Customer Reviews

Secrets of the Undergroundtrader

5 star:		(4)
4 star:		(2)
3 star:		(1)
2 star:		(0)
1 star:		(4)

 

 

this book is written by 2 persons, and is split into 2 very different sections.

the first section is written by Yu, founder of the undergroundtrader.com. it is 168 pages long.

Yu's style is straight to the point. he starts by describing why he has needs for certain indicators, then describe its use. doing so one by one, he introduces the entire arsenal of indicators that he uses for 'successful trading'.

after this, he would show you how to trade using these indicators. very detailed descriptions and very informative. the only fault is the lack of graphics, so that you may need to use more imagination to understand what he has so aptly described. he has also detailed how scalpers or swing traders could make use of his methods. everything is very well written and detailed.

this section ends off with one chapter called "putting it all together: a sample week of trades" which is self explainatory.

the second section is writtenn by dr. lockhart. he lives up to his name by being a doctor (phd, i presume), he spends the first 2-3 chapters (50-100 pages) of his 4 chapters (155 pages) on theories and fundamentals.

generally, these theories are basically the dow theory, basic monetary growth theories, fibonacci, gann, candlestick patterns etc. what he dwells on are nothing new, but he likes to give some of these theories new names, and also name many priciples for his theories. these theories will help in the understanding of the main trading premises, but it is really nothing new for traders/investors well versed in the basic fundamentals of dow theories etc.

in his last chapter, he points out the use of various techniques to the calculate the basics of trading. ETS, entry, target + stop. a method for trading is also discussed, the "three point break" method, this method has been covered by steve nison in advanced candlestick patterns.

this section is not like the first, it is more theories and background for traders. it's all about learning the basics and fundamentals of trading. i'll liken it to playing tennis, this section will tell you about the psychology in a game, the wind conditions, the crowd's effect, the court, positioning, your basic strokes, serves etc. while the first section details how to deal with each kind of shots and return the winner.

I'm not entirely sure they've put the correct section at the back of this book. generally, this book is informative and useful for day traders to read up on yu's portion. he has some ideas that is definitely worth exploring. he has detailed a very good method. lockhart's portion is too back to fundamentals, it'll be useful for traders still fresh in the business to catch up on the basics but rather redundant for seasoned traders.

this book may also be applicaple more to the US markets only. i'm not entirely sure it'll be applicable to the tiny singapore (or such relatively small mkts) market here, i intend to find out!

This book ought to be required reading to anyone who is or desires to be a day trader. I have read over 70 books since I started trading and this is by far the best. No matter what your experience level or trading style, Jay, Ral, Luke and John are crack teachers. If these guys can't teach you to trade, you may want to consider a new career. ~

The reviews were obviously written by the writers or their friends. Buy Trading for a Living by Dr. Elder, and High Probability Trading by Marcel Link. These are the best 2 books I've read out of 35 books I've read in 12 years of trading. Good Luck.

Rip off book. Not sure if Jea Yu is still running his daily "trading service", but this book is just another attempt to take advantage of traders who are "newbies". I would love to see the authors try and trade profitably using the strategies they themselves describe. I always find it interesting when authors show a few charts where their technique/system works flawlessly, yet fail to offer proof that the techiniques have been tested live (with broker statements) using their own money delivering the same positive results.

My hobby is to study the markets and I have numerous books about technical analysis and swing trading. This book consists of 362 pages of useless BS. Don't waste your money. I'm going to sell my copy, at pennies on the dollar, to the used book store.
Hopefully, if enought dissatisfied customers do the same thing, there will be so many used copies out there that the authors can't get any royalities out of this useless book.

This is not a TA or Day trading book, this is an insult to every serious trader. Classic example of take the money and run.
Part 1 (by Jea Yu): same tools of previous book (2MA+Stochastic), 168 pages with 13 charts. Sorry, i forgot the new innovative tool: 3 period exponential moving average with a shift -3. WOW !!!!!!!!!
Part 2 (by Russell Lockhart,Ph.D.): 174 pages, about 30 charts.
Group Orgy with Candlesticks+Lunar Clock+Fibonacci+Natural Squares+Harmonics of Range+Market Structure+Price/Time+Three-Price Breaks+ bla bla bla.
Appendix A: "These two entry techniques uses the indicators in an innovative way". First technique: 20-period EMA retracement technique (do you remember Street Smarts?). Second technique: stochastic divergence trades (very, very innovative tool, a 5-3-3 stochastic with a 1 min. chart).
Last but no least. Appendix B (by John Allen). The chart (pag.345) displays an Evening Star pattern, top reversal signal: sell signal. No, for Mr. Allen this pattern is a Piercing pattern, bullish pattern etc... etc...
This book is not worth the paper that it is printed on (recycled, acid-free paper).
Save the last scalpers !!!

First of all, this book is for more advanced day traders in my opinion. The author makes references to indicators under the assumption that the reader knows what the writer is talking about. Jea, however, provides some day trading strategies that can prove to be profitable. I gave it three stars because I felt the author had failed to provide adequate details to support his strategies and because the sample charts were too small and almost impossible to read.

This fascinating book is well written and informative. It is specific to the day trader but contains hints for other investors. Interesting! Thanks for a stimulating read and a reminder that, as investors, we are responsible for our choices.

Excellent book for new and senior day traders. Jea Yu has many years of experience and he puts it all in this one masterpiece.

Don't know what the bloke from Italy is writing about; sounds like lots of sour grapes.

This book is without a doubt, the real deal and probably the best book I've seen to day on intraday trading. No nonsense, hard hitting and very generous explanations of fractal analysis (different time frames necessary to gauge your trades), multiple uses of indicators, exponential MA shift to predetermine moves and close monitoring of the 'noodles' (or Nasdaq futures) which are the primary movers of the market, not necessarily individual, retail traders. One thing I really liked was the strong recommendations of the authors (who unlike most trade book authors are REAL traders) to only trade ONE basket stock like MSFT and become intimately familiar with the cycles of that stock. More and more I'm realizing that is the only way to really get good at predicting moves. Saves lots of aggro.

One thing to keep in mind: this book is not for beginners, nor even intermediates. It is fairly complex stuff, though not a real hard read, and really, only more advanced experienced traders with pretty good knowledge of TA would get the most out of it. So forget the Toni Turner-type books that are much ado about nothing: this book is a must for any serious day trader.