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Al Brooks Trading Course (www.brookstradingcourse.com)
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Al Brooks Trading Course (www.brookstradingcourse.com)

  #111 (permalink)
Market Wizard
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tturner86 View Post

I think people look for turnkey trading. I am not saying anyone posting here is, but that just in general it seems that people want it handed to them. After studying Al's stuff I took 1 major setup and manually back tested it. Looking at 5 min charts all the way back to 2008. Bar for bar, day for day. What looked like a Major Trend Reversal, where it worked and were it failed. Marking thousands of instances. I did this for other setups. I created my trading plan 2 sided, what to do if a setup works and what to do if the setup fails. The failing side gave me ideas on what kind of risk management was needed, but it also gave me ideas on where I might be able to reverse if I was wrong.

...
There is no right way to trade, but there are plenty of wrong ways. To me the number one wrong way is to trade halfcocked and by the seat of your pants.

There's a lot just in this little piece about really learning the in's and out's of a method. This is what makes it yours, no matter where you initially got the ideas from. A vendor can give you a useful start, but that's about it.

(Edited down from my usual long-windedness .)

Bob.


Last edited by bobwest; November 14th, 2016 at 02:18 PM.
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  #112 (permalink)
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Nobody disputes need to do the work and make the method your one, but I am convinced it makes sense to spend time only if it comes from the valid source, i.e. the vendor can prove it works for him (broker statements) or demonstrate it live in front of audience or if in case of software provide free trial.
Years ago I purchased thestrategylab course for 450$ and spent half a year testing it, each and every day, bar by bar. Quite quickly I realized that setups as they described are not happening, either one bar is missing to complete setup or some other rules are not met (tens of them), while I saw the Master actively trading in the room and posting thousands of $ profits a day, I didn't dare to question him, who I am to do that, I probably need to work more. Half a year later I got sick, that was forced break from all this and as I see now opportunity to let it go. So either I am not clever enough, didn't put enough effort, method is "not for me" or perhaps it's elaborated scam to fool you with hundreds of rules. If back then me or someone else would question the Master whether he can actually trade according his own rules?
I believe many can relate to this story and I don't care about 450$, but the time wasted to validate nonsense.

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  #113 (permalink)
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dk27 View Post
Nobody disputes need to do the work and make the method your one, but I am convinced it makes sense to spend time only if it comes from the valid source, i.e. the vendor can prove it works for him (broker statements) or demonstrate it live in front of audience or if in case of software provide free trial.
Years ago I purchased thestrategylab course for 450$ and spent half a year testing it, each and every day, bar by bar. Quite quickly I realized that setups as they described are not happening, either one bar is missing to complete setup or some other rules are not met (tens of them), while I saw the Master actively trading in the room and posting thousands of $ profits a day, I didn't dare to question him, who I am to do that, I probably need to work more. Half a year later I got sick, that was forced break from all this and as I see now opportunity to let it go. So either I am not clever enough, didn't put enough effort, method is "not for me" or perhaps it's elaborated scam to fool you with hundreds of rules. If back then me or someone else would question the Master whether he can actually trade according his own rules?
I believe many can relate to this story and I don't care about 450$, but the time wasted to validate nonsense.

We all have been in your shoes when we started. Some spent much more than $450 and thousands of hours wasted. I did.

I don't think there is anything wrong in requesting proof that the seller of a system or a room prove that he really trades the system for real (live account). 99% of these businesses are scams and I still didn't find the 1% that are honest, but if someone did, please let me know...

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  #114 (permalink)
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dk27 View Post
Nobody disputes need to do the work and make the method your one, but I am convinced it makes sense to spend time only if it comes from the valid source, i.e. the vendor can prove it works for him (broker statements) or demonstrate it live in front of audience or if in case of software provide free trial.


dstrader View Post
We all have been in your shoes when we started. Some spent much more than $450 and thousands of hours wasted. I did.

I don't think there is anything wrong in requesting proof that the seller of a system or a room prove that he really trades the system for real (live account). 99% of these businesses are scams and I still didn't find the 1% that are honest, but if someone did, please let me know...

