I just wanted to take a few moments to really THANK you for your fantastic services and help.  It's turned into quite the long email - sorry, but I had to share it...  take your time - no pressure to read it immediately!

I just read the "learning curve" chapter in your book, and I found it enormously encouraging to read.

In April 1999, I started trading (very lightly - hobby style) through a broker.  I  made some money, lost some money, but eventually got totally frustrated with the fills.  This of course lead me to daytrading, and I started in May of last year (although not every day until this past September).

I was absolutely hammered in every way again and again on and off for 7 months (the reason I didn't trade all the time was I couldn't take the punishment).  Every time I touched the keyboard I got clobbered...

I was given bad advice from my daytrading firm (who now I see makes most of their money from the commissions of the soon-to-be-dead traders, working hard to keep their influx of newbies at a healthy levels)...

It took me months (and a lot of cash) just to come back to ground zero - undoing the bad mindsets I got from my daytrading broker's "strategies"..., only to find in the next few months (and more cash down the drain) that the few observations I had been able to genuinely make on my own accord were just not enough (I realize now I only had a fraction of the puzzle).

Daytrading brokers incidentally remind me in many ways of the old gold rush days - many came seeking their fortunes, very few found any, fewer still kept what they found - but the guys selling the shovels really made a killing...

As far as luck was concerned - I never had any.  None, never.   Never once a "lucky" break - I used to hear about some of the traders "making thousands one day and losing it the next" they'd speak of it as a problem, and I'd say, Wow!  I'd dream of such an event!  I only went one way ever - down...  Everyday.

Books sucked, advice sucked - all vague and obscure, and panic and frustration (not to mention pain) ruled the day...  And it was all very demeaning. I began to feel like such a fool.   Slowly I developed this knot of fear and impending doom in my stomach.  All confusion and no answers...

And so many people - "What do you do?"  "I daytrade"  - "Oh, so risky!" "Throwing your money away"   "Never hear anything good about Daytraders..."  "You're a glorified gambler..." "lose your shirt" blah blah...  and how badly I wanted to say "Oh yeah?  Then how come I make $XXX a day?"  But I never could say that.

By last fall, I started thinking "I would kill for a REAL teacher..."  But I was so scared of more "advice & strategies" from more "experts" dishing out BS whilst helping themselves to my capital in the process, that I shied away and tried to do it all myself.  I was really isolated for a long time.

It wasn't until January (after taking off a couple weeks off to think over Xmas) that I finally realized something fundamental had to change.  I couldn't go on like this anymore.  Aside from being emotionally burnt out, I was almost broke.  What a horrible feeling that was...  I had enough to live for a while, but no reason to think the market wouldn't gobble up any more money I put into it...  I just didn't have a reason or the resources to keep funding the whole thing.

I'd known about the UndergroundTrader for months - but I think it was that fear of being taken advantage of more than I already had been that kept me from checking it out.

Finally, I said, free trial?  OK, let's try.  And in January I walked right into your palace of treasures, the Aladdin’s cave, just like that.

I have to admit, on that first day I blindly followed your calls - and I got lucky (for once) - because I made enough on that first day to pay for the first month's subscription, which helped me justify to myself the decision to sign up (I think that was a bit of fate at play - the gods were telling me something).

And since then, slowly on the one hand but fast on the other, everything started changing.  I've come more miles in this last (almost) 2 months than my previous 2 years (whether dabbling then or getting creamed full time).

And when I read your "learning curve" chapter - I read the newbie stage and LAUGHED and LAUGHED and thought "I could sure contribute some stories to that!"  And when I arrived to the 3 choices at the end of the newbie stage, I said  "EXACTLY!  That's me!  I just did that!!"

But beyond the laughter, it did more than that - it gave me back some self-worth.  I no longer feel like such a fool.  I was a fool, don't get me wrong, I was very foolish.  But in the context you described, not beyond hope!

