[thetatrader]

Al's book can be summed up as hard harder and hardest. First you must learn chart pattern and their nuances and vierants. will take hard work and some time. He also attemps to show you how to think like larger operations do. By looking for traps, prices that are defended failed failures ext. harder to do.
Then the hardest thing is doing it all real time. But if this style of trading fits your mind set and you put in enough work and time in. I think you will be able to write your own paycheck. only time will tell

[ACS]

The best clue about where to begin counting H/Ls comes in the last paragraph of page 320 and continues onto the next page. It's subtle but the best guide I could find.

[jolee]

Originally Posted by szubaark »

Al even mentions he hasnt been Constantly Profitible only after 20 years. Seems like thats the average for every Constantly Profitible Pro.

One needs to take breaks, otherwise its easy to get burned out in emini daytrading.

In twenty years time I might be dead - I rather believe DB pheoniz saying "2 months to never" as being more realistic time frame to trade successfully. Also, I can't believe the twenty year time frame for Mr. Al Brooks to become consistently profitable as he had already stopped practicing medicine and was raising 3 daughters most likely from market profits. (Happy Father's Day to all the fathers).

I'll just follow Mr. Brooks advice and stick with the 1 or 2 setups he had recommended for beginners and build from there. Should'nt take twenty years.

[DbPhoenix]

Originally Posted by jolee »

In twenty years time I might be dead - I rather believe DB pheoniz saying "2 months to never" as being more realistic time frame to trade successfully.

Though note I also said that one must define "successful". Turning a profit is not quite the same as making a living.

Look, for example, at the following:

Originally Posted by thalestrader »

Hi Folks,

I did two trades on the ES, +11 and + 6 points respectively. No Stock trades as my attention was really focused upon helping my daughter with her summer project - learning to trade a microlot forex account.

She did her first trade yesterday. ... She decided (and it was her decision, and it was she who identified the set up - though I did agree with her and told her as much) to go long with a buy stop above a small consolidiation area, and a fairly tight stop loss just below (about 15 ticks initial risk). We identified two areas of resistance above the morning's high, and decided to take profits on a sell limit at the upper range of that resistance. ...

The charts we use to watch price action are Ninjatrader charts with data provided by Gain Capital. The buy stop, stop loss, and profit targets are not precisley the same on the chart as the prices she actually traded, because there is a slight difference between the price data between FXCM and Gain. We use the FXCM charts to identify actual trading levels for entry, stop loss, profit objectives, etc., but we watch price action and identify opportunities using the Ninjatrader charts.

At any rate, if one eyeballs the Gain data on Ninjatrader, what looks to have been an 88 tick profit was, in her actual trade, an 83.7 tick profit, or $8.37 (one microlot = 1 tick = $0.10 which requires $2.50 margin).

So her $25 starting capital now stands at $33.37

Not a bad start!

Best Wishes,

Thales

[szubaark]

Originally Posted by jolee »

In twenty years time I might be dead - I rather believe DB pheoniz saying "2 months to never" as being more realistic time frame to trade successfully. Also, I can't believe the twenty year time frame for Mr. Al Brooks to become consistently profitable as he had already stopped practicing medicine and was raising 3 daughters most likely from market profits. (Happy Father's Day to all the fathers).

I'll just follow Mr. Brooks advice and stick with the 1 or 2 setups he had recommended for beginners and build from there. Should'nt take twenty years.

Boy, are you in for a rude awekaning. If this was that easy everyone would be doing it. Dont let these books fool you with end of day perfect examples.
You going against the best in the world in the e-mini arena.

[thetatrader]

Just remember it's not 90% that fail. It is 10% that do all the work

[Gabe2004]

Originally Posted by thetatrader »

Just remember it's not 90% that fail. It is 10% that do all the work

I agree.
The statistics about those who failed or succeeded, never mentions how much time did those that succeeded put in as compared with those who failed.

On another point, Al Brook's 20 years being the time it took him to be consistantly profitable makes no sense.
Apparently he is trading around 22-24 years. He started to publish articles about his trading about 2 years ago. Just about the time he was supposed to start being profitable.
He does not come across as a person who would try and teach something only after 2 years of being profitable.

[jolee]

Zonetrader, here's a link to one of Al's earlier I-Trade webinars I just uploaded. He explains about the H&L counts and some variations.
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