This is a critical observation you make. I have myself pointed this out many times on ET with regard to the particular fills obtained with something like the TD Ameritrade simulatiion software , which fills buys orders on the bid and sell orders on the ask; the exact opposite of what most retail traders will experience most of the time. And occasionally this simulator will even give a fill that would not be achieved at all in actually trading. This is the reason so many novice traders find it easy to make simulated money but so difficult to make real money trading. The simulator is treating their simulated orders as though they were market makers. I assume there are better fill engines available. This problem is fairly easily corrected for using the method you suggest. I wrote Thinkorswim about this years ago, but received no response. I imagine that was because their simulator's fill engine was filling orders exactly as they intended!
I don't mind people losing money and wish everyone the best of success. Sadly, that's not going to happen. However, it's a cruel thing to be giving recommendations - either personally or recommending other people's services if you're not making money yourself from it. If so, you should rather say, "I think the teachings of Brook's hold some promise, but admittedly, I'm not yet making much money from it." Personally, I would be surprised if Al himself makes any serious money from trading beyond selling courses, but I can't say for sure. Does anyone else make good money using Al methods alone having been a student of him? I can't say for sure. It's definitely possible, but if so it seems to be a silent minority. From what I've seen there's some good basic content and truths in his teachings, but there's a long leap from that and consistently making good money in the market as a day trader. No easy feat.
Top secret! Just follow my journal and Sim the concepts. You can probably figure it out by then. If you have no psychological hangups that would hinder you in executing trades, taking profits, and losses.
Just to be clear, my curiosity got the better of me, and I bought his first book. Tried mightily to read it, but eventually had to put it down. It is a jumbled irredeemable mess, there is no editing apparent, and the printing and overall production quality is horrible. Even the paper quality was bad. If Brooks had much worthwhile to say, I'm afraid it wasn't conveyed in this book. What little I could make out after multiple reads of the same pages made me question his reasoning, based on my own experience. I allow that I may never have correctly understood him, assuming that's possible.
Isn’t that exactly what padu is saying and doing? He has admitted losing hasn’t he? But he also is trying to show how he is continuing to learn from Brooks? And that he is learning to apply it. He admits he has not arrived. What more do people want? It appears that folks want someone to give them a setup or two or three that guarantee a profit 90% of the time and is simple to understand. Understanding and executing successfully in the markets, how and why price moves, and what to do about it is anything but simple. It takes years to understand PA. The ones that promise overnight success with their “for sure” setups are the ones that are likely charlatans. As Al Brooks says in his introduction to his trilogy: “I am metaphorically teaching you how to play the violin. Everything you need to know to make a living at it is in these books, but it is up to you to spend the countless hours learning your trade”. This thread is really not about Padu or his trading success, or lack of it. It is about using Padu as a whipping post in lieu of Al Brooks. It is about hating on Al when folks are too lazy to dig out what he says and practice until they get really good at it.
It is very likely you may not have understood him correctly. It took me a long time to see how he expresses himself. It was kinda of like understanding George Douglass Taylor in his book “The Taylor Trading Technique.”
Volpri, your journal is excellent and clearly shows your understanding of Al’s work but you may as well try and teach mules to tap dance as convince anyone who would argue endlessly against something they know little to nothing about.
I had a similar experience with the first edition of the first book. It was poorly edited and not well written. I didn’t understand the quality of his work until someone convinced me to acquire the video course which is much more accessible than the books. I’ve gotten more out of the study than years of various books, seminars and paid chat rooms but no one can force achievement on anyone and understanding price behavior and formulating a viable trade plan from that understanding takes a lot of effort...and an open and curious mind. Things in short supply on ET.
Hello Volpri, See my results below. As I said, when I stop listening to all those damn al brooks videos, I started making money. And that is one week. 180 trades too, so you know its no bullshit. I hear you man on all the historical patterns stuff. But I have money to make, I do not want to hear all that wait for 5 and 10 years bullshit man, keep hardworking bullshit man. And I do not want to hear all that Tom Brady bullshit. Tom Brady a damn millionaire and he has the money and time to get better. I do NOT. I still work full time job as well and try to trade, I have NO time for bullshitting. I got bills to pay and people to take care of. If I am using my time and energy and money to pay a man to show me how to make, your ass better show me how to make money. PERIOD. I trade to make money, and like I said, Al Brooks shit do not work. Maybe Brooks and I are not on the same page. He got too much shit to try and comprehend. And 2 of my other friends I know bought al brooks said the same. I stop studying that shit. Now some of his stuff makes sense theoretical, but that means nothing, if I can not make money with it. Alot shit in trading make theory sense, but can you make money from it?? Its about Money. Its not about a damn thing more. I be a damn fool to continue to listening to a man show me how to trade, and makes no money. That shit is stupid. That is pimping, I am not a damn hoe. Brooks do not even trading live to even give his students "hope" that one day they can make money. Nothing. Just keep working hard. Come on man, that's bullshit. And that is not right. So I stopped listening to his course. Luckily it only cost me about $400. And I said before, no Al Brooks students post records show they produce from his teaching style. So why the fuck would anyone keep listening to the man. I do not mind studying, but it needs to be from someone who can produce. Other wise I keep doing my own shit. I studied his stuff, took what I can from it, and moved on. Would I recommend another person to his course. Absolutely Not.