I've just bought and read Yu's "Underground Trader.com Guide to Electronic Trading" and Wolff's "Trading on Momentum." As both are a couple of years old I was wondering if others had read them and if they feel the authors' strategies are outdated, i.e. Yu's reliance on stochastics. I have checked other threads but they're old. Would also be interested in hearing from current or former Yu and Wolff chat-room customers. Thanks in advance.
I have read them both, thought they were ok at best. Yu uses a lot of indicators, and follows the futures, so if you actually trade the futures, I am not sure this would help, he is pretty big on fibs if I remember correctly. The other guy from the street .com is more of a news generated guy, very big on news plays. Both from what I remember do stocks only, at least at the time of their writings. As long as you learned 1 thing from each though be happy, there are so many crappy books out there on trading sometimes I feel cheated not only of my money, but also my time. I am getting ready to read "The Logical Trader", I have heard some pretty good things about this book, maybe you should check it out.
I won't comment on the techniques, but Ken Wolff is an excellent trader to fade. His website states that experienced traders should trade 1000 shares. The moderators of his chatroom used to say (and may still) that a pro should expect to average 3 points/day. So that's 3k/day or 750k/year. I dunno about anybody else, but I wouldn't be holding the hands of newbies and teaching my strategy if I was pulling 3/4s of a million per year. I might teach 4 people and take a cut of their profits so I could lounge around on my boat in the Bahamas though . Just my 2 ticks. . . EDITNot that I am offering any kind of training! I ain't making no 750k per year. Not yet, anyways.
Or....if you can get x number of people to join a chat room, times the monthly subscription fee, that could possibly generate 750k a yr. I agree, traders who make that kind of nut don't share. PERIOD. It takes time and energy to generate that flow, which cannot be spent in chat rooms. Besides, I have always believed, although you can learn from someone else, ultimately, you have to find your own niche. (Or edge as I have seen it described here on ET before).
The first book is written for beginners, so I got a few good pointers out of it. Mostly news plays on tech stocks. As to how good a trader Yu is, someone with a subscription to his trading room could tell us more. There is a 2-day trading log in the book that looks real - he makes 1-2k/day. But then again those trades can be best case examples.
Yes, I was a subscriber. I did not turn a profit following his methods. In particular, I lost spectacularly when I followed his calls, to the point I made a big sign that said "Ignore Ken!!" and stuck it on one of my monitors. In his defense, I think he does say that people should not follow his calls. While I was in his chatroom, it appeared to me that one would make consistent money by fading him. I however, did not attempt this. I would not recommend his methods, nor his website and especially not his chatroom to anybody. The fact that his website does not mention IB (possibly the most utilized broker amongst the traders here at Elite) seems to have bad implications as well.
Jea Yu - absolute junk. i'm ashamed to admit it, but many moons ago, in those blissfully ignorant newbie days, i bought his book, thought he was a god and subscribed to his chatroom. luckily, i managed to come to my senses quite quickly. it's an absolute farce. maybe Yu could do a thing or two back in the halycon tech stock days, but in normal trading times, this guy is worse than a complete joke. (seriously, what would you expect from a chatroom op?) send him an invite to come and discuss his trading here on ET. i can assure you that i will rip him to shreds.
i am definately not defending jean yu, et al . HOWEVER, some people can multi-task and enjoy teaching.