Al Brooks is by far the best course I have taken. He sells it way below its true market value. Furthermore, the course is totally complete. He covers everything about trading you will need to know and gives a sufficiently complex discussion of all the possible patterns you will ever see in the market. He discusses real situations and doesn't use idealized diagrams. You don't need any other information which will be lower quality and just add to the confusion.
As I said, the course is complete. For example, I once bought a $1000 course that said nothing about stops. If you don't have a course that even discusses stops, it is incomplete and useless. Al goes into depth on where to place stops and targets. He also discusses the trader's equation so that you manage the trades in a way that you will be profitable.
Another good thing is that Al trades from a basic candle stick 5 minute chart with a 20 ma. This simplifies you trading. You don't need to buy expensive software to show the latest fad overwhelming you with useless information. You can use it on any available platform giving you flexibility. Not paying for one of these platforms for one or two months will cover the entire cost of the course.
Also, Al says he is currently writing a new version of his course using advanced graphics to better illustrate the concepts, but he doesn't say when it will be out. So I would just start out with the current version.
The course is still challenging and many of the concepts you won't understand until you practice and apply them. It's a course for a serious student. I am currently going through the entire course a second time after much trading, and it makes a lot more sense the second time. I still can't claim I am following his exact method, but I am integrating his concepts into my trading piece by piece.
Given that Wyckoff is still popular after a century and given that virtually all of what you'll read with regard to trend and support/resistance and volume and "price action" originated with him, then I suspect his practitioners are still making money.
However, the only way you have of knowing whether anybody is making money is to see their tax returns. As that's not going to happen, then ask to see their trading plans. Only a handful of people will be willing to do that.
If you don't want to read the material, even though it doesn't cost anything, that's your choice. But you may want to look at the following before moving on to something else:
it's great to know he intends to write a more processable book sometimes.i think his book material isn't really hard,but his cumbersome description+use of complex sentences & not commonly used words makes it difficult for non-english speaking persons like me.not every good learner is a good teacher.
i checked out his course,looks promising.though i prefer written material more as i can go over with it more casually n comfortably & carry around with me anywhere i go,i think it's worth purchasing.
in the mean time i am open for any suggestion to build a workable price action knowledge which will facilitate deeper understanding of al brooks content.
i used none taken in the context of your pun intended.i guess i should say taken.
apart from that,if i was too harsh- i'm sorry for that.
the reason is some guys in different forums r talking about Wyckoff method,like it's practitioners only make money by teaching it-they r not really able to trade successfully-so they never disclose their trading income.
as everything should be taken with a grain of salt,i became little bit cautious. but i guess in the end it's only you who should apply ur learning n decide for yourself it's real value.
i am ready to PUT HOURS of hard WORK in trading,i tend to be obsessive while doing something seriously-this way it takes least time to mastery.
so,though i am busy with my day job & ecommerce i've fixed my next weekend to go through your shared materials for first time n then some more times again subsequently.i like to go through same material again & again for quite some time with spaced interval as i found it leads to progressionally better understanding & deep insight.
just asked that question to get a feel-based idea as whether my effort will not turn into vain.
Last edited by katalyn; July 19th, 2015 at 04:32 PM.
Let me say a few things here regarding this please. First would be futures.io (formerly BMT)'s own sub-forum and it's sub-title:
Psychology and Money Management (5 Viewing) This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader
If your goal is to become a profitable trader, and of course it is, I feel you need to spend sometime up front learning about yourself. Yes yes know its not sexy, its not "cool trading stuff" and it is VERY counter intuitive. But, it will be the biggest factor in you being able to pull money out of the market.
I'm your perfect example. I have struggled for a few years now. IMHO I have every advantage, or seemly every advantage. I have a very comfortable life, a million dollar home, my wife has an amazing career and brings home huge cash. I'm a stay-at-home dad with time to trade when kids are in school. I have well over a 1/4 million to trade with, 4 computers in my office dedicated just for the market 3 made just for trading. I have had what I consider very solid market education with an understanding regarding money management, risk control, position sizing, order flow, bid ask, Volume/Market Profile, market harmonics etc. I'm good with Excel in mining data extracting probabilities about the instruments I trade I can program simple stuff I need in C#. I have been on the floor for the CME 3 times also at the CBOE. YET ...... in the early part of my trading "life" I failed to work on..... ME...!!
What does that mean? For me, I'm the sum total for my life experiences. My mother passed away when I was 5. My father when I was 20. The 15 years in between were the worst years of my life. Abuse, institutionalized I could go on and on.
But what does this have to do with TRADING??? EVERYTHING Turns out I have issues with loss and this plays a part in my trading. I discovered this in the past 6 months...I sure wish I uncovered this earlier. What issues, life events and/or thoughts behaviors beliefs etc etc do you have that will be your most formidable opponent....and you don't even realize it!
So, my point in all this is to show you its best to learn about, lets call it trader psychology the hard part of trading as you learn the easy part of trading. Finding opportunities.
Fully agreed. When I first started reading Al Brooks' books, I had the same problem as katalyn. In my experience, watching the video course first is very helpful. Al repeats his core messages several times using different charts. Once you get the basic ideas, it will become more and more easy to understand what he's saying. So the best advise for reading the books is to just carry on reading (and reading again, and again, if necessary...) - IMHO it is worth it.
Don't overwhelm yourself with reading books. Focus on one thing and master it. The tendency of a new trader is to try to consume as much knowledge as possible and then at the end they are left with all this knowledge and no way to apply it. Take your time, be patient, and it will come to you!
Hope this helps!
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