All true enough. Most of these things are worthless scams and the vendors are fakes.

I wish we could count on statements or whatever -- but it's important to realize that if they are faking the system, they will fake the statement too. How hard is that, in the world of computers? Plus, you can't trust the BS in "trading" rooms, as many reports by unhappy FIO members make clear. Simply put, they can and will just fake whatever they need to in order to get your money.

Hence the advice to not spend much or any money on them. If someone wants to sell me a book, he may be able to. After I have read it and tried it out, I may, or may not, be willing to spring for a little more. But anyone wanting very much is usually not to be trusted.

There is nothing wrong with wanting proof that they are legitimate. The problem is in getting it.

Bob.

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  #115 (permalink)
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bobwest View Post
All true enough. Most of these things are worthless scams and the vendors are fakes.

I wish we could count on statements or whatever -- but it's important to realize that if they are faking the system, they will fake the statement too. How hard is that, in the world of computers? Plus, you can't trust the BS in "trading" rooms, as many reports by unhappy FIO members make clear. Simply put, they can and will just fake whatever they need to in order to get your money.

Hence the advice to not spend much or any money on them. If someone wants to sell me a book, he may be able to. After I have read it and tried it out, I may, or may not, be willing to spring for a little more. But anyone wanting very much is usually not to be trusted.

There is nothing wrong with wanting proof that they are legitimate. The problem is in getting it.

Bob.

Yeah... There are all kinds of tricks they can do. I remember a guy called Chuck Hughes that loves to show statements, but people that sign for his service never gets the same results because they are snapshots of when the trades were good (or a selection of good trades during certain periods).

But an honest trading room (oxymoron?) could call the trades and show the statements of the trades for example. Also, if they are faking statements they could be liable. Right now, all these rooms are behind the 'curtain' of 'education' and the regular 'futures disclaimer'. Most rooms can't prove they were successful today, last week, last month or any period of time for that matter.
It would just make it more difficult. We need some level of transparency (until we get some regulators looking into this) or the scams will continue to multiply. Some of them, change their names, web site names, and just continue getting people's money. When this is going to stop and who is going to stop them?

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  #116 (permalink)
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I bought Brooks course because he implied that he was a profitable trader, he said he was a successful eye doctor and he quit because he could make more money trading and have more time for tennis. He said that he made very little of the materials that he sold which made it sound like he was just doing it to give back something to the trading community. Yes, I was new and naive, as are many coming into the market everyday, is this the price of admission? Does part of learning to trade necessarily entail following and paying until you learn better or give up? From many experienced members comments it seems that vendors are mostly a rabbit hole and if time is our most valuable resource then we should be doing everything we can to help novices not waste it.

edit: Should have been a question.... should we help novices not waste time or am I thinking about this in the wrong way?

Also, I'm not saying any of Brooks claims are true or false, but as a noob I just figured no one could make claims that weren't true in such a performance based endeavor, lol.


Last edited by New Level; November 14th, 2016 at 08:33 PM.
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  #117 (permalink)
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New Level View Post

edit: Should have been a question.... should we help novices not waste time or am I thinking about this in the wrong way?

We can stand at the end of the cliff and scream all we want at them, but most will not listen. Unfortunately most have to experience a fall to learn from it. But that doesn't mean that some of us won't still try to tell others.

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  #118 (permalink)
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dk27 View Post
Nobody disputes need to do the work and make the method your one, but I am convinced it makes sense to spend time only if it comes from the valid source, i.e. the vendor can prove it works for him (broker statements) or demonstrate it live in front of audience or if in case of software provide free trial.
Years ago I purchased thestrategylab course for 450$ and spent half a year testing it, each and every day, bar by bar. Quite quickly I realized that setups as they described are not happening, either one bar is missing to complete setup or some other rules are not met (tens of them), while I saw the Master actively trading in the room and posting thousands of $ profits a day, I didn't dare to question him, who I am to do that, I probably need to work more. Half a year later I got sick, that was forced break from all this and as I see now opportunity to let it go. So either I am not clever enough, didn't put enough effort, method is "not for me" or perhaps it's elaborated scam to fool you with hundreds of rules. If back then me or someone else would question the Master whether he can actually trade according his own rules?
I believe many can relate to this story and I don't care about 450$, but the time wasted to validate nonsense.

