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<title>Ask Al: Make money following Al Brooks?</title> | |||
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<h1 class="entry-title" itemprop="headline" style="font-size: 3rem; | |||
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background-color: rgb(255, 255, 255);"><font size="-1">Ask Al: | |||
Make money following Al Brooks?</font></h1> | |||
<p><font size="-1"><br> | |||
</font> | |||
<meta charset="utf-8"> | |||
</p> | |||
<h2 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.7rem; color: rgb(27, 128, 16); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Make a | |||
living following Al’s trade suggestions?<br style="box-sizing: | |||
border-box;"> | |||
BPA trading room Q&A: February 29, 2016</font></h2> | |||
<p class="content-box-green" style="margin: 0px 0px 20px; padding: | |||
20px; text-decoration: none; box-sizing: border-box; overflow: | |||
hidden; background-color: rgb(217, 237, 194); border: 1px solid | |||
rgb(178, 206, 150); font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px;"><font size="-1">Question: I’m still struggling to make | |||
money. If I just follow your trade suggestions, will I be able | |||
to make a living until I get good?<br> | |||
</font></p> | |||
<font size="-1"><span></span><br> | |||
</font> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
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letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Do not | |||
follow anyone</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
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font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1"><a | |||
href="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-following-al-brooks.jpg" | |||
target="_blank" style="color: rgb(217, 28, 22); | |||
text-decoration: none; box-sizing: border-box;"><img | |||
decoding="async" loading="lazy" class="alignleft size-medium | |||
wp-image-59166" | |||
src="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-following-al-brooks-300x195.jpg" | |||
alt="Ask Al Brooks: Make Money Following Al Brooks" | |||
srcset="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-following-al-brooks-300x195.jpg | |||
300w, | |||
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768w, | |||
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600w, | |||
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none; max-width: 100%; height: auto; box-sizing: border-box; | |||
float: left; margin: 0px 15px 10px 0px; display: inline;" | |||
height="195" width="300"></a>I would strongly recommend not | |||
listening to me or not listening to anyone. I think that’s | |||
a really costly mistake because, unless — at some point once I | |||
finish all the course and all the other projects I’ve got going | |||
on, I probably will talk more — you heard me say 14 is probably | |||
a swing buy, good for at least four points, stuff like | |||
that. That’s okay because it’s clear: You buy above | |||
14, you put a stop below 14, and you place a limit order to get | |||
out four points higher. So that’s pretty good.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">But a | |||
lot of times, I’m just taking little scalps all day long — | |||
selling above 32; selling above 37. Through here I did several | |||
little trades in here. And I’m not telling you all the | |||
details. I’m not saying, “Oh, I’m putting a stop here and | |||
I’m not going to let the stop get hit. I’m going to scale | |||
in in this particular case.” I’m not saying any of that.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Wasting | |||
money</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1"><img | |||
decoding="async" loading="lazy" class="alignleft size-full | |||
wp-image-59167" | |||
src="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/trading-clown.jpg" | |||
alt="Make Money Trading Clown" | |||
srcset="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/trading-clown.jpg | |||
300w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/trading-clown-150x150.jpg | |||
150w" sizes="(max-width: 300px) 100vw, 300px" style="border: | |||
0px; max-width: 100%; height: auto; box-sizing: border-box; | |||
float: left; margin: 0px 15px 10px 0px; display: inline;" | |||
height="300" width="300">I remember years ago — I forget the | |||
name of the company; maybe it was Essex Trading — I paid them | |||
$3,000 for formulas. I used to subscribe to all kinds of | |||
guru newsletters and hotlines, and a lot of it is just a total | |||
waste of money, right?</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">If you | |||
see some clown on television saying, “Gold is going up,” or | |||
“Crude oil is going down,” or “The stock market is going up,” | |||
you cannot make money off of that because you hear me say this | |||
pretty regularly: About 10 percent of the time you can | |||
only make money buying or only make money selling. 90 | |||
percent of the time, you can buy or sell at any point and make | |||
money, if you<span> </span><a | |||
href="https://www.brookstradingcourse.com/how-to-trade-manual/trade-management/" | |||
target="_blank" style="color: rgb(217, 28, 22); | |||
