If memory serves me correctly, way back in 2002 Rob Booker used to sell something which he termed “Daily Levels”. IIRC the cost was $39 for 3 months (with discounts for longer periods). Back then I was considering making the transition to full time trader, and checking out various mentors etc, so I happily sent Rob my $39.
Each day Rob sent me 2 price levels by email. He didnt tell me how the levels where calculated, or even what I should do with the levels, I was left wondering if the levels should be used as a breakout system, should I buy above the upper level ?, should I sell below the lower level ?, or should the levels be used as support and resistance, should I look for bounces from the levels ? should they be used as stops or targets ?
Every day for 3 months Rob sent the levels (and for all I know he might have been generating them at random because I was never able to find anything useful to do with em)
I spent 3 months trying to work out how to use these dammed things, and what they might represent, where they previous swing highs and lows, fibs ? pivots ?, murry maths ? I really have no idea. My subscription expired and I signed up for another 6 months worth, and spent another 6 months banging my head against the wall.
Rob took a hundred bucks from me, sent me some emails, and the odd joke, answered a couple of dumb questions with equally dumb answers and I “wasted” 9 months of my life trying to make sense of this nonsense.
So did Rob Booker play any part in my success ? I’d say that the answer is a resounding yes, although anyone could have done exactly the same just by sending me two levels at random each day. Rob provided something to focus my research on, the fact that it was nonsense didnt really matter. It could have been a moving average cross, or any TA based system.
I have no idea if Rob can trade or not, maybe he’s had a degree of success in the past either by good luck or good judgement, I really dont know. He does have some insights that are beneficial. I’d say he was practically clueless when it comes to technical analysis and much of his advice is regurgitated platitudes and just plain wrong, but he comes across as someone who has at least spent some time backtesting ideas, and trying out a bunch of stuff.
It takes balls to put your reputation on the line as a CTA and Rob certainly has my respect for that. Only Rob Booker knows if this is a deliberate con, maybe he got lucky and deluded himself he had something to offer, maybe he developed a genuine edge that worked for a while and no longer works, maybe things will turn out fine and he’ll get his mojo back.
One thing I will say is that most new traders have very unrealitic expectations of what a good track record looks like. It’s often quite educational to check out the public records of some of the legends in this industry.