Now I'm trading only 1 or 2 days a week, the rest of the time I'm watching and watching.  I would watch ALL the time, but I don't want to forget the feeling of making a trade - don't want to go soft, if you know what I mean.  I seem to have entered a "dry sponge" stage - I can't stop studying and reading the archives and watching on and on...  This morning I missed the open because I overdid the research last night until about 3 am!  Slept till 10.   oops.

But this in itself is like a liberation for me - because I feel the beginnings of a real foundation starting to form, the dots are starting to connect, and it feels really good.  More than good, I'm sleeping at nights again.

I don't have any more money to burn stupidly and judging by my own progress in this last month, I can only imagine what the next 4-6 months will bring, so it's homework time for me, and no rushing it.

And I have enormous thanks to give you for all this, because without you and your site there would have been no way.  It really comes out from me from a very hard year last year.

One last story - Last night looking into various web resources I came across some "seminars" posted on some website - and "15 expert traders" (who happened to run daytrading firms, ahem) came up one by one to give "strategies" to newbie Daytraders - and what a load of obscure insufficient CRAP it was.  "notice the higher highs and the higher lows in an uptrend..."   repeat that 6 times for 15 minutes.  Next speaker...

You truly run a haven for Daytraders, if not THE haven.  As is said in the East, "When the student is ready..."   and I don't know what would have happened if the UndergroundTrader.com hadn't appeared for me.  (actually, yes I do, I would have been busy purchasing nails for my financial coffin, and crawling inside.).  I'm very grateful.

I wanted to give my background because it means more to me than just finance & learning to trade - it's already given me back a lost dignity...  And I hope when you sleep tonight you know that you're doing something GOOD for people, certainly you have done something very good for me.   And I think that's a rare thing these days.  I'm proud to be a part of it.

(my wife likes me better now too!)

All the best to you and yours, see you on the floor...

Alex
"hawke"

PS - Ok ok, one FINAL thing - just because I'd like to share it, which is why I chose the name "hawke"...  It's the way it hunts...  Cruising a hundred feet in the air, scanning the terrain, looking for it's prey, waiting, waiting, patient...   When it sees exactly the right movement (eyes like a hawk), it dives with great skill and without hesitancy, succeeds or does not succeed, and rises right back up again, continuing to survey, survey, survey...

I'd like to trade like that.  Working on it...

I can't adequately express my thanks for what you do in the Pit. You hear it all of the time so perhaps you've built some defenses for ego-preservation, but you're the best.

Who would have thought that there would be a place where you can actually get your money's worth? That someone with the insight and DAILY demonstrated ability to beat the markets day in and day out would choose to teach others and lift them to higher ground?

I've been through the euphoria of winning and the blues of losing, and it's no way to go. Emotions kill performance and although I'm very happy that things are going so well and my account is growing in leaps and bounds, I'm *MUCH* more grateful for the education that I'm getting. The education removes the mystery and allows you to step back and be less emotional. As you well know, that's when the real money comes.

All the best to you Jay. You're very blessed to be able to do something so well, and to have such a gift for teaching and leading others.

Thank you, Jay.

Roland Wright
Alpha2

With your help I have evolved into a confident trader with a simple set of rules which work day in and day out for me. I probably will never have a block buster day like I hear about in the pit but I have had days of weekly goal performance and have made well over 100k net of commissions in 6 months of trading in the pit. At this point I am absolutely certain that I would have lost most of my capital by now without your guidance and the help of my pit colleagues.

I can't say enough about your total dedication to members. In my thirty plus years of business my wife is the only business person I have known that compares to your total focus and dedication to clients. It's hard to not appear to be sucking up when describing your work but trust me those who know me would never use that label to describe my human interaction.

You have helped me turn my life into what I always wanted it to be. That is to be free, be myself, have time with my family and thoroughly enjoy my work and my leisure. It's pretty hard to exaggerate the feelings I have now about my life after a thirty year struggle to find myself.

I will have an annual goal in 2001 of 500k and have no doubts that I will easily make it with your training and ongoing support as the foundation. The best compliment I have received "ever" was the day you said my trading of sunw was surgical in it's precision. Man! I have that one framed over my trading station. All I hope is that you pace yourself and don't get burned out. We need you and we know you would do anything for us.