text-decoration: none; box-sizing: border-box;">manage your | |||
trade</a><span> </span>correctly. So 10 percent of | |||
the bars on the chart, the market’s doing this, you can only | |||
make money if you sell. But 90 percent of the bars on the chart | |||
the market’s doing this and you can make money buying or selling | |||
at any time.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">You | |||
know, today we had pretty good swings here and here, so maybe | |||
more than 10 percent is breakout. On a typical day, it’s | |||
like this — you can buy at any point; you can sell at any point | |||
if you use a wide enough stop, and scale in and manage your | |||
trade correctly. </font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Teach a man | |||
to fish (trade)</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">So, I | |||
would not worry too much about what I say or about what anybody | |||
else says. You sometimes hear the adage, “You teach a man | |||
to fish. You don’t give him a fish,” and that’s true with | |||
trading, right? Until you’re completely comfortable taking full | |||
responsibility, it’s really hard to make a living. And | |||
everyone — especially if you’re starting out and your account is | |||
not big, it’s easier to say, “Oh my gosh, I am really | |||
desperate. I got to make money doing this. It took | |||
me so much time to save up this money. I don’t want to lose my | |||
other job while I start this job”. There’s just a lot of | |||
personal issues involved, and I can tell you that I believe it’s | |||
extremely difficult to make money, if you have to make money.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Desperate | |||
to make money</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">If | |||
you’re really desperate to make money, it’s really hard to make | |||
money because you’re going to be miserable. You’re going to make | |||
mistakes, and you’re going be only worried about risk, and there | |||
are three variables —<span> </span><a | |||
href="http://www.investopedia.com/articles/stocks/11/calculating-risk-reward.asp" | |||
target="_blank" rel="noopener" style="color: rgb(217, 28, 22); | |||
text-decoration: none; box-sizing: border-box;">risk, reward, | |||
and probability</a>. A person who’s desperate to make | |||
money only sees one variable: Risk. “I can’t afford | |||
to lose,” right? One point, two points, “I — I got to get | |||
out,” right? Even though the market might call for a stop | |||
that’s five points above. So you sell the 58 close and you say, | |||
“I can only risk a point or two,” and then it starts to go up | |||
here and you get out, right? If you take – if you’re | |||
selling the 58 close, your stop is up there, period. | |||
That’s it, right? If you’re buying the 17 close, your stop | |||
may be down here. I think more around here. So | |||
that’s it; so if you take that trade, that’s where your stop is.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Thinking | |||
risk only</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">And if | |||
a person’s only thinking about risk, they’re saying, “Well, I | |||
know that’s where Al says that’s where the stop goes, but maybe | |||
I’ll buy the 17 close and take a chance that it will just go | |||
straight up and I’ll put a one-point stop in.” Then you get | |||
stopped on 18, and you lost money buying. You made a | |||
really smart trade; you know, you bought the market that’s | |||
probably going up, but you managed it wrong because all you saw | |||
was risk and you did not want to lose more than a point.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Talking | |||
costs money</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">But | |||
going back to your question. I think it’s really impossible to | |||
make money listening to somebody else unless they’re saying | |||
every little thing that they’re doing. And I — I can’t do it | |||
because I take so many trades during the day, and if I’m talking | |||
as I’m trying to make a decision about “Do I move the stop | |||
here? Do I get out there? Do I just get out with | |||
just two ticks? Do I try to hold for two points?” you | |||
know, I cannot do both. It will cost me too much money.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">Sometimes, | |||
you get bars like 14 or even 27 that, you can just say, you buy | |||
above 14, stop above low 14, and hold for 4 points. Or you sell | |||
below 27, stop above 27, and you get out at the 24 or 25 low. | |||
Those things you can say because you said the whole package; you | |||
said where the stop is, you said where the limit order is, you | |||
said where the entry is. But most of the trades I take | |||
during the day, that’s not what I’m trying to do; I’m trying to | |||
get out with one point or two points.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Small risk, | |||
big reward</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">Sometimes | |||
I’ll take finesse trades where there’s some unusual situation | |||
where the risk is really not all that big and the reward is big. | |||
Or the actual risk is not big, the initial risk is big. I’m | |||
using a wide stop, but I’m never going to let the stop be | |||
