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My experience so far
 
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gretrading
1254 Points

United Kingdom
PostYou have posted in this forum: Wed Dec 16, 2009 4:44 am   Post subject:  My experience so far Back to top 

I have been following Al’s webinars for a few days now. I would like to share some first impressions.
First of all I think it is an excellent experience and I am very glad for this unique opportunity and I wish to thank all those who have made it possible.
I wish I had this sort of opportunity when I first started trading, many years and many dollars ago….
I think that not allowing questions during the day is a good choice and it is really good to have the QA session at the end. It is also good to have Al commenting on the best trades of the day.
In these days the market has not been too generous, and it has been quite difficult, so we would have to take this into consideration. I should also say that I am trying to follow Al as literally as possible in these initial stages. I just test the method using 2 ES lots trading for real, scalping one and swinging the other.
I generally trade all sorts of markets with different systems, but I would like to see if I can embrace Al’s “simplicity” and minimalistic approach.
Here we go:
Al seems to be extremely cautious. I am not sure if this is entirely part of his strategy or it is a bit forced by regulatory concerns of “calling the trades” real time or whatever else. I have found that I have passed many trades that I would have taken with my limited knowledge because Al was very suspicious about them and their probabilities of success. Overall they would have been good trades, but you never know…. Ironically, I was making more money with this method when I was not following Al in the webinar in the past weeks, but perhaps I was also inputting some of my other analysis.
I agree with what terratec said about distraction: my systems are quite mechanical, so it is not too problematic to take decisions, but sometimes I found I was overruling a system signal because Al said that it did not trust that particular set-up.
Let me clarify that this is in no way a criticism to Al, more of a note to myself.
A second point is that I have found myself daunted by the wealth of knowledge and analysis Al can display. It is a good challenge and very stimulating, but sometimes I wonder if I would ever be able to master all this stuff!
Which leads me to another point: it seems to me that his methodology has been tried and tested comprehensively on these specific markets (ES, S. Treasury Notes Futures">TY and EURUSD) . As I said, I am trading many other markets with other systems (the 4 US indices and 3 European ones, for instance) and I am not sure so far whether this methodology could be applied as efficiently in all these markets. Again , I am aware that Al suggests to use only one market and focus on it. I am just a test freak and I want to see for myself what else could be done. I am trying to follow TF and the DAX, which are very volatile and temperamental, but I do not see the same efficiency. I am also testing ESTX50, which behaves much like the ES, but again I have had many more spikes than the ES which are making the test quite neutral/negative.
Even the 6E appears to have a rather different behaviour in the European morning, when it is very active, than in the afternoon (or US morning)
So perhaps the weight of enormous experience leads this methodology to these markets, screening out others? Too early to say, but I thought it would be nice to throw it there for discussion.
I hope it helps, apologies for the length of this post.

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Resistor
2009 Points

Australia AU New South Wales
PostYou have posted in this forum: Wed Dec 16, 2009 6:46 am   Post subject:   Back to top 

thanks for sharing

I would like to hear about your tests with other instruments at a later point.

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Hephaestus
1361 Points

USA
PostYou have posted in this forum: Wed Dec 16, 2009 7:24 am   Post subject:   Back to top 

I've only started the webinars this week as I was unavailable last week.
In summary: I think this is the best value in the trading industry.
The best thing for me to witness, isn't so much the trades Al takes, but the trades he doesn't take. Nearly everyone's tendency is to overtrade. It's extremely beneficial to watch a profession, real-time, and how he handles the boredom and resists the urge to push a trade that isn't high probability, just because there hasn't been any action.
If you're not subscribing to the live room, you're really missing an incredibly valuable resource. I highly recommend it.

_________________
"The wealthiest man is not he who has the most, but he who needs the least."
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CaptainKirk
4711 Points

USA US Florida
PostYou have posted in this forum: Tue Jun 22, 2010 7:18 pm   Post subject:   Back to top 

gretrading... I have to concur. I am on my second week with Al in his webinar. I have also watched a few of his summaries from "interesting" days.