Friend for Life,

Peter Legge
"Lego"

I did read a few books until last November I find your web site and I got your book and did read that cover to cover, I can't say I understood everything but little by little just about every day I refer to it and understand it better. to be honest with you from November 2000 until February 2001 I followed your calls in nightly cap section of  your web site and compared it to the intra day charts. Anyway I am a new member of pit (one month) I did paper trade  for few weeks before entering the pit then and started with 100 and move to 200 shares at first I did lost a little bit but  finally I learned my lesson and started to stop loss management and  practice it.
I am sure you have notice that recently I started my green days and that is because I learned to listen to you more carefully like( take the gain when its possible and  don't take big loss, sell it while loss is small), And last but not least(  charts are not just color full lines). I make most of my green in first 15 min of market by doing your call's and doing it fast. And as soon as you say now we are in the dead zone I turn off my computer. I  have no doubt in my mind that with your help and my hard work I will learn.

Just want to say thank you.
 

Shapourz
Irvine, CA
March 3, 2001

I have been a member of the pit for about 2 months including the free trial.  In that time on a $40,000 account I have made about $25,000 in realized profit.  This is ENTIRELY due to your ability to recognize stocks with some momentum potential, or with short term holding potential.

Before I found your site I traded like what I have come to know as a chippie.  Consistently loosing money and only very occasionally profitably.

Your coaching ability is as important as the calls that you make, and I, for one, am exceedingly grateful to you and your team.

Jay, enjoy your well-deserved vacation, and have a merry Christmas.

With warmest personal regards, I remain,

Sincerely yours,

Dan
(nee DOA)

I have some good news to share with you....

We spoke in Ontario and I thanked you for not only putting me on the profitable road to trading, but also for making a positive financial lifestyle change in my personal life... Through my consistent daily trading profits from following your methods, my wife and I have been able to pay off the mortgage on our house.. We made the last triple payment yesterday, 8 years earlier than planned... This would not have been possible without your no nonsense approach to trading and the Pit atmosphere...

I have been a member of the Pit for over a year.. ( My original nick was TraderDog.. I changed it cause it was too hard to type fast...lol ) Even though I have been trading full time for 3 years, I have never been this profitable for so long. Regardless of the market conditions... Jay, my family and I can't thank you enough.. You should be proud of how you have helped not only traders like me, but our families...

Thanks so much...

Reed Donelli
"TopCat"

I want to thank you for providing an excellent web service and to personally thank you for teaching me the fine art of day trading. I have been trading since January 1999 but did not find the underground pit until January 2000. Prior to joining the pit my education included a week long course that basically explained level II, order routing, charts, etc... That was it, good luck your on your own! Needless to say, I was very confused, lost money and was just about ready to give until I joined the pit.

Your methods of 1 & 3 Minute moving averages along with the stochastic indicator finally gave me a " road map" to follow. I started the year with 9th and have grown it so far thru Oct. 2000 to over 5th, trading mostly 200 share lots. I find your daily guidance invaluable as it keeps me on the right side of the market which prevents me from making poor trades.

Also, I greatly appreciate the personal training and advice you have given me via email and enjoy the expertise & support of the other pit members; it truly makes the pit a first-class operation. I don't know if I could ever trade without the pit.

Lastly, in closing, I cant express my gratitude for your hard work and willingness to share your knowledge, I feel I am learning from a true master of the DayTrading game. I look forward to many years of being a pit member and look forward to seeing you again at the day traders expo in N.Y.

Tracker

Joined the Underground about 2 weeks ago. First trade was CSCO @ 75.00. Tried 400 shares & worked beautifully...This was my first full 'active' week with you -- pared my shares way down and ended up +$6,800. Was thrilled with a crappy market and all :)

I've been position trading for about 18 months and do just fine; however, your system is the first I've come across that puts the nuts & bolts together superbly. I'm not a scalper by nature but the swings have worked very well for me. I hooked up Qcharts, watch the ndoos all day long with you and have learned a ton in 10 days. The best part is that I can now actively trade during the cruddy and sideways markets that I needed to sit out between market cycles in the past. And, of course, being difficult to stay out at times, I would try and trade some and get burned.

