{"id":59148,"date":"2016-10-09T09:35:43","date_gmt":"2016-10-09T16:35:43","guid":{"rendered":"https:\/\/brookstradingcourse.com\/?p=59148"},"modified":"2018-03-25T06:48:12","modified_gmt":"2018-03-25T13:48:12","slug":"make-money-following-al-brooks","status":"publish","type":"post","link":"https:\/\/www.brookstradingcourse.com\/pt-br\/ask-al\/make-money-following-al-brooks\/","title":{"rendered":"Ask Al: Make money following Al Brooks?"},"content":{"rendered":"<h2>Make a living following Al&#8217;s trade suggestions?<br \/>\n BPA trading room Q&amp;A: February 29, 2016<\/h2>\n<p class=\"content-box-green\">Question: I\u2019m 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 \/>\n <em>Video duration: 11min 15sec<\/em><\/p>\n<div style='position:relative;height:0;padding-bottom:56.25%'><iframe class='sproutvideo-player' src='\/\/videos.sproutvideo.com\/embed\/e89adfbb1318e6cd60\/c0bcf94a13d31829?playerTheme=dark&amp;playerColor=' style='position:absolute;width:100%;height:100%;left:0;top:0' frameborder='0' allowfullscreen><\/iframe><\/div>\n<p><\/p>\n<p class=\"caption\">You can also view this video on <a href=\"https:\/\/youtu.be\/15qaWtrqJt8\" target=\"_blank\" rel=\"noopener\">Al&#8217;s YouTube Channel<\/a> if needed.<\/p>\n<h3>Do not follow anyone<\/h3>\n<p><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-following-al-brooks.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" 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\" width=\"300\" height=\"195\" title=\"\" srcset=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-following-al-brooks-300x195.jpg 300w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-following-al-brooks-768x500.jpg 768w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-following-al-brooks-600x390.jpg 600w, https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-following-al-brooks.jpg 916w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>I would strongly recommend not listening to me or not listening to anyone.\u00a0 I think that\u2019s a really costly mistake because, unless &#8212; at some point once I finish all the course and all the other projects I\u2019ve got going on, I probably will talk more &#8212; you heard me say 14 is probably a swing buy, good for at least four points, stuff like that.\u00a0 That\u2019s okay because it\u2019s clear:\u00a0 You buy above 14, you put a stop below 14, and you place a limit order to get out four points higher.\u00a0 So that\u2019s pretty good.<\/p>\n<p>But a lot of times, I\u2019m just taking little scalps all day long &#8212; selling above 32; selling above 37. Through here I did several little trades in here.\u00a0 And I\u2019m not telling you all the details.\u00a0 I\u2019m not saying, \u201cOh, I\u2019m putting a stop here and I\u2019m not going to let the stop get hit.\u00a0 I\u2019m going to scale in in this particular case.\u201d\u00a0 I\u2019m not saying any of that.<\/p>\n<h3>Wasting money<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" 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\" width=\"300\" height=\"300\" title=\"\" 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=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>I remember years ago &#8212; I forget the name of the company; maybe it was Essex Trading &#8212; I paid them $3,000 for formulas.\u00a0 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?<\/p>\n<p>If you see some clown on television saying, \u201cGold is going up,\u201d or \u201cCrude oil is going down,\u201d or \u201cThe stock market is going up,\u201d you cannot make money off of that because you hear me say this pretty regularly:\u00a0 About 10 percent of the time you can only make money buying or only make money selling.\u00a0 90 percent of the time, you can buy or sell at any point and make money, if you <a href=\"https:\/\/www.brookstradingcourse.com\/how-to-trade-manual\/trade-management\/\" target=\"_blank\">manage your trade<\/a> correctly.\u00a0 So 10 percent of the bars on the chart, the market\u2019s doing this, you can only make money if you sell. But 90 percent of the bars on the chart the market\u2019s doing this and you can make money buying or selling at any time.<\/p>\n<p>You know, today we had pretty good swings here and here, so maybe more than 10 percent is breakout.\u00a0 On a typical day, it\u2019s like this &#8212; 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.\u00a0<\/p>\n<h3>Teach a man to fish (trade)<\/h3>\n<p>So, I would not worry too much about what I say or about what anybody else says.\u00a0 You sometimes hear the adage, \u201cYou teach a man to fish.\u00a0 You don\u2019t give him a fish,\u201d and that\u2019s true with trading, right? Until you\u2019re completely comfortable taking full responsibility, it\u2019s really hard to make a living.\u00a0 And everyone &#8212; especially if you\u2019re starting out and your account is not big, it\u2019s easier to say, \u201cOh my gosh, I am really desperate.\u00a0 I got to make money doing this.\u00a0 It took me so much time to save up this money. I don\u2019t want to lose my other job while I start this job\u201d. There\u2019s just a lot of personal issues involved, and I can tell you that I believe it\u2019s extremely difficult to make money, if you have to make money.