Anyone out there have any experience with this daytrading room? Is it a good place to start out? any advice is appreciated thanks.
It's been discussed in several earlier threads along with other sites. Try using the search feature to find them - at this moment, there are 16 different threads where "underground" is used.
I have not used them, but feel convertible in passing judgement. You will do just fine provided you are able to see in advance when a pick is not likely to succeed. But when you are able to do that, you will have no real need for that chat room, or any other. And unless you can spot their bad calls in advance, you will come away disillusioned and disappointed. You are looking for a short cut. I donât blame you, but I have some real bad news: there arenât any. If you could sit there all day, every day calling winning trades, would you give it away for a couple hundred bucks a month? Think about it. Now suppose you could get a few dozen guys to all jump on a stock right after you entered, and than you scalped 10 or 15 cents as they came in behind you, and you did that a dozen times a day, would you be happy? Many chat room operators are very happy folks. My friend, this is a very tough business. During market hours, you have no friends. Each of us is out to take your money. It matters not if you can afford to part with it or not. It matters not how we can get it from you. Some of us will sell you a stock we are convinced is a dog. Some of us will sell you a phony dream. Just always remember that. Remember something else, if the chat room you asked about were really as hot as you are hoping it is, you wouldnât have to ask about it. There is no free lunch. There are no short cuts. Buy a good book. Read it carefully. Digest and think about every word in it. Then buy another one. If there is a traderâs interest group in your area, attend a few of their meetings. Sit back and look at, really look at who is there. You will see few if any truly successful traders. This business is about common sense. Nothing more, nothing less. You buy them when thet are going up, you sell them when they are going down. You, and most others want someone to tell you when that is going to happen, and to tell you in advance. It ainât gonna happen. If, after reading a few good books, you cannot figure out how to do it on your own, your chances for success are dim.
I did a trial with these folks and walked away very skeptical. Many calls were made with many many stocks. Far more than any scalping trader could possibly be expectwed to manage. Usually scalpers foc8us on a few stocks. Underground Trader could have as many as 30 trades a day on 20 stocks. But I did not think Jay Yu was actualy trading. All calls were mechanical based on stochastics and 1-3 minute breakouts/breakdowns. Scalps only. His exits and entries not infrequently matched absolute highs and lows of the day. Dubious. They post thier trade outcomes later. Further, I had the imopression that there were shills in the chatroom, members who announced their incredibly good fortune. with plaudits from the chatroom leaders. Of course, these comemnts are only my impression, I don''t know if they actually make real trades and if the members who announced a tripling of their trading accounts in 6 weeks time did not actually do so. Underground Trader is free to put forward proof with brokerage statements. Traders who made actual trades and lost money based on jay's calls ands who dared to voice complaints were often berated for bad judgement and warned to trade only those stocks they had familiarity with. My lasting impression: a Guru and his sheep. $300 membership charge per month x 400 or so members = about $120,000 per month. Pretty good income stream.
Maybe 2 years ago but you can probably multiply that by 1/10th now.....which come to think of it still aint that bad is it??
Here we go again. Do a search as suggested, for both undergroundtrader and UT. Take the trial, but it probably will not help you a lot because Jay uses his own "language." If you have read his book you may be able to understand some of the lingo. You need to implement his charts and indicators before you take any of his Trade Alerts. Jay is real tough on newbies so be prepared for "tough love." He provides a blueprint that I have not found anyplace else. I am a member now, I have cancelled twice, but I can tell you he has an uncanny ability to "read" the futures, your lead indicator. It amazes me how people that have no real knowledge about something feel qualified to provide reviews. Good luck and good trading! --arky
Welcome to the board GeorgeC... great second post (just checked, your first post was similar to the second)... it just amazes me, these days there seems to be a massively positive correlation between people with but a few posts to their name and the promotion of websites / services... is it just a co-incidence??? A kind word from the old hands... any signs of promotion will be leapt on by people like me... there are enuf people around to ward off promotion or marketing... if you want to promote or market, then pay Baron for some advertising space... this second paragraph is a general comment, and does not necessarily apply to you GeorgeC.
Sure I'm new to the board, but I don't advertise for anyone! I just give credit when it's due. I just completed an extensive comparison of what's out there and decided to post the results, that's all! ..smile!
Tell us more about Level5, George. What's their style, win ratio, track record etc? tell us your experience.