Ordered RAL's new manual, have everything going and wanted to tell you all what a terrific job you do. The teaching is wonderful and it really shines through that you love it. Also want to say what a pleasure the pit is all day long -- NOT a bunch of idiots saying stupid things all day long! A rather intelligent group that works pretty well together and led by a great, supportive teacher....

Thankfully,

Just a quick note of thanks for all that you do in the room. I can't express how much I feel you have helped me round out my trading, and can only imagine how taxing it is at your end.   As you can probably tell, I've settled into a scalper’s mentality on the long side with which I am comfortable, focusing heavily on basket stocks. We all know this market has been hell (ironically, this bear struggled more with last years Naz climb and still struggles a bit with strength markets) and I still make too many mistakes to count, but I can tell you I am up very nicely this year largely by hitting singles, playing oscillations, and scalping breakouts ... about 50/50 long and short, but more so from the long side than ever before.

The daily gross (excluding commissions) of my trading account has recently been positive for 34 straight trading days, netting a positive day 85% of the time. I now monitor the Pit mainly as a supplement and a third eye.

You're all class Jay, as is the room, and you have my gratitude.

Take care and keep up the great work!

I wanted to take a moment to thank you for your help and update you on my progress. So far this year I have made profits of $235,000 (and have taken about 10 weeks vacation). About half of it was from your calls the other half from applying what I have learned from you to my basket stocks. I have made some money writing covered calls but abandoned that approach when the market weakened and entered a number of long term swings. The swings are doing great but I don’t count them as profit until I sell them.

I am gaining confidence as a trader and most days it seems like I can easily exceed $2,000 ( I don’t have a daily goal as I believe in taking only what the market can give me). I am improving on taking my stops and have greatly improved my decisions on trades that I should enter (which goes a long way to reduce the number of stops one needs to take.) Most days I do 4 or 5 trades and a busy day for me is 10 trades. I hope that level of activity is normal. I hear of some in the pit that do up to 100 in a day!

I have attached an Excel spreadsheet I use to keep track of my trading activity. I have entered dummy trades to illustrate how it works. (Yes I am a retired CFO and have an urge to track pennies) If you like it feel free to give it to traders that may need something like that to keep track of their trades.  Just my thoughts on giving something back to the pit.  Again, thanks for your help and please keep up the great work!!!

Ralph [a.k.a "the ALBATROSS"]

I just wanted to say thank you for your teaching, honesty, and great calls. I've been a member since September, and cannot imagine trying to daytrade without your and the pit's support.  I have a little 2 1/2 year old and find the thought of leaving the house to go to a 9-5 job almost unimaginable at this point. I am perusing trading as a full time job now.  I lost quite a bit early on due to loose stops, stops at precisely the wrong time, and just general over-trading.

But with your and Ral's help, and lots of studying, I have turned the corner and on my way back up.

Today was my best day since starting.  I ended with +$3200.  My daily goal is 300.  I caught VRTY for 1 1/2 on 1000s, but the rest was made on 2-400 share orders of mostly your calls + a couple of good shorts on BEOS.
I am very excited to be a part of the Underground, and am looking forward to a very good new year.

Thank you again, and I wish you and yours a very happy holiday and new year.  Also, please have a safe and relaxing vacation.

Warm Regards,

David Mutal
(davidm)

I wanted to thank you and your team for the wonderful service the site has provided to me. After spending the last year and a half trading with very little success, I became frustrated, totally lost my enthusiasm for trading and just wanted to quit.

Upon getting your new book and reading it cover-to-cover in one sitting, I signed up for the free trial. In the first hour I knew this was EXACTLY what I was looking for. I could hardly contain my new enthusiasm but I just watched and papertraded for five days and listened to the aftermarket commentary, printed out all the great training materials and spent the weekend reading them all.

