Formerly a doctor, trader Al Brooks, discusses how he made the transition to trading full time and what pitfalls he thinks traders should watch out for in the beginning. www.moneyshow.com
Whats crazy is this applies to today as well. I always tell people start small, trade to learn, not to make money when you start. If you start trading and try to be a millionaire immediately, theres a 99.99% chance you’ll lose a lot of cash
Brooks is top tier, the learning curve and way he teaches is very steep but if you stick with it you will get better and profitable. The books are all highly publicized by Wiley Financial and his video lectures are even better. He breaks down technical charts better than anyone I've come across. He also teaches proper risk reward and probability which is why most people fail. Save yourself many hours of time wasted and learn his material. He's not teaching a 'system' he's teaching you how to read price action huge difference.
Exactly. I read a comment the other day where a 20 year kid started of trading, and was down -20k! He didn't seem to bothered by it, good for him, I guess, but it just goes to show that any and potentially all money can be lost to the markets!
In today's markets when 90% of the trades are made by algorithms, it's a bit silly to talk about "crowd psychology" or about "competing with the best traders"...
Simon Hedim it’s not because those algorithms are trading based on instructions and systems designed by people, who are influenced by market psychology.
The algos are designed to make money, so they don't really care about crowd psychology as long it's for their benefit. In most cases they actually act against crowd psychology trying to take money from the public.
Maybe if you’re scalping futures/stocks. Swing trading is not subject to algorithms. I swing trade currencies, gold & S&P futures. Like he said I lost money for years until I created simple rules and followed them with intense discipline. A pessimist will never make it in this game
@@fxwin Quote from.. Trading Price Action Reversals by Al Brooks. "Since price action comes from our DNA, it will not change until we evolve. When you look at the two charts in Figure I.1, your first reaction is that they are just a couple of ordinary charts, but look at the dates at the bottom. These weekly Dow Jones Industrial Average charts from the Depression era and from World War II have the same patterns that we see today on all charts, despite most of today’s volume being traded by computers. FIGURE I.1 Price Action Has Not Changed over Time" Image⏬⏬⏬⏬⏬ plus.google.com/+ajazzshake/posts/RLzPN2nzy6m
Al Brooks teaches scalping and adding to losers. They are both trading methods which have negative expectancy in long run and will make you lose money.
Whats crazy is this applies to today as well. I always tell people start small, trade to learn, not to make money when you start. If you start trading and try to be a millionaire immediately, theres a 99.99% chance you’ll lose a lot of cash
thank you for the advices !
Brooks is top tier, the learning curve and way he teaches is very steep but if you stick with it you will get better and profitable. The books are all highly publicized by Wiley Financial and his video lectures are even better. He breaks down technical charts better than anyone I've come across. He also teaches proper risk reward and probability which is why most people fail. Save yourself many hours of time wasted and learn his material. He's not teaching a 'system' he's teaching you how to read price action huge difference.
this man is a legend🔥
This is a ten years old video but most comments are in past two years. I feel Brooks become more and more popular.
nice advice!
Big nest egg can be blown just as fast as small nest eggs. Just helpful thoughts. I Love al brooks hes very good
Exactly. I read a comment the other day where a 20 year kid started of trading, and was down -20k! He didn't seem to bothered by it, good for him, I guess, but it just goes to show that any and potentially all money can be lost to the markets!
What he's talking about is not using it to trade FFS, but to support yourself and be able to go through drawdowns
At dental school Sir and love trading so much. Started 4 years ago.
4 years later are you still trading?
I wanna know too
@@iamtheonewhoknocks4288 same here. curious.
@@ope2113 I stalked her ig and nothing comes up about trading. so doubt it.
Nice
Al Brooks🎉🎉
You don’t have to lose for a few years if you learn supply and demand zones , you’ll win over half the trades if you do it right
hi .Did you make money this way?
Success
I lost money for 3 or 4 years by trading options. I will go for full time trading, even I had a PhD in Chemical engineering.
Hi! How is your trading career going? Would love a response and have your insight into trading after so many years...
Sir, how's it going now
Rip?😔
3:37 shows how easily distracted I am!! lol. I love Al Brooks work...one of the best in the market!
Brooks was here, so was red
I lost over 20k in a period of 5 yrs trading options. should I get back in?
i -ritical yes
You must get in, but please use simulators account to prove that you can be on positive side
you should stop trading for a while and study it.
Get a trading partner! You shouldn’t have to trade alone!
Wow...that's all you lost in 5 years?? Not bad, it could be a lot worse! Study it hard, and honestly Al Brook is an amazing trader....
And times 10 😂
The subtitles "quit their jobs to become traitors"
In today's markets when 90% of the trades are made by algorithms, it's a bit silly to talk about "crowd psychology" or about "competing with the best traders"...
Simon Hedim it’s not because those algorithms are trading based on instructions and systems designed by people, who are influenced by market psychology.
The algos are designed to make money, so they don't really care about crowd psychology as long it's for their benefit. In most cases they actually act against crowd psychology trying to take money from the public.
Maybe if you’re scalping futures/stocks. Swing trading is not subject to algorithms. I swing trade currencies, gold & S&P futures. Like he said I lost money for years until I created simple rules and followed them with intense discipline. A pessimist will never make it in this game
@@fxwin
Quote from.. Trading Price Action Reversals by Al Brooks.
"Since price action comes from our DNA, it will not change until we evolve.
When you look at the two charts in Figure I.1, your first reaction is that they
are just a couple of ordinary charts, but look at the dates at the bottom. These
weekly Dow Jones Industrial Average charts from the Depression era and from
World War II have the same patterns that we see today on all charts, despite
most of today’s volume being traded by computers.
FIGURE I.1 Price Action Has Not Changed over Time"
Image⏬⏬⏬⏬⏬
plus.google.com/+ajazzshake/posts/RLzPN2nzy6m
who makes these algorithms ? humans lol
Al Brooks teaches scalping and adding to losers. They are both trading methods which have negative expectancy in long run and will make you lose money.
Day trade ruined his face especially his eyes
not his life though...he is making money.
@@ravib2303 😂
You believe he cannot do swing trade? He just doesn’t want to.
you clearly don't know him, until this day
Talked alot but said nothing.
then read his books!
ridiculous advise
Why?