level5trading.com

Discussion in 'Trading' started by GeorgeC, Jan 28, 2002.

  1. GeorgeC

    GeorgeC

    This has to be the most user friendly service for learning and trading I've found so far. They are a new, up and coming service with a good team. They use some hi tech with real time charting and explain their entries in a tutorial format. I'm no expert but after searching around the net and taking free trials, it boiled down to this site because they don't make you feel stupid when you ask a question. Just thought I'd put my 2 cents in. :)
    GeorgeC
     
  2. arky

    arky

    I am doing a trial at Level5 presently. He is a graduate of the UT Pit, basically the same methods, only he is actually friendly. Jay has an ego problem, he has been "published" and it has gone to his head, IMO. He can get downright nasty at times. So yes, if you are contemplating a chatroom, do check it out. I just cancelled my membership at UT, for the second time, mainly due to Jay's attitude. It is mainly newbies that are in need of a mentor, and he is not very nice to them, especially if they get into a trade and ask for advice. If you don't believe me go try it!

    --arky
     
  3. They only have 5000 or so hits on their counter on the bottom of their web page so i guess this is a new site right? (level5trading)
    :(
     
  4. arky

    arky

    Today was the final day of my trial at Level5 and following are my observations and personal opinions:

    1) They have only been operational for a few weeks.

    2) Very friendly and eager to help you learn, utilizing voice, chat and pop up graphics to illustrate the setups. A very good tool indeed, since a picture is worth a thousand words (especially when the setups are PUPS, MINI PUPS, NOODLES, KISS, COIL, INVERSE PUP, INVERSE MINIPUP, etc). A lot of hand-holding and ATTEMPTS TO KEEP STOPS AT .10!!!

    3) Since I am still a member at UT through the end of this month, I have the luxury of comparing both rooms. Now I hope BH, the host of Level5 forgives me for my candid review, but hey thats me I don't like sugar coatings as I approach the big 50, so I do have concerns to talk about. It seems that Jay at UT gets you into a position earlier, which means more profit potential. Now this may very well be BH's attempt to reduce risk for his members, so it may have no reflection on his ability to recognize setups and initiate a position. My observation also leads me to believe Jay is a little stronger on "reading" and interpreting the "noodles." This perception on my part may again be a bias, since I know Jay is the teacher.

    4) Jay does call more trade alerts, but you also will take more stops. The stops are also a little larger, but Jay does instruct you on the proper way to take a stop, which helps to minimize the damage. It is based on a concept he calls "backfill" and not panicing like a "pig."

    To be fair to both rooms, these methods require volume to produce the anticipated results. As we all know for the past couple of weeks the post open volume is weak, at best. I have to wonder if any available method is producing great results under these market conditions.

    I may be expecting too much from chatrooms in general. Today was my first day at Trendfund, and frankly I was disappointed. The chatroom shows over 300 members, the dialogue is a hodgepodge of market statistics and I could not see one clear trade alert. They email the alerts, and they did not seem to be called in the room. The recommended stops are $1.00, and many of the stocks are low-liquidity unfamiliar names. I obviously need to give it more time, but my first look under the kimono was less than exhilarating.

    Now let me state that I have not taken a trade in two weeks, from any room. The reason being I have not seen a strong enough setup on which to place my bet. What I am seeing is a lot of weak moves and too many stops being taken. It is no wonder that so many daytrading resources have disappeared over the past few months. Most stocks are range bound and there is no volume. I remember one recent post here on ET "Damn....this is too easy!" One day out of how many? Well I have to get back to reviewing the calls and comparing them to the charts in an attempt to be stronger at recognizing the setups on my own. I am looking forward to the day when I don't need these damn crutches!

    Good luck and good trading!

    --arky
     
  5. Magna

    Magna Administrator

    arky,

    Please check your PM's (Private Messages), top of the main page or upper left on the forum index page. Thanks.
     
  6. Brandonf

    Brandonf ET Sponsor

    <i>I have to wonder if any available method is producing great results under these market conditions. </i>

    Yes. There is a method called <b> HARD WORK </b>. I have found it to be the real holy grail.

    Brandon
     
  7. arky

    arky

    I am putting in a 24/7 effort on this endeavor. I am exposing myself to as many methods as I can to find something I can work with. So far the only approach that I can actually apply is the method presented by Jay at Undergroundtrader. I can see his setups and they work. Are you familiar with his methods? Do you have a better method for me to consider? If so lets hear about it. I of course do not mean rhetoric, but real substance. Thank you for time and I look forward to seeing some meaningful material from you.

    --arky
     
  8. I COULDN'T CARE LESS ABOUT ANYTHING ELSE BUT THIS......

    HOW MUCH $$$$$$$$$$$$$$$$$$$$$$$$$$$ CAN THEY MAKE ME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    I DON'T NEED KISSED EACH DAY & TOLD HOW WONDERFUL I AM......

    I ALREADY KNOW I'M SPECIAL!!!!!!!!!!!!!!

    JUST GIVE ME THE BOTTOM LINE!!!!!!!!!!!!!

    HOW MUCH $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$!!!!
     
  9. Brandonf

    Brandonf ET Sponsor

    <i>Are you familiar with his methods? </i>
    Vaguely. I know Jay and like him a lot though. I can't think of anything bad to say about him, and that is rare. Baby Huey, same deal, I've met him a few times and he seems like a top guy.

    <i>Do you have a better method for me to consider? If so lets hear about it. </I>

    The best method is going to be the one that works for you. When you find it you will know. The best method for me may not be the best one for you.

    <i>Thank you for time and I look forward to seeing some meaningful material from you. </i>

    Read my posts, there are not many of them. When I'm not hyping my website or bitching about something, I think I've made a few useful observations here.

    I still say the best method is hard work. Get a business plan, risk managment. Learn your setups, apply them etc etc.

    All my best,
    Brandon
     
  10. arky

    arky

    Well I just did a search and I am afraid I did not find any real substance in your posts. Can you provide me with setups? Oh you probably want me to buy the book you are working on. Honestly, I did visit your website, but after I viewed the log I made a speedy exit. Hey I only post when I have something I feel could really help someone. Maybe save them some money or time. Please leave us some substance. You only left rhetoric behind. Threei from realitytrader is the only vendor I can think of that actually left some substantial material. Hard work, Holy Grail, this is just rhetoric. Who needs it?

    --arky
     
    #10     Jan 28, 2002