Another fallacy made by mentors like Brooks is that price action doesn't change over time. The changing of the pace in price action due to HFT and algorithms in the past ten years makes it highly probably that Brooks is no longer profitable as a 5-minute day trader and no longer actively trades, and certainly not in the same way he traded when claims to have become profitable circa 1998 and "reverse-engineered the markets" to produce his products, i.e. books/courses/webinars.
An electricians profitability is not dependent on the majority of the other electricians failing. Trading is better viewed as a competition imo. GL
All comes down to the same thing for me. I assume everyone is talking complete bollox unless I see them making consistently good calls in realtime. A small number of people have passed that test in my years on trading forums/chatrooms etc etc. As for brooks, I heard very negative things about his chat room from numerous sources years ago and that was enough for me. Apparently it was very ''there was a long there 2 points down, 5 minutes ago. I hope you took it! I did'' but with no trade call in real time. In other words, another charlatan who makes money writing about trading as opposed to making money from trading.
As for Al Brooks and others..... who gets into trading with a head full of dreams of selling $99/month chatroom memberships?? LOL There was a funny thread about him a while ago where someone looked up his house in public records.... including pictures of it, assessed values, kind of car he had, discussion of whether it had a mortgage taken out, and lots of jokes about it being a cheap house LOL. Looks like the thread was deleted.... I couldn't find it in any searches. Too bad, it was a funny one. I bet Al eventually found out about it and contacted ET to have the personal info removed....
Brooks says and implies he's a wealthy doctor who day trades for a living (talk in book of [trading hundreds of contracts on the ES w/5-min PA and generating income beyond one's wildest dreams) and spreads "his price action theories" (with very rare citations to Edwards and Magee and re-appropriation of Elliott) discoveries about trading in order to give back to the community and help others.
No, there's just a correlation between competition and success for electricians. Trading is a direct zero-sum game. Trading is more like if electrician A were given a job and electrician B were given a job by the same employer and whoever did better work got all the money and the losing electrician was left to pay for all of their own expenses.
Nah, man. There is tremendous value here. I have made contacts worth a fortune and learned An incredible amount. You just need to be able to ignore the stealth vendors and other assorted nuts. THEN. Add value and you will reap the rewards. surf
not following your logic here. my point is that for a subset of traders to win a subset of traders MUST lose. A profitable subset of electricians does not require a large losing subset of electricians.