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Must have books for "Price Action" trading.

  #10 (permalink)

Leeds UK
 
Trading Experience: Intermediate
Platform: FXTrade
Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
 
Tymbeline's Avatar
 
Posts: 429 since Apr 2015
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pcartrader View Post
The reviewer brings up some very legitimate concerns.


Many people think he's not actually very much of a "reviewer" at all, and that his alleged concerns aren't really "legitimate" at all. However you look at it, that's a highly controversial website.

Discussions of Al Brooks' stuff go the same way, in most trading forums. There's a large body of people who find it satisfying to complain that there's no evidence that he's a "real trader" (it always reminds me, for some reason, of the furore about Obama allegedly not having been born in the US).

There's also a - perhaps smaller - body of experienced traders stating freely that they've found Brooks' material very useful, and probably wouldn't be making a living at all without having studied it.

I'll declare my stance openly: I'm a great enthusiast and found his three textbooks very interesting and very helpful indeed.

That said, I'm also the first to agree that they're neither particularly well written nor well edited. In fact they're clumsily written and hard to read. Real effort's required. Many people give up on them, after an initial struggle. I can understand why. For me, it was very well worthwhile persisting with them - which admittedly I had to.

A much easier introduction can be found in Bob Volman's book Understanding Price Action.



pcartrader View Post
Has anyone on this forum been able to reconcile the fact that Al dos not publish his returns, and that his jargon is very idiosyncratic?


It depends what you mean by "reconcile".

Personally, I happen to know quite a bit, via reliable second-hand information (both medical and trading) about Dr. Brooks' "back-story", and happen to know that he's a real, successful trader, but I acknowledge that he chooses not to prove that when asked (I don't blame him, and would do the same).

So I have no problem over that part of what you're asking about. In any case, I don't even think it's particularly relevant.

The books are valuable if they help people and people make money by studying and learning from the content.

There's clearly no shortage of people - here and in other forums - for whom that's true (I'm one of them, as it happens). And that "reconciles" it, for me.

Regarding the "idiosyncratic jargon", yes: I see that there's an issue there. The books are certainly not "light reading". That's more of a problem for some people than for others, clearly. They're only books. They're not expensive. There's no big deal. Try one, be a bit persistent with it, and see if you like it? (Maybe read Volman first? I found that helpful.). But if, ultimately, you're asking whether Brooks is teaching valid, useful, helpful, realistic, profitable stuff, in my opinion - and not only mine - the answer's a big, strong "yes".

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