I am agreeing that I TESTED taking H2/L2 Trades and found them to be amazingly profitable. 80% for a scalp and 70% with 2 points allowing for a swing as well...

But during the webinar, Al will say... this could be an H2, but I don't like it. We are TOO xxx. Today is supposed to be a range day, etc.

It is great insight, but I have passed on A LOT of trades that worked. Its okay when you realize Al is looking for the best chances to make money, not EVERY chance to make money.

But I am torn. I love the analysis, and it is now getting repetituve (this looks like a Final Flag, here is the measured move, this might be a magnet).

Which is GREAT because I can see some of it for myself. But I am having a hard time taking a SINGLE TRADE some days, because NO SETUP looks GREAT. Honestly, there has been 3 days where I took 1 trade OR LESS...

So, I am not sure if I am OVER HEEDING the warnings, or if I have just not matured enough to trust myself more. Today was MOSTLY a range day, which means L1s at the top of the range, and H1s at the bottom should work... And they did.

I think I took one of them for a scalp. It was the move that broke down hard. No re-entry for me.

So, I understand and hear you. I wonder if others feel the same way, or if we are doing something wrong...

Every day I remind myself. Just take the DECENT H2/L2 trades when there is a trend. H1/L1 in a strong trend. But the trend is not obvious UNTIL it is deep into the move...

Newbies.. Smile

Again, it is the best value going. I like that Al doesnt CHAT the room up, or open up discussions. We are focused, and that is great.

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John01
4510 Points

USA US Massachusetts
PostYou have posted in this forum: Wed Jun 23, 2010 6:04 am   Post subject:   Back to top 

I certainly agree that the format of the room is fantastic for me: No extra discussion / distraction, just the essential analysis.

I also agree that Al tends to be very cautious - to the point of passing on several decent-looking trades at times - and I think that's part of the point:

CAUTION MAKES MONEY

After a while, you can often pick out about one trade per day that Al is not taking, but about which he will likely say at the day's review "My biggest mistake was not taking this, because ..."

I think that really demonstrates a point. If I break all my days into two types:

1. Days where my biggest mistake was TAKING a certain trade, and

2. Days where my biggest mistake was NOT TAKING a certain trade,

...the second category has easily been more profitable overall. In a business with so little room for error, erring on the side of caution is wise. So I think this serves as an example for us.

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fft
5092 Points

Antigua and Barbuda
PostYou have posted in this forum: Wed Jun 23, 2010 10:51 am   Post subject:  Re: My experience so far Back to top 

Price Action, as with most other methods, you will see reasons to take a trade AND reasons not to take a trade 50/50. yes its a good setup BUT it can Fail(even best setups fail)
This is where Experience comes in. Entries are least of your problem, you also have to have Exits(subjective again). And everyday market is differant so you cant have fixed Profits/Targets... it takes a while for newbies to see this

So looking for these great setups is ok but that you still need more unfortunetly.

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amazinday
21549 Points

USA US Texas
PostYou have posted in this forum: Wed Jun 23, 2010 1:42 pm   Post subject:   Back to top 

Capt. Kirk:
Are you adding size even though trading less? As Al says, you should not seek to trade more often but trade more size.
Al believes the money is in volume of contract size, not volume of trades made per day. Al quotes Buffet: if it is worth 0.01 then it is worth 0.10.

I think John has a good idea. Track what trades you didn't take because of Al's caution but wanted to and see if they would lose you money or make you money. Then track taking the trades you did that Al thought were high probability and see if adding more size might have made you more money versus trading more.

I hate it when I reach my daily loss limit from weak trade setups and can't trade any more for the day and then the really good trade setup comes along and I can't take it. Patience always pays better for me but it sure isn't much fun to just watch without participating for 2-3 hours.

