I am nor calling anyone a fool here Kristie. If you are FT trader and happy there great, come to my site and I will give it to you for $ 199. I have traded for 10 years and spent 2 on the CBOE floor, traded upstairs in Wall Street. Are you impressed already ;-) good !! Or maybe you are not a trader but have some vested interest in this web biz ???? Seriously, I don't care much either way I am just free to express my opinion here and facts are facts !! Why if they are so good going to teach and bother with you ? Make all the money in some tax haven and enjoy life if you are a star trader !! Come now answer this !!! You know the saying "Those who know do - those don't who teach" - it's very appropriate to trading !!!!
You absolutely do have a right to express you opinion. I can only speak from my own experience. I have no vested interest at all in Undergroundtrader.com except that I have found them to be of the highest integrity and to be an excellent teaching resource. It really bothers me to see them lumped in with all of the other daytrading rooms. In fact, Jay started the room in response to a bad experience in another daytrading room where there was blatant front-running and absolutely no teaching. I've had trial memberships in other trading rooms and I see where they get their bad reputation. There are only two trading rooms that, in my experience, have any value. These are Undergroundtrader.com and Pristine Trader. I wouldn't join Pristine trader as I am not a swing trader, which is their primary style. I would certainly agree that a trader has to learn to trust his or her own instincts and should not depend on someone else's calls for their livelihood. That's exactly what I've learned to do in Undergroundtrader due to their emphasis on teaching. It may not be everyone, but it has certainly worked out for me.
Sandy, If you're just starting out I would suggest a chat room but one that helps teach you techniques you can use to develop your own style. It seems there is a concensus here that offering entries and exits are a waste of your time and from my newbie point of view, they are right. There are many sites that also offer support and answer questions you may have. In each month of the OnlineInvestor magazine under "Bookmarks" you can see a list of websites that offer chatrooms and online training courses. Paying $100 to $300 a month to learn is exceptable, but now all you have to do is find one that fits your current style and develop from there.
I have no knowledge of a really successful trader that trades based on some 'room' recommendation and I am not talking about people making a equivalaent of salary of 35k-50k a year and are deprived of sleep and stressed out to the max and risking capital every day. You will either make it on your own or you will not. If you need a 'trading room' to make your trading a profitable profession - get real and get a job!! Now that I think about it- NO do not get a job - I need someone to finance my new car ))) PKJR
I had a trial to the pit about a year ago. He made some good calls but was unclear on when to exit. He also told his "students" to manage their trades. One thing I didn't like was how he responds to pressure. He calls a short play on EMLX after the infamous fake news story. He called the play around 50 after it dropped from approx. 110. I guess you can say it was a good call because it dropped to around 43 and then went back up to around 50 before it was halted. I like volatility, but there was no way I was touching EMLX that day. One trader in the room was still short 500 shares when it was halted. His broker was Interactive Brokers. Most of you are aware of IB's auto liquidation for margin calls. Anyway, this guy's account was wiped out when the stock opened 16 points higher than it was before the news story, around 126, and then went to 130 and then back to 110 about 10 minutes later. The guy asked the room what can he do. Jay responds by saying he's tired of babysitting people (I remember Jay as a member of the daytraders usa about 4 years ago and I could have sworn he said he was 19 at the time but I could be wrong) and that they need to manage his own trades. Some other traders in the room pointed out to Jay that the guy is not complaining, he's just asking what he can do after getting wiped out. The guy sounded like he didn't know what hit him. Jay always appeared to be a helpful person, but I decided to log off after that episode. Bob
So this guy shorted EMLX at 50, watched it go down to 43, and then let it come back up to 50 without covering? Duh.... Like you said Jay said, the traders in the room have to manage their own trades. Everyone does. No wonder Jay wasn't too happy with this dude. I wouldn't be happy either knowing he had just blown his account to shreds. That's one big strike against IB. Automatic liquidation. I wonder why they do that anyway? I am not too sure I want to trade with IB now that I have been reminded about this mode. Did you pull off any trades with Jays calls? Too bad (or not) you let someone else's misfortune drive you away.
I'm not sure why this guy was still holding 500 shares out of the 1000 he shorted. Jay made more than one call on the stock. If you weren't greedy, you could have picked up some nice $$$$ quickly. Jay did make some other good calls during the week. The only reason I signed up for the trial is because I received a free underground cap. I prefer to trade on my own instead of following others. IB is not the only broker that has auto liquidation for margin calls, but then again, not every broker has auto liquidation either. Sometimes auto liquidation can be helpful too! Bob
I have to say that I like chat rooms. I really like the conversation. I've been in several of them. Whether you can make any money from them I don't know. I think certain kinds of people can. If you can learn someone elses style and follow their calls I don't see why you couldnt make money. A couple of the rooms I was in had a pretty good record. The reason I'm not in a room now is I found it almost impossible to not be influenced by what others are doing. I may be short ABC and somebody starts calling a bottom so I cover although I didnt think it was a bottom. I am approaching the point where I am pretty confident in my judgement now so I may get back in one just to chew the fat. Whether conversation is worth a couple of hundred a month is another question.