hit. In terms of actual risk, the actual risk is small and | |||
the reward is big. So I don’t know. I hope I’m answering | |||
your question, but I really think looking for a God or savior to | |||
protect you, so that you don’t lose money is not going do it. | |||
That’s not what you need. What you need is practice and | |||
you got to get a lot of trades under your belt before you start | |||
feeling comfortable that you can do this. And depending on | |||
someone else to hold your hand as you do it, that’s just not | |||
going to work.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Not just | |||
about setups</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">I | |||
remember I once hired a tutor. The guy, I still see him out | |||
there, every now and then, at the shows. I think he’s a | |||
total fraud, but he’s still out there and 25 years ago I paid | |||
him, like, $3,000 to come in for the day. And I lost $3,000 with | |||
him sitting by my side that day. So I paid him $3,000, I | |||
lost $3,000. And I started pressing him, “You’re here with | |||
me. You’re not trading. How many days do you go out | |||
and teach? How many days do you trade?” Anyway, what | |||
it came down to was he says he never trades, and so here he is | |||
teaching people how to trade and he’s not a trader. The | |||
guy, he was a fraud. The guy’s a fraud. He’s not in | |||
the game. I was desperate, willing to pay anything to get | |||
somebody to show me how to do it. But even if he showed me one | |||
or two things that day, that still would not have been enough | |||
because those two things would not be there tomorrow, or the | |||
next day, or the next day. There’s a lot more to a trade | |||
than just setups.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Use correct | |||
stop and targets</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">In | |||
fact, you hear me regularly say — I’ve already said it a few | |||
minutes ago: most of the time, if you use a correct stop and a | |||
profit target, you can make money buying or selling. It’s | |||
obvious when the market is like this, right? You can buy | |||
or sell. You can buy below anything, sell above anything, and | |||
just keep scalping. But most of the time you can do that so you | |||
don’t need someone to say, “Oh Al, buy this,” or “Al, Al, sell | |||
that.” And the stops are always obvious as well, | |||
right? So if you’re buying anywhere in here, your stop is | |||
down here. If you’re selling anywhere in here, your stop | |||
is up there. After this breakout, if you’re selling | |||
anywhere below here, your stop is up here. </font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Starting | |||
out</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">So, | |||
any person starting out, they know where the stop is For the | |||
most part if the market’s trending, they see it’s going up and | |||
they know where the stop is, right? So when you buy, you | |||
put your stop, and then you wait until it’s not going up anymore | |||
here. Here, you know it’s going down, so you sell for any | |||
reason at any time. You put your stop up here, and buy back when | |||
it’s no longer going up — maybe above 60, maybe more likely | |||
above 71.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">But | |||
that’s pretty much the simplistic view of the trade, right, and | |||
not worry that somebody’s going to show me, tell me, “Al, move | |||
my stop. Al, move your profit target.” When you look | |||
at the chart, you know where the stop is, right? Now, if | |||
the market’s going up, you know you have to buy. If the | |||
market’s going down, you know you have to sell, and you know | |||
where the stop is. And if you’re going to take the trade, | |||
that’s what you do. When the market’s going up, you just buy and | |||
you put your stop there and just hold on. </font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Scaling in</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1"><a | |||
href="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in.jpg" | |||
target="_blank" style="color: rgb(217, 28, 22); | |||
text-decoration: none; box-sizing: border-box;"><img | |||
decoding="async" loading="lazy" class="alignleft size-medium | |||
wp-image-59168" | |||
src="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in-300x159.jpg" | |||
alt="Ask Al Brooks - Make Money Scaling In" | |||
srcset="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in-300x159.jpg | |||
300w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in-768x407.jpg | |||
768w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in-600x318.jpg | |||
600w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-scaling-in.jpg | |||
1282w" sizes="(max-width: 300px) 100vw, 300px" | |||
style="border: none; max-width: 100%; height: auto; | |||
box-sizing: border-box; float: left; margin: 0px 15px 10px | |||
0px; display: inline;" height="159" width="300"></a>It’s | |||
much better if you can scale in, so you buy and you scale in | |||
lower, right, if it goes down, that’s good. I would not | |||
buy up here. I think there’s too much risk of that being | |||
the end. Here, we’re probably going down. We stop at | |||
that high. Theoretically, if you sold anywhere down here — | |||
