in in one word yes. and also what he says if someone explains in person it would only take a week or less to grasp the beauty of what he says.
Summary of "Al Brooks on Trading" "Al Brooks on Trading" is a comprehensive guide that distills the key principles and practices of Al Brooks’ trading philosophy into a practical format. The book serves as a valuable resource for traders of all experience levels, focusing on price action trading, market psychology, and risk management. Below is a summary of the prominent themes and insights from the text. Key Themes and Insights Price Action Trading: At the core of Brooks' teachings is the concept of price action trading, which emphasizes making trading decisions based on the actual movements of prices rather than relying on technical indicators or fundamental analyses. Brooks advocates for a deeper understanding of price bars, candlestick patterns, and market structure, encouraging traders to read charts and understand market dynamics effectively. Market Structure: Brooks explains how price movements create different market structures, including trends, trading ranges, and reversals. Understanding these structures is vital for making informed trading decisions. He stresses the importance of context and how market conditions influence price behavior, highlighting that traders must be adaptable to different market environments. Trade Setups: The book outlines various trade setups based on price action analysis. Brooks categorizes trades into specific types, such as breakout trades, pullbacks, and reversal trades. He provides detailed explanations of the characteristics of each setup, along with examples of how they manifest on charts. This practical approach allows traders to recognize potential opportunities in real-time. Risk Management: Brooks places significant emphasis on the principles of risk management. He argues that successful trading is not just about making profitable trades but also about managing losses effectively. The text includes guidelines for determining position size, setting stop-loss orders, and establishing profit targets to ensure a disciplined approach to trading. Psychological Aspects of Trading: An essential component of Brooks’ framework is the psychological aspect of trading. He addresses common psychological challenges traders face, such as fear, greed, and overconfidence. Brooks advocates for the importance of developing a trader's mindset, suggesting that emotional resilience and mental discipline are crucial for maintaining long-term success. Developing a Trading Plan: Brooks emphasizes the necessity of having a structured trading plan. He advises that traders should define their goals, trading style, and strategies before entering the market. A solid trading plan includes detailed rules for entry and exit, risk management, and performance evaluation, which helps traders remain focused and objective. Practical Examples and Illustrations Throughout the book, Brooks provides numerous charts and practical examples to illustrate his concepts. He breaks down trades step-by-step, demonstrating how to apply price action analysis to identify potential trade opportunities. This visual component is vital for helping readers better understand the application of his strategies in live market situations. Conclusion "Al Brooks on Trading" is an authoritative resource that captures the essence of Brooks' trading methodology. By focusing on price action, market structure, and the psychological elements of trading, Brooks equips traders with the knowledge and tools necessary to navigate the markets effectively. The book is a blend of theory and practical application, making it a valuable addition to any trader’s library. Al Brooks' insights encourage traders to cultivate their own trading style while adhering to the foundational principles of disciplined trading, ultimately leading to more consistent performance in the markets.
@padutrader Just learn EW already lol...you would have saved yourself so much time! And anyways all you do is post endlessly about this without EVER showing a trade on a chart.
If @padutrader was paid $10 for every hour he wasted on Al Crooks, he would be multi millionaire by now.
Crazy is doing the same thing and expecting different results. Doing slightly different is the same. Before to build upon, better get solid foundations. Back to the basics. Have you considered the fact that there is no edge ? Should be the default assumption. An opportunity is an exception. I see all the crack addicts coming at me “It’s not because you can’t that no one else can”.