crap" on every forum he is on would say I am just another "vendor" pushing %^&T? The same theory exists about people who spend their time on forums like this LOL Assuming I did decide to sell it, which I have no plans, I would have every right to charge for it. I have paid my tuition to the markets and deserve compensation if I could prevent another "bleeding" of a trader and hopefully turn a few to good traders. If someone thought that my stuff is good, and offered me seminar, a paid seminar, I would do that too. Now, even if I had the BEST stuff, would I be able to change most traders fortunes of losing? The answer is NO for obvious reasons. So that bring me to Al Brooks. He wrote a book, some guys made a site and spoke out in public..that makes him what? a liar? someone who pushes product? He has every right to promote his product and I still think he has an awesome book and hope he will write more. Finally, if anyone thinks he makes money from "Wiley" has another thing coming. Let's stay reasonable here and just say that an author is another opinion and perspective to consider. RG