Unfortunately, validating it for your self IS the only way to see if the system is viable. Many vendors will say anything, or produce anything on their laptops including fake brokerage statements in order to get your money. I have spent well over 10k on my trading education since 1998. I would guess that most of these sources could not or would not have sent me statements if I asked...but I learned a little from all of them and some of them a lot to this very day. Heck, if you can get one decent set-up that you can backtest and add to your trading plan it's well worth it. I would not get so hung up on proof....you can learn a lot from knowing what does not work as well. Also, keep in mind...even if you get proof like brokerage statements (that are real) that proof will not give you any indication that you will be able to learn the method and duplicate the results from the materials provided. Many years ago (1992) I sent a guy 200 bucks for a course in stock trading. He provided detailed statements showing an impressive record. When I received his materials they were so simple that they basically amounted to him saying buy low and sell high....say what ?? Sad but true.


Last edited by Babool; November 15th, 2016 at 01:07 AM.
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  #119 (permalink)
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JonnyBoy View Post
Over at Trading Schools, Emmett has reviewed Al Brooks. The bottom line is actually quite sad if it turns out to be true.

https://tradingschools.org/reviews/al-brooks-trading/

We all know Emmett has a shady past and he will freely admit that himself. That isn't the issue here and his past has nothing to do with his discovery about Al.

I find it extremely troubling that Al Brooks wouldn't release any verifiable proof that he actually trades live for a living. We should remember Al has historically stated (website, books, webinars, trading courses etc.) that he is a full time trader. As if we didn't know that, right?

Al did give a reason why he wouldn't release them, but that doesn't make any sense especially when you are defending your reputation. So what does that say?

Perhaps I don't have all of the facts, but if this is true, it has blown a giant hole of disappointed through somebody that I essentially "trusted". I really thought that he traded for a living. Am I wrong in thinking that he did? Was I the only person that didn't know? Or does he? The truth would be nice.

If he doesn't trade live then fine! But everything in the past number of years has pointed to the fact he does.

Sure, I have moved on from Al's methods, but I can't help feel like a little wind has been taken from my sails.

Am I offside here bringing this up? I know Al has many fans and Emmett has many enemies, but it seemed like such a simple option for Al to prove himself - and he chose not to take it. I just don't understand.

Al is selling something that now costs $249 for 36 hours of recorded content. If you get one trading idea, one set-up that you can backtest and add to your trading plan..it's worth it. If you get nothing or it does not work at all you get a greater insight on how not to trade. I went to a tony robbins 3 day seminar years ago...I think it was 2k. He offered no proof to me or anybody beforehand that I would get anything out of it whatsoever....but the place had hundreds of people there and many of them were on their 3rd seminar, 4th seminar, etc. I am not saying you can't or should not ask for the proof you want but I also understand al not providing statements. Since 1998 I have spend 10k plus on trader education...much of that in rooms, courses, webinars, books, etc. Most would not provide statements and the ones that did I could not duplicate their results from the materials provided.

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  #120 (permalink)
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bobwest View Post
All true enough. Most of these things are worthless scams and the vendors are fakes.

I wish we could count on statements or whatever -- but it's important to realize that if they are faking the system, they will fake the statement too. How hard is that, in the world of computers? Plus, you can't trust the BS in "trading" rooms, as many reports by unhappy FIO members make clear. Simply put, they can and will just fake whatever they need to in order to get your money.

Hence the advice to not spend much or any money on them. If someone wants to sell me a book, he may be able to. After I have read it and tried it out, I may, or may not, be willing to spring for a little more. But anyone wanting very much is usually not to be trusted.

There is nothing wrong with wanting proof that they are legitimate. The problem is in getting it.

Bob.

as soon as they fake statements they are open for careful scutiny and criminal charges if found out.
that is why the clever ones dont do it ..

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