<\/p>\n<h3>Desperate to make money<\/h3>\n<p>If you\u2019re really desperate to make money, it\u2019s really hard to make money because you\u2019re going to be miserable. You\u2019re going to make mistakes, and you\u2019re going be only worried about risk, and there are three variables &#8212; <a href=\"http:\/\/www.investopedia.com\/articles\/stocks\/11\/calculating-risk-reward.asp\" target=\"_blank\" rel=\"noopener\">risk, reward, and probability<\/a>.\u00a0 A person who\u2019s desperate to make money only sees one variable:\u00a0 Risk.\u00a0 \u201cI can\u2019t afford to lose,\u201d right?\u00a0 One point, two points, \u201cI &#8212; I got to get out,\u201d right?\u00a0 Even though the market might call for a stop that\u2019s five points above. So you sell the 58 close and you say, \u201cI can only risk a point or two,\u201d and then it starts to go up here and you get out, right?\u00a0 If you take \u2013 if you\u2019re selling the 58 close, your stop is up there, period.\u00a0 That\u2019s it, right?\u00a0 If you\u2019re buying the 17 close, your stop may be down here.\u00a0 I think more around here.\u00a0 So that\u2019s it; so if you take that trade, that\u2019s where your stop is.<\/p>\n<h3>Thinking risk only<\/h3>\n<p>And if a person\u2019s only thinking about risk, they\u2019re saying, \u201cWell, I know that\u2019s where Al says that\u2019s where the stop goes, but maybe I\u2019ll buy the 17 close and take a chance that it will just go straight up and I\u2019ll put a one-point stop in.\u201d Then you get stopped on 18, and you lost money buying.\u00a0 You made a really smart trade; you know, you bought the market that\u2019s 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.<\/p>\n<h3>Talking costs money<\/h3>\n<p>But going back to your question. I think it\u2019s really impossible to make money listening to somebody else unless they\u2019re saying every little thing that they\u2019re doing. And I &#8212; I can\u2019t do it because I take so many trades during the day, and if I\u2019m talking as I\u2019m trying to make a decision about \u201cDo I move the stop here?\u00a0 Do I get out there?\u00a0 Do I just get out with just two ticks?\u00a0 Do I try to hold for two points?\u201d you know, I cannot do both.\u00a0 It will cost me too much money.<\/p>\n<p>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.\u00a0 But most of the trades I take during the day, that\u2019s not what I\u2019m trying to do; I\u2019m trying to get out with one point or two points.<\/p>\n<h3>Small risk, big reward<\/h3>\n<p>Sometimes I\u2019ll take finesse trades where there\u2019s 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\u2019m using a wide stop, but I\u2019m never going to let the stop be hit.\u00a0 In terms of actual risk, the actual risk is small and the reward is big. So I don\u2019t know.\u00a0 I hope I\u2019m answering your question, but I really think looking for a God or savior to protect you, so that you don\u2019t lose money is not going do it. That\u2019s not what you need.\u00a0 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\u2019s just not going to work.<\/p>\n<h3>Not just about setups<\/h3>\n<p>I remember I once hired a tutor. The guy, I still see him out there, every now and then, at the shows.\u00a0 I think he\u2019s a total fraud, but he\u2019s 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.\u00a0 So I paid him $3,000, I lost $3,000.\u00a0 And I started pressing him, \u201cYou\u2019re here with me.\u00a0 You\u2019re not trading.\u00a0 How many days do you go out and teach?\u00a0 How many days do you trade?\u201d\u00a0 Anyway, what it came down to was he says he never trades, and so here he is teaching people how to trade and he\u2019s not a trader.\u00a0 The guy, he was a fraud.\u00a0 The guy\u2019s a fraud.\u00a0 He\u2019s 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.\u00a0 There\u2019s a lot more to a trade than just setups.<\/p>\n<h3>Use correct stop and targets<\/h3>\n<p>In fact, you hear me regularly say &#8212; I\u2019ve 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.\u00a0 It\u2019s obvious when the market is like this, right?\u00a0 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\u2019t need someone to say, \u201cOh Al, buy this,\u201d or \u201cAl, Al, sell that.\u201d\u00a0 And the stops are always obvious as well, right?\u00a0 So if you\u2019re buying anywhere in here, your stop is down here.\u00a0 If you\u2019re selling anywhere in here, your stop is up there.\u00a0 After this breakout, if you\u2019re selling anywhere below here, your stop is up here.\u00a0<\/p>\n<h3>Starting out<\/h3>\n<p>So, any person starting out, they know where the stop is For the most part if the market\u2019s trending, they see it\u2019s going up and they know where the stop is, right?\u00a0 So when you buy, you put your stop, and then you wait until it\u2019s not going up anymore here.\u00a0 Here, you know it\u2019s going down, so you sell for any reason at any time. You put your stop up here, and buy back when it\u2019s no longer going up &#8212; maybe above 60, maybe more likely above 71.<\/p>\n<p>But that\u2019s pretty much the simplistic view of the trade, right, and not worry that somebody\u2019s going to show me, tell me, \u201cAl, move my stop.