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kevinkdo
11121 Points

USA US Ohio
PostYou have posted in this forum: Fri Jun 25, 2010 5:07 am   Post subject:   Back to top 

Captain Kirk -

When you mention " am agreeing that I TESTED taking H2/L2 Trades and found them to be amazingly profitable. 80% for a scalp and 70% with 2 points allowing for a swing as well... "

Can you give some details? For example, the timeframe over which you tested?

THANKS

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DallasStarsFan
8613 Points

USA US Texas
PostYou have posted in this forum: Sat Jun 26, 2010 8:06 am   Post subject:  Re: My experience so far Back to top 

I've been monitoring Al's live service for two weeks now so I feel I should post a few observations for those considering the service.

I'll state right now that I am a huge fan and I believe this service is the best educational source on price action trading available at any price.

What you get:
Al provides exactly what he has promised through his web site. He gives you a bar by bar assessment of what he believes the market is doing through the entire day and discusses all the signals he sees developing. If you sign up to his site you can access the daily trading updates for free. Review these and imagine a live video/audio feed in real time and you will have a pretty good idea about what the live product provides.

I've read a few comments about Al not being specific enough about his calls during the day. Please remember that Al stated on his home page that he has no desire to become a CTA and does not want to be monitored by the NFA. He does give clear input regarding the signals he sees and updates the likelihood of that signal succeeding with each subsequent bar. The final decision to put your capital at risk is, and always will be, up to you.

I read Al's book three times before joining this service. I would have joined earlier, but I was unaware of the site. I feel the live update helps solidify what he has written and makes it much easier to identify/validate the set ups.

If you are questioning if the service is of value to you I would recommend that you see the thread in "Trading Discussions" section titled "How to Get Started." These are the steps that will likely be needed for someone starting to study Al's methods.

Bottom line...anyone wanting to learn to trade using price action is going to have to invest some (probably a lot of) time to go through the learning process. The web site is a tremendous ongoing educational tool of what Al has discussed in his book. The live webinar helps you progress from seeing historical signals in a chart to anticipating the signals as they unfold in real time.

There are very few books available on price action and I believe Al's is considered to be the benchmark. Others may be as fluent as Al in price action trading, but they are not accessible to the public. Based on the research I have done I would have to consider Al to be THE subject matter expert in this area. Having access to his thoughts in real time is invaluable.

Al has provided a comprehensive educational system and the webinar is just one part of the system.

I truly believe this site and it's community will spawn many traders that will have successful careers. Thanks Al!

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John01
4510 Points

USA US Massachusetts
PostYou have posted in this forum: Sat Jun 26, 2010 10:36 am   Post subject:  Re: My experience so far Back to top 

DallasStarsFan wrote (View Post): › I've been monitoring Al's live service for two weeks now so I feel I should post a few observations for those considering the service.

I'll state right now that I am a huge fan and I believe this service is the best educational source on price action trading available at any price.

What you get:
Al provides exactly what he has promised through his web site. He gives you a bar by bar assessment of what he believes the market is doing through the entire day and discusses all the signals he sees developing. If you sign up to his site you can access the daily trading updates for free. Review these and imagine a live video/audio feed in real time and you will have a pretty good idea about what the live product provides.

I've read a few comments about Al not being specific enough about his calls during the day. Please remember that Al stated on his home page that he has no desire to become a CTA and does not want to be monitored by the NFA. He does give clear input regarding the signals he sees and updates the likelihood of that signal succeeding with each subsequent bar. The final decision to put your capital at risk is, and always will be, up to you.

I read Al's book three times before joining this service. I would have joined earlier, but I was unaware of the site. I feel the live update helps solidify what he has written and makes it much easier to identify/validate the set ups.

If you are questioning if the service is of value to you I would recommend that you see the thread in "Trading Discussions" section titled "How to Get Started." These are the steps that will likely be needed for someone starting to study Al's methods.

