I would like comments on the Trading Pit at Underground Traders. It is $300 a month. Traders who belong say it is well worth the money. I know the head trader makes his profit because he buys his stock before he gives his buy signal, driving up the value of his stock. Any comments would be appreciated. Thanks
You may want to try their trial (I think it's 1 week). One problem I had with the Pit was that I could never tell what the purpose of the trade 'recommendations' was. For example, they would say something like 'consider buy of MSFT at 110.' I couldn't tell if it was for a scalp or for a longer play. If and when it went up 1/4, they would send a message like 'anyone scalp MSFT?' And at the end of the day, their trading log would list all the recommended entries and exit points, where the entry points were clear, but the exit points weren't. I saw some results on their trading logs that were a few points of profit or more, and I wonder if those were really intended to be scalps, that just happened to go up a few points more. Anyway, do the trial and you'll see what I mean.
Sandy, I am a member of Undergroundtrader.com and have been very pleased with the guidance there. Jay, the head trader, really makes an effort to teach and educate. I don't think I would have had a chance to be successful had I not joined this room. By the way, Jay does NOT trade. He considers trading the stocks he calls to be a conflict of interest. I think once you've been in the room for a while, you'll see that Jay is of the highest integrity and is an excellent teacher. He does practice a style of trading that may not be for everyone though. He plays momentum stocks for intraday scalps of from 1/4 to several points. It's a very fast paced way of trading with a steep learning curve. I have been successful at it, primarily due to the excellent teaching done in the room and the fact that I was determined to make it through the learning curve. It can be done, but it takes time and education to be a successful scalper. I would suggest spending a trial week in the room and see how you like it. Good luck!
I think anyone paying $300 for a web site is off his rockers. The only thing is worst than doing it is the guys who funded a dot.com and have this great business plan, find traders (desperate enough but still with money) to pay $300 for signals. Yeah, like if I had signals worth giving I would sell it on the internet !!! MJT is on the mark, anyone can give signals and show some results (fudged) no doubt and sell the shit out of it !!! Only in America ! The funny thing is even if the signals are good most of the people who pay for them most likely will second guess them and that's a fact !!!
The point of paying for a room is not for someone's calls it's for a real time education which has been worth far more than what I've paid for the room. As a result, I only lost a small amount of money ($8,000) during the learning curve rather than the much larger amounts that most beginning day traders lose. By the way, Underground Trader is not $300 a month, it's $250 and, in my opinion, worth every penny of it.
I can understand why a trader would be tempted to join a room like underground. Since most traders are losing money (that is always the case, not just this market) and they are confused and maybe even feeling hopeless, this type of site seems like a ray of hope. Of course, nothing could be farther from the truth. The professional trader know that all trades must be made for reasons that belong to the individual trader who then applies his own trading rules to the trade and exits the trade for his own reasons. There is no other way to do it, period. If you enter a trade based on another persons call, you then have no basis for being in the trade other than the others persons "opinion". He may be in it for a scalp, long play, short play, tight stop loss; any thing you can think of. It is a psychological trap that many fall into. Playing calls in not "training" or "teaching". It is a gimmick
Undergroundtrader emphasizes that you should play a group of basket stocks which you follow on daily basis. Any calls that are made are there for only the most advanced traders. If you want to see what the room is about read Jay Yea's article in Active Trader magazine this month. It's an excellent article that embodies the methods he teaches in the room. By the way, I have no affiliation with the room other than having been a member for almost 2 years.
I have read Yu's book and am learning to trade using his methods. About his trading room, though (to which, I am not a member) I think that a lot of traders use trading rooms to "get free calls" so-to-speak, which is okay, as long as you are learning the methods for making the calls. But if you never learn the method, and just take the calls, you are probably hurting yourself in the long run. I agree that you should use trading rooms to learn, and then probably stop using them after a while.
There is an other side to this. If I am a site guru and make "calls" of course if I have enough "sheep" following my calls then it becomes self-fullfilling. Just make the calls in thin stocks and baba-bing !! I am mostly right !!! Then again if this would work that well a lot of people would be doing this...wait a minute, there are !!! What is this web site again ??? Wait I will do my own site ! Folks this is no trading - it's snake oil again !!!!
Boy, what a fool I must be to stay at a site that's "snake oil" for two years. Considering I'm now a full- time trader due to what I've learned from the room. How can anyone who calls stocks that have very large market capitalizations possibly have any influence on the stock, no matter how many members the room has? There are over 100 members in Underground trader who have been there for 2 years, almost since the room started. (out of a total membership in the 400s). Most of these people are full-time traders. That sounds like a pretty high success rate to me, considering over 90% of daytraders are unsuccessful. I can really only speak for myself. I am successful at daytrading on a full-time basis and have only had two down months in the last two years. You can draw your own conclusions.