mr padutrader you have as much experience with brooks as anyone on et. what's your take on this review from quora com? Thx https://www.quora.com/What-do-you-think-about-Al-Brooks What do you think about Al Brooks? 1 Answer Scott Phillips Scott Phillips, I know things about price action Answered Jul 13 2016 · Author has 2.7k answers and 12.3m answer views Al Brooks is an ex medical doctor who is a “price action trader”, trading 5 minute charts of the ES futures (mainly). He has a very comprehensive and subjective method for “reading the tape”. He doesn’t use (and hates) indicators, except for sometimes a single moving average. He trades one market only, during NYSE hours only, and he switches off his phone, blacks the curtains, uses a small laptop with a single screen, and just does one thing. Al is devoid of marketing bullshit, and in his droning boring way he delivers some hard truths about markets. He spouts such beautiful wisdom as “If I didn’t make money today, it is because I am not good enough.” He is completely honest about the level of commitment and time it takes to become a professional trader. He is not a scam in any way. I’ve read all of his books, and bought his video course some years ago. Except for his first book which was indecipherably dense (and the material is better covered in his later books) his material is without exception excellent, though his video course is a little basic. He certainly influenced my ideas about price action and the nature of markets. He responded to my emails with pertinent questions quickly and comprehensively. I would recommend him as a legit trading guy (and there are very few of those) although I don’t trade using his methods. That being said there are some issues. I met with some traders in Van Tharp’s “super trader” group in 2012, and there were two guys who had chosen to learn Al’s method and practice until they were good. Both said it was a difficult row to hoe nearly a year into their study. My opinion is that Al’s method is very suited to his personality and you probably need a close match with him to be able to trade it well. A gross simplification of Al’s method is to firstly recognise if you are in a trading range or a trend. If you are in a range, you are supposed to BLSHS (buy low, sell high, and scalp). This means that you identify the low of the range and try for a quick trade to the upper part of the range. If it is trending you wait for 2-legged pullbacks (analogous to an abc correction in wave-speak) and buy, holding for a more substantial move. There are objective setups to take, which are similar to price action setups most traders will be familiar with, double tops, retests, pullbacks, inside bars, double and triple inside bars. The positive of his method (and all tape reading methods) is that you get a deep understanding of the how and why of price moving around on a chart. The negative is that since methods like this are highly subjective your performance is basically down to how you feel on any given day. If you are grumpy, angry, hungry, tired, you are not going to perform well. You are the edge. I have friends who trade similar methods and make money, it IS possible. However it is truly expert level stuff. In my opinion, it would take a talented and diligent trader a few years of hard work to become profitable using this method. Imagine a spectrum of trading systems, on the left is pure mechanical systems, where you have no discretion, just objective instructions to carry out. On the right is pure discretionary systems, where you essentially trade your instincts within a framework and guidelines for managing trades. Beginner traders are magnetically attracted to methods which give them a lot of freedom to make decisions, which is not always best. In my opinion beginner traders are better served with more simple, objective systems, while more advanced traders can branch out to more complicated systems with many subjective aspects. Have a look at his youtube channel, it is excellent stuff BrooksPriceAction https://www.youtube.com/user/BrooksPriceAction
I don't think that this is true. If you really like the trading activity you will be here although lost money. And instead of say IT IS IMPOSSIBLE TRADING IS B***S**T you will say I need to learn how to understand the markets and what the fucking I was thinking when I put this trade jajajajja
%% LOL,NOT going to happen. Short side bear market neVer has lasted that long; since 1929 anyway.Plenty of longs have made millions/many millions with 5 years investments + longer/diVidends . But if you have ever seen a chart with long term comission rates/ETFs fees going down; that can be a hint to sell before 5years/60 weeks.,
Is the first time that I hear about Al Brook but I feel really identified with this review because I'm learning VSA method since a year back (I'm a teen ok? but I like trading since 14) and it is true The VSA method is a And yes, you have a lot of freedom to make decisions and for me who are a beginner is hard to control me and decide well. I read a book called "Psicotrading" by German Antelo (Es en español jajajajja) And it was my salvation to lost more money trying in a real account at CME two times before have consistent results in a demo account, and now that I'm working to complete the demo test I'm realising that my method is easy to undestand but when I'm trying to take good trades each morning, is hard to don't have a more than two mistakes and don't loss the profits of day before. Trading is hard I know, but how I love this fucking activity I will be here much longer until achieve the profitability
i felt that way too in the beginning.....but after 10 years when i reread the book for some reason i understood it perfectly. trading is subjective and hard. it took me 10 years to make some sense out of it. but it takes 10 years to become a doctor or a President or anything worth while. if you want to learn about the market its moods and trade in all kinds of markets then Al is the King. if you just want to make money then you can just put two ma and trade like a CBOT pro did for 25 years......... there are all types of traders in the market you can customise it to what you want and that is why so many millions of persons are attracted to this way of life:the freedom to do what your heart desires rather than conform to what society wants
%% Really depends on what you are trading/investing. Ex option market maker don Bright Daytrading Co noted options are made to be sold.NOT all would agree with that.The dad of silver/oil king Bunker Hunt made a fortune buying cheap option$ on oil lease$ Many have made a fortune on REALTY options; i looked in to that+ preferred to go thru a bank or pay cash, on REALTY. But really, RE options are like earnest money, some lost earnest money, but thats better than the whole contract price.........................................................
and a woman became a millionaire by forming a company that walked dogs https://www.marketwatch.com/story/t...FKx1-3n9Qy5qXAuWs5LKbmubS_2DXRaRwAUY9SAU-bglQ
you have the right mentality for this cut throat game this a game of patience and commitment which has to be supported by market know ledge if not the market will always shake you out
It's not just about knowledge. You need to determine if you have the intestinal fortitude to handle losing. If the answer to that is no, all the reading in the world won't help you.
Books are sufficient. A mentor just speeds up the process. Keep in mind, by taking on a mentor you develop their bad habits and their good habits. In my opinion, it is best to keep to books on general techniques and develop your own style. Running trades by an expert or asking for opinions is fine, but anything more and you're treading into the "getting tips" problem. As the immortal Jesse Livermore has said, tips aren't worth the paper they are printed on.