Bottom line...anyone wanting to learn to trade using price action is going to have to invest some (probably a lot of) time to go through the learning process. The web site is a tremendous ongoing educational tool of what Al has discussed in his book. The live webinar helps you progress from seeing historical signals in a chart to anticipating the signals as they unfold in real time.

There are very few books available on price action and I believe Al's is considered to be the benchmark. Others may be as fluent as Al in price action trading, but they are not accessible to the public. Based on the research I have done I would have to consider Al to be THE subject matter expert in this area. Having access to his thoughts in real time is invaluable.

Al has provided a comprehensive educational system and the webinar is just one part of the system.

I truly believe this site and it's community will spawn many traders that will have successful careers. Thanks Al!


I second all of that, and would emphasize one thing you mentioned:

Becoming a consistently profitable trader is not a matter of learning a secret system, but of developing a skill that will test your patience, discipline, and psychology as much as it will test your intellect.

Trading is an enormously complex language. There are symbols that make some sounds sometimes, and there are exceptions to the rules and exceptions to the exceptions. Then some of those characters get together to make words, but there is no rhyme or reason to which collections of symbols make words and which do not. You just need to learn them, one-by-one. Each individual word can mean multiple things, depending upon the immediate context. There are no set rules for this either. The words are then grouped together to make sentences, representing "complete-ish" thoughts, based on some rough guidelines that have exceptions, exceptions to the exceptions, and on and on...

Consider everything a 2-year-old goes through to begin to learn his FIRST language, with no previously-learned language structure to guide him.

And then on top of this is the constant war with human nature, the greed and the fear that constantly pushes the trader to make emotive, irrational, and mostly unprofitable trades.

This is what trading is. It is a skill, which takes time to master, much like the various skills in law and medicine. It is also the constant struggle with human nature to remain objective when red and green dollar-signs are flashing up and down. If you take that seriously at the outset, you have a much better chance of success at this.

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timokrates
93 Points

Germany
PostYou have posted in this forum: Fri Sep 03, 2010 8:13 am   Post subject:   Back to top 

Hi all,

for me successful trading has a lot to do with envisioning what kind of day will most likely develop.

I just started to read Al's book and doing some research how he trades and what he sees.

I have to say that this is all very interesting. In terms of envisioning the type of day I read a bit of Market Profile stuff before, but hope to condense (do you say that?) all the information to simplify all of it.

BTW, very good post John!

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bearmountain
14699 Points

USA US New York
PostYou have posted in this forum: Wed Oct 06, 2010 6:15 am   Post subject:  Re: My experience so far Back to top 

I did a two day trial, then signed up for remainder of the month, about 7 days in total. Learned a lot, but alas I decided not to continue with the live webinar. I found it interfered with my trading quite a bit and was disruptive. I would miss many trades based on my ideas, if they didn't agree with Al's thinking.

I am a fan of Al Brooks and his style of price action. I have his book, but new to Price action trading, so still indicator dependent.

I find his recorded webinars from previous months of immense value, also somewhat more efficient. 6 1/2 hr trading day condensed in about 2 hours. great educational tool to learn price action.

Much like Al, I am a trading hermit as well. I am somewhat sensitive, I find others opinion has a measurable effect on my trading.

A question for those of you who are subscribers of his live webinar, how do you not let Al's thinking interfere with your own trading? Thanks.

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ricky.ricx
13595 Points

Indonesia
PostYou have posted in this forum: Wed Oct 06, 2010 6:51 am   Post subject:   Back to top 

the recorded subscription is handy Smile

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ACS
14009 Points

USA US New York
PostYou have posted in this forum: Wed Oct 06, 2010 6:59 am   Post subject:  Re: My experience so far Back to top 

bearmountain wrote (View Post): › I did a two day trial, then signed up for remainder of the month, about 7 days in total. Learned a lot, but alas I decided not to continue with the live webinar. I found it interfered with my trading quite a bit and was disruptive. I would miss many trades based on my ideas, if they didn't agree with Al's thinking.

