Is this thread still active? because I've got a couple of questions to ask fellow traders.

mayurb4 

Is this thread still active? because I've got a couple of questions to ask fellow traders.

I would definitely fire away. There are a lot of members that are Brooks style price-action traders and are generous with their knowledge.

What would you suggest is a good approach to learning Al's stuff. I have the PRice Action book and found it really hard going.

My questions being...
1. Al mostly talks about the US markets and the statistical usefulness of his methods in the US markets. I'm already harlfway through reading his book triology and was wondering how much effective his methods are when traded in the NON-USA markets(NOTE: This doesn't mean I doubt effectiveness of his methods). I'm not looking for any specific answer but I just want to be at least 50% certain that his methods will indeed help me in my preffered market(ie. Indian equity and Commodity derivatives Market. I don't trade Equity/Currency derivaties.) Sure, he himself states that his methods are subject to price action movement which happens all the time in all the markets around the world. What I think is Price action setups are subject to the market efficiency and not all markets are as efficient as the USA ones are. There's a chance that my understanding is completely wrong. Again, I'm not looking for specific answers. I just need to know your take on Al's methods' effectiveness on the markets all around the world as opposed to just the US markets.

well, I've yet another query, but I think I'll save it for later.

Thanks in advance.
-
Mayur

mayurb4 

My questions being... 1. Al mostly talks about the US markets and the statistical usefulness of his methods in the US markets. I'm already harlfway through reading his book triology and was wondering how much effective his methods are when traded in the NON-USA markets(NOTE: This doesn't mean I doubt effectiveness of his methods). I'm not looking for any specific answer but I just want to be at least 50% certain that his methods will indeed help me in my preffered market(ie. Indian equity and Commodity derivatives Market. I don't trade Equity/Currency derivaties.) Sure, he himself states that his methods are subject to price action movement which happens all the time in all the markets around the world. What I think is Price action setups are subject to the market efficiency and not all markets are as efficient as the USA ones are. There's a chance that my understanding is completely wrong. Again, I'm not looking for specific answers. I just need to know your take on Al's methods' effectiveness on the markets all around the world as opposed to just the US markets. well, I've yet another query, but I think I'll save it for later. Thanks in advance. - Mayur

Hi Mayur
I wasted 4 years of my trading life (2009 =2013) trying to fathom Al Brooks. And I am English speaking.No doubt others have worked out his writing style, BUT I have never seen a trader show his profit using Brooks. And I have never heard of a prop trading firm using his methods.
The most important point is low trading costs , like $2/ 3 per trade. Otherwise you cant scalp.
Only the US offers these low costs.
Do yourself a favour and learn the STRAT. Google it.
Regards
bobc

bobc 

Hi Mayur I wasted 4 years of my trading life (2009 =2013) trying to fathom Al Brooks. And I am English speaking.No doubt others have worked out his writing style, BUT I have never seen a trader show his profit using Brooks. And I have never heard of a prop trading firm using his methods. The most important point is low trading costs , like $2/ 3 per trade. Otherwise you cant scalp. Only the US offers these low costs. Do yourself a favour and learn the STRAT. Google it. Regards bobc

I have never seen a trader show his profit using Rob Smith's STRAT method (although he has some cheerleaders on the forum). And I have never heard of a prop trading firm using his methods

One can scalp the Bund (FGBL on Eurex) for 1.13 eur. Sure there are more.

@mayurb4: Of course you can always ask but do yourself a favour and just try it out yourself (to see if it works or not for you).

mayurb4 

My questions being... 1. Al mostly talks about the US markets and the statistical usefulness of his methods in the US markets. I'm already harlfway through reading his book triology and was wondering how much effective his methods are when traded in the NON-USA markets(NOTE: This doesn't mean I doubt effectiveness of his methods). I'm not looking for any specific answer but I just want to be at least 50% certain that his methods will indeed help me in my preffered market(ie. Indian equity and Commodity derivatives Market. I don't trade Equity/Currency derivaties.) Sure, he himself states that his methods are subject to price action movement which happens all the time in all the markets around the world. What I think is Price action setups are subject to the market efficiency and not all markets are as efficient as the USA ones are. There's a chance that my understanding is completely wrong. Again, I'm not looking for specific answers. I just need to know your take on Al's methods' effectiveness on the markets all around the world as opposed to just the US markets. well, I've yet another query, but I think I'll save it for later. Thanks in advance. - Mayur