\u00a0 Al, move your profit target.\u201d\u00a0 When you look at the chart, you know where the stop is, right?\u00a0 Now, if the market\u2019s going up, you know you have to buy.\u00a0 If the market\u2019s going down, you know you have to sell, and you know where the stop is.\u00a0 And if you\u2019re going to take the trade, that\u2019s what you do. When the market\u2019s going up, you just buy and you put your stop there and just hold on.\u00a0<\/p>\n<h3>Scaling in<\/h3>\n<p><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-scaling-in.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" 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\" width=\"300\" height=\"159\" title=\"\" 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=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>It\u2019s much better if you can scale in, so you buy and you scale in lower, right, if it goes down, that\u2019s good.\u00a0 I would not buy up here.\u00a0 I think there\u2019s too much risk of that being the end.\u00a0 Here, we\u2019re probably going down.\u00a0 We stop at that high.\u00a0 Theoretically, if you sold anywhere down here &#8212; let\u2019s 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.\u00a0<\/p>\n<p>Trading up through here and you\u2019re buying. This is an example of one of those Buy The Close bars, and you get disappointed You got to get out here.\u00a0 But if you sell on the way down, sell here, sell there, right?\u00a0 Stop goes up here, and you just hold on until it\u2019s no longer going down.\u00a0 Get out above 62, maybe get out above 60? \u2013 excuse me, 63 \u2013 above 64, 66.\u00a0<\/p>\n<h3>Trading is easy, really!<\/h3>\n<p>Trading is really not that complicated and I think traders learn &#8212; if you just listen to me during the day, I\u2019m telling you the stop goes here, and you say, \u201cWell, I don\u2019t want to risk that much.\u201d\u00a0 Well, don\u2019t take the trade, but if you\u2019re going to take the trade, that\u2019s where the stop goes.\u00a0 And if at the end of the day you sit down and listen to what I\u2019m saying, you\u2019ll say, \u201cHey, wait a minute, what Al said made sense.\u00a0 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.\u201d\u00a0 I have to risk more than I wanted to risk, but I would have made money.\u00a0 So if you can trade small enough, you can do it.\u00a0 It\u2019s much easier to make money if you can trade small, and use the correct stops, and not worry about losing.<\/p>\n<h3>End of day review<\/h3>\n<p><a href=\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2016\/10\/ask-al-80-make-money-daily-chart-review.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" 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\" width=\"300\" height=\"159\" title=\"\" 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=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Anyway, I\u2019m talking too much and I\u2019m losing my voice.\u00a0 Okay, I hope everybody has a good night.\u00a0 This is I think an exhaustive sell climax.\u00a0 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\u2019s going to be a two or three-day pullback, and that in March, in the first week or two, we\u2019ll get above here. But I think there\u2019ll be sellers up there.\u00a0 A lot of bulls are looking at this and they\u2019re selling, but some of those bulls are using stops way, way up here thinking that we may go up a little higher.\u00a0 I still think the odds are we\u2019re going to go above Friday\u2019s high. But I would not be surprised if we did not, but I still think we\u2019ll 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.<\/p>\n<p>Okay, hope everybody has a good night.<\/p>\n<p><em>Al Brooks<\/em><\/p>\n<p><a title=\"Al Brooks&#039; trading room\" href=\"https:\/\/www.brookstradingcourse.com\/online-day-trading-room\/\">Information on Al&#8217;s Online day trading room<\/a><\/p>\n<hr \/>\n","protected":false},"excerpt":{"rendered":"<p>Make a living following Al&#8217;s trade suggestions? BPA trading room Q&amp;A: February 29, 2016 Question: I\u2019m still struggling to make money. If I just follow your trade suggestions, will I be able to make a living until I get good? Video duration: 11min 15sec You can also view this video on Al&#8217;s YouTube Channel if [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[159],"tags":[],"class_list":{"0":"post-59148","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ask-al","7":"entry","8":"has-post-thumbnail","9":"override"},"featured_image_src":null,"author_info":{"display_name":"BTC Admin","author_link":"https:\/\/www.brookstradingcourse.com\/pt-br\/author\/richardhk\/"},"_links":{"self":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/59148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/comments?post=59148"}],"version-history":[{"count":0,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/posts\/59148\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/media?parent=59148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/categories?post=59148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.brookstradingcourse.com\/pt-br\/wp-json\/wp\/v2\/tags?post=59148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}