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Al Brooks - Ask Me Anything (AMA)
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Al Brooks - Ask Me Anything (AMA)

  #11 (permalink)
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Al Brooks will be on futures.io (formerly BMT) Tuesday, June 4th @ 4:30 PM Eastern as part of our special 4-year anniversary. We are also giving away 10 autographed books during that event, and have a total of 15 events planned for June.

More info:
https://futures.io/feedback-announcements/27348-bmt-4-year-anniversary-webinars-prizes.html

Mike

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  #12 (permalink)
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Price action vs systematic trading

Dr Brooks,

I am currently studying your books that I find extremely interesting (and dense).

You mentioned that you spend 10,000 hours or so working on indicators at the beginning before switching to price action.

I come from a systematic background and, as you, I am moving a bit away from it, partly because I found that "systematic setups" are often too simple to reflect the complexity of the market, or, conversely, because it would take an extremely complex program to reflect realistic setups.

But haven't you tried to mix both approaches?

I mean, being able to rely on solid backtests results is something definitively valuable.
It helps find out if the setups are really EV+ or if, as you mentioned for instance for 1-minute scalping, they are just EV- games in disguise.

Moreover, when you advise beginners to "print charts" and look if a setup works, aren't they just performing a kind of "swallow but complex" form of backtest? (with the downside being that they just remember when the setup was working and tend to forget all the failed ones?)

Personally, that's the road I am trying now. Will see where it leads.

Thanks again for sharing your knowledge with us.

Kind regards.

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  #13 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,238 since Jun 2009
Thanks: 29,350 given, 83,214 received


I am closing this AMA thread due to lack of user participation.

Al Brooks will continue to be invited back to futures.io (formerly BMT) to give educational webinars on a variety of trading topics. You can find those in the Webinars section. But it seems the users (and Al) prefer that venue over the AMA thread in this particular case, so I am closing this thread as of now.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.


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