I'm not the best at answering these type of questions, but I'll take a crack at it...I have never traded a non-CME market, or any non-US market so I have no direct first hand experience with those markets. And I'm reluctant to speak for the guy, but I think I have heard Brooks say in a webinar (somewhere, at sometime...) that he is confident that his methodology is sound for all screen traded markets. This is because our trading screens display human behavioral patterns that repeat to a certain degree. So as long as a market is being traded by humans, or code written by humans, his methodology should hold up.

His books are very dense. There is a lot of technical information packed on every page, so they can be a tough slog. And I think they require a massive amount of study for mastery. I've been looking at his material for nearly two years and I suspect I'm nowhere near competency . . But I think the juice is worth the squeeze. That's what you will need to decide for yourself. .

bobc 

Hi Mayur I wasted 4 years of my trading life (2009 =2013) trying to fathom Al Brooks. And I am English speaking.No doubt others have worked out his writing style, BUT I have never seen a trader show his profit using Brooks. And I have never heard of a prop trading firm using his methods. The most important point is low trading costs , like $2/ 3 per trade. Otherwise you cant scalp. Only the US offers these low costs. Do yourself a favour and learn the STRAT. Google it. Regards bobc

Bob,
I’m sorry to hear that u had to spend 4 valuable years of your trading career just to come to an understanding that Al’s methods are not useful FOR You.

I’m definitely going to research about the STRAT thing you mentioned, but before that I think I’ll have my share of experience with the Al methods. I hope you will understand my perspective.

Thanks for your feedback Bob, I do really appreciate it.
Happy trading

-Mayur

Mich62 

I have never seen a trader show his profit using Rob Smith's STRAT method (although he has some cheerleaders on the forum). And I have never heard of a prop trading firm using his methods One can scalp the Bund (FGBL on Eurex) for 1.13 eur. Sure there are more. @mayurb4: Of course you can always ask but do yourself a favour and just try it out yourself (to see if it works or not for you).

Hello Mitch,
Absolutely. I’ve already been going through his material — including books, YT videos, blog, forums, webinars, etc.— implementing his methods in the market side by side with mixed results. To put it straight, what I think you are suggesting is the hard(and the most reliable) way of learning things as opposed to the easier way(learning from others’ experiences). And it has its own merits of course. I think I’ll just stick to your suggestion.
Thanks for your valuable time and response.
Happy trading.

-Mayur

Salao 

And I'm reluctant to speak for the guy, but I think I have heard Brooks say in a webinar (somewhere, at sometime...) that he is confident that his methodology is sound for all screen traded markets. This is because our trading screens display human behavioral patterns that repeat to a certain degree. So as long as a market is being traded by humans, or code written by humans, his methodology should hold up. His books are very dense. There is a lot of technical information packed on every page, so they can be a tough slog. And I think they require a massive amount of study for mastery. I've been looking at his material for nearly two years and I suspect I'm nowhere near competency . . But I think the juice is worth the squeeze. That's what you will need to decide for yourself. .

Hi Salao,
Yes yes yes. I too have heard him say the same thing. And that is why I’m really hopeful about his methods working in my preferred market. At the same time I’m also a little bit sceptical about this whole things usefulness in non-US markets. Anyways, I’m going to try Al Brooks for at least a six more months now and then I’ll have my conclusion about usefulness of his methods in my markets and then if satisfied I’ll continue to study him even further.

As for the books, I used to think it’s my English language skill that’s keeping me behind the wheel, but now I’m pretty sure the books are in fact really heavily packed with the content.

Thanks for your wise words, and have a good time ahead. Happy Trading.

-Mayur