let’s say you did not get out above 12, which you should have, | |||
right, your stop is up here and you look to scale in as soon as | |||
you get a bear bar to sell more. </font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">Trading | |||
up through here and you’re buying. This is an example of one of | |||
those Buy The Close bars, and you get disappointed You got to | |||
get out here. But if you sell on the way down, sell here, | |||
sell there, right? Stop goes up here, and you just hold on | |||
until it’s no longer going down. Get out above 62, maybe | |||
get out above 60? – excuse me, 63 – above 64, 66. </font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">Trading is | |||
easy, really!</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">Trading | |||
is really not that complicated and I think traders learn — if | |||
you just listen to me during the day, I’m telling you the stop | |||
goes here, and you say, “Well, I don’t want to risk that | |||
much.” Well, don’t take the trade, but if you’re going to | |||
take the trade, that’s where the stop goes. And if at the | |||
end of the day you sit down and listen to what I’m saying, | |||
you’ll say, “Hey, wait a minute, what Al said made sense. | |||
You know, if I did buy there and if I did put that stop there or | |||
if I did sell there and I did put that stop there, I would have | |||
made money.” I have to risk more than I wanted to risk, | |||
but I would have made money. So if you can trade small | |||
enough, you can do it. It’s much easier to make money if | |||
you can trade small, and use the correct stops, and not worry | |||
about losing.</font></p> | |||
<h3 style="margin: 0px 0px 10px; padding: 0px; text-decoration: | |||
none; box-sizing: border-box; font-family: "PT Serif | |||
Caption", serif; font-weight: 300; line-height: 1.25; | |||
font-size: 2.4rem; color: rgb(245, 10, 10); font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
letter-spacing: normal; orphans: 2; text-align: start; | |||
text-indent: 0px; text-transform: none; white-space: normal; | |||
widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; | |||
background-color: rgb(255, 255, 255);"><font size="-1">End of day | |||
review</font></h3> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1"><a | |||
href="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review.jpg" | |||
target="_blank" style="color: rgb(217, 28, 22); | |||
text-decoration: none; box-sizing: border-box;"><img | |||
decoding="async" loading="lazy" class="alignleft size-medium | |||
wp-image-59169" | |||
src="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review-300x159.jpg" | |||
alt="Ask Al Brooks - Make Money Daily Chart Review" | |||
srcset="https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review-300x159.jpg | |||
300w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review-768x408.jpg | |||
768w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review-600x319.jpg | |||
600w, | |||
https://www.brookstradingcourse.com/wp-content/uploads/2016/10/ask-al-80-make-money-daily-chart-review.jpg | |||
1275w" sizes="(max-width: 300px) 100vw, 300px" | |||
style="border: none; max-width: 100%; height: auto; | |||
box-sizing: border-box; float: left; margin: 0px 15px 10px | |||
0px; display: inline;" height="159" width="300"></a>Anyway, | |||
I’m talking too much and I’m losing my voice. Okay, I hope | |||
everybody has a good night. This is I think an exhaustive | |||
sell climax. This is huge. I think, even though on the | |||
daily chart today is a pretty good entry bar for the bears, I | |||
still think it’s going to be a two or three-day pullback, and | |||
that in March, in the first week or two, we’ll get above here. | |||
But I think there’ll be sellers up there. A lot of bulls | |||
are looking at this and they’re selling, but some of those bulls | |||
are using stops way, way up here thinking that we may go up a | |||
little higher. I still think the odds are we’re going to | |||
go above Friday’s high. But I would not be surprised if we did | |||
not, but I still think we’ll get one more push up. And that will | |||
probably be it, maybe a wedge, bear flag, one push, two pushes, | |||
pullback, and then three pushes. Two or three weeks from now, | |||
and that will probably be it.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1">Okay, | |||
hope everybody has a good night.</font></p> | |||
<p style="margin: 0px 0px 20px; padding: 0px; text-decoration: none; | |||
box-sizing: border-box; font-family: Verdana, sans-serif; color: | |||
rgb(0, 0, 0); font-size: 1.6rem; font-style: normal; | |||
font-variant-ligatures: normal; font-variant-caps: normal; | |||
font-weight: 400; letter-spacing: normal; orphans: 2; text-align: | |||
start; text-indent: 0px; text-transform: none; white-space: | |||
normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: | |||
0px; background-color: rgb(255, 255, 255);"><font size="-1"><em | |||
style="box-sizing: border-box;">Al Brooks</em></font></p> | |||
<font size="-1"><br class="Apple-interchange-newline"> | |||
</font> | |||
</body> | |||
</html> | |||
[[Category:BUYING PRESSURE]] | [[Category:BUYING PRESSURE]] | ||
[[Category:SELLING PRESSURE]] | [[Category:SELLING PRESSURE]] |