Finally the weekend is over. The most horrible experience for me. I HATE weekends that said i am looking forward to trading live with Al Brooks. it is impossible to post live all the reasons for a trade in a trading range-because of the numerous possibilities of a trade-so i regret i cannot continue posting live when i am trading for real money. i will try and show why i took some trades after trading hours-which for me is weekends since i plan to trade 20 hours a day and i need the balance 4 hours sleep. i will try to choose trades which illustrate some technical reasons to take a trade. Hopefully! i will post my trading performance which is downloaded from my Tradovate trading platform and also from my topstep trader dashboard. Welcome aboard to the show that never ends...
I don't believe Brooks himself trades. I think he probably tried it many years ago, failed, and found that writing magazine articles and then books was the better way to make money "from trading."
first trade horrible entry entered at top of range, added more and held till the bounce off the bottom of range-lucky that it did bounce- and exited with a125 usd profit. i am ashamed to tell you my entry because it was ridiculously bad for a pro trader but after a long, horrible week end i always have remember again the basics and sometimes i get wiped out in the first two trades of day. however this is the advantage of entry in a range that you will get at least one chance to get out at break even or a small one pip profit. i think one way to clear the cobwebs out of the head is to start the day with trades on a sim account.
the second trade was a beauty. sold short at 5582.62 stop above the range at around 5594 and target at 5582.75. i later increased the target by one pip which was reached one bar later. the stop was a correct one in a trading range but i can assure you that i would get out a lot earlier in the likely scenario that the trade may fail-as can the best of trades. i was confident of this one because of my experience but any trade can and does fail. a trader has just got to deal with this and learn to manage trades as best as he can i sold the 3 breakout, above a pair of dojis ,in the pullback from the first bear leg-a wedge-,this pull back tested the entry of the bears and so was reasonable sell in a trading range for a second leg down. a profit of around 6 pips is a good appetizer early in the day. @Overnight and @schio i hope this post satisfies all your demands. and yes that is 820 usd in two trades
this thread is proof that not only does he trade, he trades damn well and has a big heart because of the effort he makes to teach other traders who are 99% idiots and slander a great trader forgive the blunt reply but you started this rubbish
Al Brooks has some interesting ideas, but at the end of the day he's a very discretionary trader who like many technical traders creates his own names for stuff that's already got other names. I've gotten a few ideas from him but as with any method, it's just part of the picture for most people. One of the problems with Al's methods is that he has a bunch of different ideas and when you start trading his concepts you're tempted to try everything all at once, hence over-trading. As for trading 20 hours a day, heaven help you. Unless the VIX is at major highs you'll be chopping up your account inside of a trading range in no time.
Enter at the time shown above. If you missed the entry, don't do anything; don't attempt to chase the market. If you need to do something, bang your head against the wall (lightly).
Actually, no. I still don't know what the hell you're doing. Instead of this long-winded explanation, just show me where you got in and where you got out. I don't need anything else.