It’s scary to realize how blindly I was trading just two weeks ago without charts, a system or support group. I have attempted to follow your methods and disciplines and am happy to say I have had 10 straight days of $500-1000. I'm passionate about trading again and so fired up about having a way to make consistent profits.

Sincerely,

Tim Sullivan
"Sully"

I started trading part time in December 1998 and joined the Underground Pit in January 1999. I was coming from an investing background and having done decent at it thought I could vastly improve my returns by trading more actively. Boy was I wrong. I didn't have any clue what trading is all about and in 5 months of trading, I lost $50,000. I then quit my job in May 1999 as I thought that trading just 2 hours a day placed me at a disadvantage. I proceeded to lose another $20-30,000. I began to wonder if I made a serious mistake and thought of quitting several times. But there was no turning back as I realize that this is what I wanted to do. I saw that there were plenty of opportunities in the market but for some reason I was not capitalizing on them.

I decided to move back to the US so that my internet connection to my brokers would be better. I paid more attention to your and RAL’s techniques and focused on finding where I was making mistakes in. Rather than trade on emotion, I began to analyze and assess the probability of a trade before entering. I have also learnt to read a chart better thanks to you. Your emphasis on sniper trading, money management and discipline has helped make a difference. In the past 7 months, I was able to make up all my losses and am back in the black. The first 10 weeks of this year, I was able to reap profits of over $50,000 and had one of my best days ever in March where I hit $14,000. My trading is better and I feel more confident. However I recognize that I still have much to learn as I am really still a newbie in this business despite being in it for a year and I have not been tested in a severe bear market.

But recovering what I lost is something I seriously doubted I could do in this time period although it was my goal. As you can imagine, I am pretty pleased with the turnaround. I hope I keep this train moving in this direction! I like to thank both you and RAL for all the tools and help you have given to us. Your seminars and guidance during the market hours are important and very insightful. You constant lectures to us on money management and keeping emotions in check may turn some off but its important as it’s so easy to let one's guard down and throw it all away. It’s like having a coach looking over us all the time. It would be silly for me however to think that I have got it down pat but I believe that I am on the right track to making this my lifetime career.

Many thanks again to you and Ral!

Vic

I just want to say thanks for all your help and "tough love" you've shown over the time I've been in the pit. If it weren’t for this I wouldn't be able to write this testimony. I took a 4 day course in January 99 on how to day trade and it looked so easy to flip 1/4 points on 1000 shares. I started with 80k borrowed money and by October I was down to 10k. It seemed so easy, yet every time I got in, the stock went down. Looking back now at what I learned from joining the Pit I should have never put any money into the market those first 9 months...I found and joined the Pit in April and I continued to lose money. It wasn't until I changed 3 major things that I turned things around. The first was I realized I was a scalper and not a swing trader. I always liked to scalp but I became a swing trader by not taking my stops. Then the swing trade became a long-term investment because the stock continued to go down.

The other thing I did was I stopped trying to hit home runs. I just started going for the sure thing, 1/4s, 1/2s,and 3/4s,getting out wile it was still going up, as you say, sell into the buyers or momentum. It was hard to watch people post out +2 or +3 when I only got 3/4's, (and still is) but if you have to put aside your ego and do what works for you and you alone if you want to survive. As a scalper I can always reenter on a pullback if it still looks good. Using this approach and entering on pullbacks instead of chasing a stock and getting in on the high turned my trading around.

The third thing was learning money management as taught by Jay in the Pit. Going with smaller shares on choppy days, when you've reached your goal, cut back on the shares to avoid losing all your profit, don't trade during dead zone when the volume is low and market makers play headfakes.

Jay also continually reminds us to not over-trade, a big problem with daytrading because of the boredom between trades. I have made all my money back in 3 months and a lot more.

Once again thank you Jay for all your concern for us.

Bruce Miller ,Tiger

Here is my story.  Started to daytrade 14 months ago.  Went down - $ 43,600 on March 23rd.

