I'm not sure if his room is any good, but I read his book and I did get some benefit from his focus on with-trend setups. I think his basic focus on with-trend setups like pullbacks is sound, and I liked his advice to watch for failed counter-trend setups and use them as with-trend setups.
I second this one. I signed up for a trading room. now that I look back it was very stupid but I got sucked in. These guys are good at pumping you up and getting you excited. I even tried it out for a day or two before joining.
After I joined I realized that the guy wasn't taking every trade. He was making $2000/day and I was -2k. He didn't show his trades real time, but he sometimes would show his executions.
He wouldn't say when he was in a trade until a while after his entry. He was scalping so sometimes it was a few seconds. But he never said when he entered or not.
So after a while I realized that I had been had. He was obviously filtering his trades. If it didn't work out, he would say he didn't take it because he didn't like the bar pattern or something else. Of course good and bad bar patterns couldn't be defined!
If it went in his favor he'd say he took it and then post his executions, cropped off so that you could only see the last trade.
in the end I cut my losses short. I had signed up for 3 months but I only used 2 weeks. I could handle the money loss, but not losing 3 months of my time.
So if you don't see chart markers or a DOM in real time, don't bother, it's a scam.
I hear ya cunparis, and I think most of the time you are right. However, there are rules about what you can and can't say/show in a chat room depending on NFA/CFTC/FINRA regulations and whether or not you're not a CTA.
As many of you that follow my journal know I follow the site and chat room at MasterTheGap.com, which primarily trades gap plays, but also day trades a bit but with smaller positions and they are quick to note that day-trading is not their forte, trade at your own risk. At any rate, the moderator will call out his fill prices, but you don't see a DOM or anything. For gap trades, if he says he's going to fade the gap he posts his decision 5-10 minutes before the market open and places a time-activated order in Tradestation so a market order is fired right at 9:30 Eastern time and he announces his fill price once filled, as well as his targets and stop losses. I've been following them for a while and they are legit.
Other chat rooms I've been in, like EOTPro, makes it pretty clear which conditions on their charts will make them go in and out, usually the first arrow after a color change, but they don't call out their fill prices because they say NFA regulations prevent them from doing that. I take their word for it, and I think those guys are legit as well.
So it's not clear to me yet what you can and can't say/show in a trading chat room depending on your CTA status. I hope to figure this out soon due to some similar business ventures I am currently involved in.
You may be right about that, I have no idea. I would think there would be nothing wrong / illegal about a trader showing his chart in real time. I bet many that as an excuse to avoid showing it. Calling out a fill or showing a chart that has a marker suddenly appear, I don't see much difference.
If the trader will report a fill IMMEDIATELY then this would be ok for me. But if the trader tells you after the trade is over "Well I got 20 ticks on that one!" then it's a scam. There has to be some proof. I don't care if he trades on sim or paper trades or whatever. All I care is that at the end of the day his entries & exits prove to be profitable. If he says we'll enter on the next crossover or breakout or whatever, that's fine as long as it's clear. Bottom line is if you can't prove that the chat room is profitable then it's not really worth your time.
I don't do trading rooms so it's not an issue for me but I think it's good to tell others about this so they don't get suckered.
Remember that you don't have to read the entire book and learn all those patterns. He has suggested that people focus only on 2 setups to start with. They're listed earlier in this thread (Gary posted it), one of them is an H2 around the EMA. Master that one before reading anything else. You might not even need anything else.
Let me add to what cunparis was stating in that you should focus on learning a few patterns at first but by no means should you not finish reading the book. Brooks makes many subtle points through out his book that you'll want to be aware of. Plus as you improve at trading price action you can utilize new patterns (or become of aware of new patterns) that can help in your decision making.
I don't trade straight price action but the things I learned from that book have definitely been helpful. I'm probably going to start reading it again so that all those patterns will be further etched into my brain.