This is the five minute chart of Advanced Micro Devices (AMD) from Friday July 24,2020 Using Brooks bar counting and measured moves allowed for several advantageous entries, while also allowing the informed trader who knows what to expect and what is probable to sit through minor pullbacks and hold for very nice profits. Based on the same principles I am looking for AMD to trade close to $75 or better this week. It is certainly not a sure thing, and is based on probabilities rather than prediction. Bar Counting: Measured Moves:
Fred, don't you have have some bench presses to do? You contribute nothing of value to this or most threads.
Speedo, you're a good guy, but I think you are being a bit too much of an unquestioning fanboy. I'm sure you're a far better trader than I am, but why would you encourage anyone to spend either money or considerable time without engaging in a little bit of critical thinking before making that investment?
I would not discourage anyone to employ critical thinking prior to any investment in money or time. The principal difference between us in this particular matter is I've spent months with the videos and have gotten clear value from the effort. Having traded for years, if I can find value IMO it would provide considerable value to a beginner or journeyman. Point of disclosure, I've not had contact with Al for 3 or 4 years and my study of his work has been in recent months. He sent me the first book when it came out but it was like trying to read Faulkner in Urdu. There is a trader who used to be active on ET I respect who strongly recommend I study the video course and I am very grateful for the counsel.
You know, if we really look at it no one HAS to provide anything. If we want to see if a traders ideas and concepts work then just study what we can of them and SIM them. Or if they don’t resonate with us then don’t buy them, if he is charging for them. We want proof a trader is profitable. He is under no obligation to provide such proof unless he is selling something and claiming to be profitable then there might be some legal obligation, or at least a legal obligation to provide disclaimers. There really seems to be no end to what people will demand for proof. What satisfies one doesn’t seem to be enough for another. And who is to say the trader doesn’t have multiple accounts. Making money in one and losing in the other? I have decided for myself it is a dead end alley demanding proof from any trader. I just have to decide if I want to buy his strategies and test them out myself. You know, what works for him and others, may not even work for me. He could be selling a great system but I could be undisciplined and it fail terribly for me. Or I could scared as a cat with a long tail in a roomful of rocking chairs and not even be able to execute trades in his system. On ET where many are offering their ideas or trading concepts freely or discussing them freely. I can easily test them out if they provide sufficient info to do so. They may, or may not, be useful for me but I am not going to demand proof. As for me I have no secrets. I openly discuss how I trade and try to explain why. I don’t charge anything but I will discuss anything about my trading. However, I will not get into providing any proof of my trading prowess. I try to give sufficient info that any trader who wants to can test the idea out on a SIM can do so. And I always recommend a SIM. Furthermore, I am not afraid to share. I have no trading secrets to hide. And most of what I know I have learned from others and I try to give credit. A few things I invented or taught myself through discovery and I even share those freely. But even what I learned from others I had to find a way to adapt it for myself. So that is my take on the matter.
I don't think you were the subject of this discussion either. But I'll bite if you have no secrets. How many ES points do you typically capture on a daily/weekly basis? Yearly % return on capital? If you don't want to answer - that's fine too. https://www.elitetrader.com/et/threads/whats-a-worthwhile-daily-take-on-the-e-mini-s-p-500.345679/
Since this thread is about Al Brooks I will say that Al’s ideas have helped me a lot to better understand and trade the markets. Granted he is so thorough and detailed that you can’t do a cursory read. You have to study ...and ..study..and make voluminous notes but over time it does seem to sink in. Then the concepts have to be practiced. I am not the sharpest knife in the drawer so it takes time, at least for me. I used to laugh when I first encountered his way of expressing. It sounded like double talk. But over time his style of expressing and teaching slowly began to resonate with me. Now I just ask “what is Al really saying here?” and I think deeply about it and try to figure it out. I am not a shill for Al Brooks but I will say I have all of his books (4 of them) in hardback AND digital form. I have his entire course and including his forex course. I also have the Best Trades video course that Al and Richard made. In my thinking that latter one is a good place to start then bump up to the full course and let the books then serve as reference. If you start with the books you probably won’t finish them. The Best Trades course is cheap and serves as a great introduction. But I would not want to be without the others. Just google Richard Entwistle and you will know what to do. There, that is my take on Brooks. I don’t care whether he makes money trading or not. His ideas and concepts have helped me. And I have never nor ever would never ask him for any proof. And of course he is NEVER going to give any. That is just the way the man is.
That statement makes absolutely no sense. By definition, an unprofitable trader can't even teach himself to be successful. So, I'm going to PAY him to teach me what...he doesn't know? There's a sucker born every minute.