Thought about quitting 2 times, was looking for job actually.  Talked to Fitz, Hunter, Gio, and AC.  Regrouped.

Positive now and counting. Daily goal went from $300 to $1000. I want to thank you, Ral and all friends for my turn around.

If you can use it as testimonial you are very welcome :-)

I wish you, your family (incl. expected expansion), and your business the best :-)

GeFi :-)

I want to thank you and Ral for continuously pounding the training into our heads at the pit. The proverbial "Light bulb" went off in my head this week. I'm still a little cautious though because I have thought this in the past and it turned out that the light was just starting to flicker but it has never felt like this before.

You truly are a unique individual with tremendous skills in so many areas. I am truly thankful for the day you started the pit which by the way was my birthday. A good omen for sure.

Thanks again and I'll see you in the Pit,

Jay Turner
AKA - shimjun

I am new to your room. My trading has been weak to marginal at best and lost a lot of money in the process. I have learned more in the last 2 days than I have in 2 years. I am so impressed with you and your "metered risk technical trading" ability. To tell you the truth I was ready to walk away from daytrading and simply depend on my mutual funds. My experience in the past couple days has changed my mind. You have turned the light back on and made a dark room bright.

Thank you for helping me today. There are so many questions coming your way and yet you make us feel like we are with you one on one. You’re an amazing man and very happy to be in your room.

My warmest regards,

Bill Abowd
(DrStock101)

In this era of "pump and dump" maniacal volatility you and your staff are a welcome breath of Fresh air.  I feel you are truly committed to educating your members.   Not only are your Technical analysis methods easily proven but you general knowledge, grasp, and "feel" for the Markets in general is outstanding.

Anyone that subscribes to the line that day traders are the market villains should spend some Time in the pit to observe the high level of integrity and professionalism to which you adhere And demand of your members.

As a proud member of Undergroundtrader I learn something everyday, the application of which Is resulting in tremendous capital appreciation.

Mike Lalim

Oh, and I’ve never had so much fun since I made my first trade in 1966!

As we sit here with our daily goals in our pocket, we are very thankful.   What have we learned this year?  Well let me start a list:

1st we learned to set a goal and pare down in both trades and shares.

2nd we learned how to read a chart and trade by the stochastics and momentum.

3rd we picked a basket of stocks and studied them until their moves were memorized. (For awhile we were having vivid dreams at night of the Level 2 numbers running!)

4th we learned what deadzone really meant, and not to trade during those hours.

5th we learned discipline, discipline, discipline...

6th we are still trying to learn to take those stops...but getting better!

I don't think I need to go on, needless to say you have taught us so much, and we are grateful. We were really never trading before, just throwing money at the market and then losing it, no one was teaching us anything, and we thought we better quit before we had lost ALL of our savings. The day you quit DT and said you'd be back in January with your own site we decided to stay on and give it one more try. Now we have earned back our losses from DT, and have started putting money back into savings instead of taking it out.

We can't wait to get up and trade in the morning; we look forward to seeing all our "friends" in the Pit. This is a very hard occupation, the hardest we've ever had, but the benefits far outweigh the downsides, now that the Pit is around and you are there to guide us.

The first day your site opened I said if you can guide us, you won't need to hold our hands. You have done that and more, you should be very proud of your accomplishment. We certainly are proud of how far we have come in this short time, and we can see the improvements in the other members at the Pit as well.

We plan to continue our success right along with the success of the Pit and all the members who learn from your teachings.
Keep up with your good work, enjoy your well-deserved vacation, and we'll see you in 2000!

Our best regards to you, Jay...

Norm & Patty Folkerts (njf)

The problem was that even though I was trading at a "top-notch" trading room with very successful people, they weren't teaching or sharing any of their insight. I thought that I couldn't help but become a great day-trader being exposed to such talent.

The guy who sat two seats over was one of the best day-traders in the country, making millions of dollars a year - and he was only 26.  So, I thought I could surely emulate at least a fraction of his success, but it wasn't so easy. As anyone who has day-traded before knows, it is definitely not easy.

