I hear Al Brooks name a lot as it relates to price action. He's been around a long time. I have not read any of his books yet. I have read some of articles he's written and usually when I ask a question that relates to price action, someone mentioned Al Brooks. I did a search though on ET and most of the threads were negative. I am reserving judgement because as a new trader, my opinion is not worth squat. Today was day one of two free days than anyone can get in Al Brooks trading room. A free trial that otherwise costs $90 a month. To be honest, I thought this was very cheap. I was shocked. I thought it would be in the hundreds since he is so well known. Anyways, I got into the room about 7am by the time I configured the webinbar software. This really turned me off. To get into his webinar it takes special software that costs $99. They also include a free trial though but I didn't like having to give them my credit card number to do it. That is a real turn off. Anyways. He did speak about every 2-5 minutes and sometimes he just went over what had already happened and sometimes he predicted what might happen in the future. The frustrating part was that he would talk about going long and in the next sentence he would make an argument for the shorts. I kept in mind though that he doesn't claim to give advice about market entry and exit. At the same time, I think he does trade but doesn't mention every trade he makes. Here is why I think that. There were a few times when he took only one side and made his argument. It happened to be contrary to what I was trading at the moment. I was already in a trade and waiting for the market to move down and he was advocating up. I'm a new trader and thought that he would obviously know more than I so I hit the reverse button and traded his direction. Keep in mind I am just paper trading but I take it seriously because one day it will be real money. Anyway, the market started moving down and he didn't say anything about it until the next trend line and then he spoke about the next setup. After 5 hours or so he said that he was flat on the day. I think he said that he had expected things to go differently then they did. I ended up leaving at about 11:30. So I will sum up with this. If nothing else, this is free education for me. I am learning about 2 legged pullbacks and head and shoulders, and things that I have only read about. It is very helpful to have someone that will actually put himself out there and explain what he's doing. So today didn't go well but I got a lot out of it and am looking forward to trying it again tomorrow. I just wanted to post about my experience. I know that many of you don't respect him but I say kudos to anyone who will put themselves out there and teach for very little in return. It is worthwhile to me. Not sure at this point if I will continue it. I'm more perturbed about the webinar software than anything else but hey, no big. Peace.
Miscellaneous chat room rule... Do not react to any trade advice, price action analysis for several days until you've understood the communication style, price action analysis of the head trader in the chat room. Thus, you're just there to pay attention and learn...not trade. If you break that rule...you will have consistent problems with any chat room you try by anyone. Also, I'm curious why you joined his fee-base webinar (free trial) that cost $90 per month on top of the one time $99 software fee to access the webinar...in comparison to using his free chat room on IRC called #BrooksPriceAction via any free IRC software (e.g. Trillian, Chatzilla) My point is wouldn't you want to "first" learn the method and terminology in real-time via those members operating the free #BrooksPriceAction chat room prior to paying for webinars...webinars where he specifically states webinar is designed to be educational in nature...this is not a place where trading calls are made. Yet, you reacted to one of your trades via reversing the position as if he had made a trade call. In fact, your above review was mainly about trading and very little about the education that was provided considering what Al said the chat room is about (education) and not about (trade calls). I think that's why his webinars are confusing to you (not your fault) or too anyone else because anytime someone saids they don't make trade calls...they shouldn't be mentioning any trades nor mentioning they are flat to prevent confusing members (free trialers or subscribers). Al should only be explaining his terminology via real-time price action, price action analysis without mentioning any trades he's doing along with stating in the webinar as a reminder to members not to react as if this is trade advice as you did on day one. In addition, the webinar states the following... It is beneficial to be familiar with Al's trading style and terminology before joining. You should follow the above advice but take it one step further...you should "completely understand" Al's terminology and trading style prior to joining the webinar again as a subscriber. How do you know you "completely understand" it ??? You're able to teach it yourself to others.
Thanks wrbtrader for your post. First let me say that I didn't know that he had another trade room that was free. I figured the two day trial is free and if I learn from it, the $99 a month would be worth the education. As far as trading, I am just getting my feet wet. Both learning what a 2 legged pull back to the EMA is and how to trade it. Maybe I should take my practice account as seriously as a real account. I think I do. If I'm going to make a mistake, I would rather do it now then later. I think that was why I wrote about the incident. I had a trade in mind but listened to outside influences and changed my mind and broke the other rule of over trading. But you are right. Whether it is a real account or a practice account, bad habits can be learned in either. I am looking for an education wherever I can but in a case like Al Brooks trading room, it was kind of nice to be involved also. In respect to his advice, I think he provides both educational and trade calls whether he intends to or not. Based on what is states in writing before entering, I wouldn't have heard a trade call made but that is just not the case. The statements are kind of subtle but if I were a real time trader and heard, "I might go short here if this tick ends on a bearesh signal", I would take that to mean just that. Anyways, thanks for the advice and I will see if I can find this free chat room as well.
I dont know anything about this guy, except that he writes and talks like a moron, but the free room is probably there to fish for the pay room.
seems like there is a number of people in the society who fall for such vagueness .. they are attracted to it somehow and this number looks CONSTANT .. why not take advantage of that? from my own experience I know women find this approach attractive and guys who apply it are considered to be mysterious and deep hence worth dating / 'I miss you as much as I love my solitude' type of thing /..I can only infer that people who pay for such service don't really want signals nor do they want to improve their trading - they just want the MYSTERY to be solved .. and the MYSTERY MAN knows that that's why the only way for him to survive is to STAY MYSTERIOUS... well, just my 0.00001 cent
Total BS. I've been in Al's trading room now for an entire year. People like this guy whine about it because Al's not placing orders for him. I often see people complaining about the two-sided nature of Al's commentary, but it's two-sided because the market is usually in a two-sided mode. Odds are usually 50/50 of an equal-tick move in either direction. Al defines "probable" as being 60% certain. Welcome to the world of day trading, where you're operating in perpetual shades of grey.