I am a fan of Al Brooks and his style of price action. I have his book, but new to Price action trading, so still indicator dependent.

I find his recorded webinars from previous months of immense value, also somewhat more efficient. 6 1/2 hr trading day condensed in about 2 hours. great educational tool to learn price action.

Much like Al, I am a trading hermit as well. I am somewhat sensitive, I find others opinion has a measurable effect on my trading.

A question for those of you who are subscribers of his live webinar, how do you not let Al's thinking interfere with your own trading? Thanks.


I also find I do very little trading but the time I spend in the live webinar is not about trading or even about spotting patterns. To me it is a session on how to think about the market. How is it behaving, which side, if any, is gaining control and what is likely to follow. At this stage I'm happy to miss good trades in order to avoid the bad ones.

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NSmith
54 Points

United Kingdom UK England
PostYou have posted in this forum: Fri Nov 05, 2010 10:16 am   Post subject:  Re: My experience so far Back to top 

Have been following the webinars for about 4 weeks now and have found them very interesting. However I would not recommend trying to trade at the same time as listening in.

Like others who have posted here, I did find that I was often put off trades that I would have taken, especially pullbacks in a strong bull trends and also other trades that would have been recommended in the book but not in the webinar almost every trade had a reason that made it a bad trade and there never seemed to be a 'good' setup that matched up with one in the book - or at least if there were any, we were not told until the end of the day. This basically meant that you did not feel like taking a single trade all day and any that I did I usually felt so unsure about I would often jump out at a loss only to see that it would have been a great trade...

Sometimes I got the feeling that Al himself had not read the book 'Reading Price Charts Bar by Bar', or at least not recently. From today I think I will only listen to his summary at the end of the day, just to see if there was anything I missed or to see where I went wrong.

Like others have said, the chances are you will miss trades if you listen to the webinar, or you will be put off trades or will naturally look for confirmation on trades you do make. - so my advice is either trade OR listen to the webinar, do not try to do both at the same time as you will probably lose money.

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richpuer
5540 Points

USA
PostYou have posted in this forum: Fri Nov 05, 2010 11:33 am   Post subject:  Re: My experience so far Back to top 

NSmith wrote (View Post): › Have been following the webinars for about 4 weeks now and have found them very interesting. However I would not recommend trying to trade at the same time as listening in.

Like others who have posted here, I did find that I was often put off trades that I would have taken, especially pullbacks in a strong bull trends and also other trades that would have been recommended in the book but not in the webinar almost every trade had a reason that made it a bad trade and there never seemed to be a 'good' setup that matched up with one in the book - or at least if there were any, we were not told until the end of the day. This basically meant that you did not feel like taking a single trade all day and any that I did I usually felt so unsure about I would often jump out at a loss only to see that it would have been a great trade...

Sometimes I got the feeling that Al himself had not read the book 'Reading Price Charts Bar by Bar', or at least not recently. From today I think I will only listen to his summary at the end of the day, just to see if there was anything I missed or to see where I went wrong.

Like others have said, the chances are you will miss trades if you listen to the webinar, or you will be put off trades or will naturally look for confirmation on trades you do make. - so my advice is either trade OR listen to the webinar, do not try to do both at the same time as you will probably lose money.


+1

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kevinkdo
11121 Points

USA US Ohio
PostYou have posted in this forum: Fri Nov 05, 2010 1:09 pm   Post subject:   Back to top 

NSmith brings up excellent points.

I found the webinar to be a tremendous teaching tool. I did not find it to be a good "take this trade now" tool.

Ultimately, your success or failure with Price Action will be based on what you think and analyze. Listening to webinar and trying to trade may only confuse you.

Most importantly when things go wrong, you'll likely blame someone/something other than yourself for the bad trades if you are listening to Al while trading. And passing the blame is the worst thing you can do - you need to take full responsibility for your results.

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