With my hefty $3,000 trading account at E-trade, I slowly started trading again. I turned to trading options, because of my limited capital.

After a few encouraging trades, I discovered The Underground Trader. I had always heard how dangerous these types of trading chat rooms were because of all the hyping and front-running of stocks, so I was hesitant at first. I quickly observed, however, that they don't put up with any of that in The Pit. Moreover, I was extremely impressed with the timeliness and accuracy of the calls being made, and the gains people were reporting. So I signed up.

I have been a member now for about two weeks.  My $3,000 is now close to $30,000 and I have learned more about day-trading successfully in this time period than in the 6 months I was at the day-trading office I used to go to.

Most of all, I am ecstatic to be able to do what I love again, and do it profitably. I consider the insight & commentary from The Pit to be a significant factor in my recent success. I would also recommend that anyone considering day-trading at any level, definitely check out what The Pit has to offer.

Dr. Pincus

Sorry I have been negligent in writing. I retired Sep 30 after 30 years with Ernst & Young. I took a part time job as a Community Service Officer with the Westlake Police Department. It's been almost full time, so I'm only online sporadically. One of the other officers is ill, so I should be more active in the Pit after the 1st of the year.

Anyway, I wanted to congratulate you on your engagement and decision to take a vacation. Make sure you do that from time to time. One of our senior partners always told us to be sure and take time to smell the roses. My retirement game plan was to retire as I did, and trade with an objective of $10k/month, roughly $500/day. I gave myself until then for my learning curve. Thanks to you, almost exclusively, I have doubled my goal to date. In fact, I think working as I do has helped my trading. I manage to catch the beginning and/or end of the trading day everyday.

As a result, the overnights and swings have just been superb for me. I'm probably only slightly profitable on momentum plays, I still need work on my discipline.  However, your teaching & guidance is outstanding. I can't begin to thank you. Every now and then, I see someone get on your case and see you react, all I can say is, continue to focus on those of us who follow you (and Ral and others).

You have a great operation and following, enjoy it and "nos illegitimus carborundum" or something like that -- Don't let the bastards grind you down :-)

Talk to you soon. Thanks again.

Walt

Jay caught my attention in another trading pit prior to hosting his own.  I would pace him as he announced his entries into a position and it soon became apparent that I had found a very skilled trader.  Following Jay to the UndergroundTrader soon paid off with $140,000.  Even now I do not comprehend everything in his handbook, yet it provided me with many missing skills.

As I think back about critical changes in my trading style, these come to mind. Trading fewer shares had a huge impact requiring discipline and patience. Learning to accept what the market will give, i.e.. 1/4, 3/8, or 1/2. Putting the odds in my favor by using the right tools properly. And most of all, listening to everything Jay has to say.

No longer do I frantically try to play every call, now I evaluate calls and if comfortable enter. I play very close to the vest now, reminding myself how easy it was for the market to penetrate my soul. When I ready myself to play, my ego and adrenaline are in check in order to stay focused. Having had a few homeruns along the way was nice. But having a grand slam was what turned it all around for me.   And that was because of following Jay to the Underground Pit!!

No, I'm not trying to butter Jay up, but instead, admitting that I would have failed on my own.

Best regards to all,

Bill
(BabyHuey)

I gladly share my testimonial with everyone at the Pit. I have found that most folks really do not want to know about daytrading or the daily machinations of the stock market.  It is rare that I talk to someone about stocks and get an interested response.  Most people's eyes glaze over.  If I bring up stocks and don't get a response immediately, I switch subjects, no matter how good of a day I have had :{) - I don't bring up the subject on a personal down day).

I have also concluded that I will not encourage anyone to daytrade. I will teach them, though, to the best of my abilities, if they show interest.

I was at another site since late 1996 when I received the invitation to join The Pit. Jay wrote me an email. I replied that I did not have the tools available to me to make sense to spend another stock room fee in addition to the room that I was already in (hey! it was more than 2 x the $$!) but that I was looking forward to joining soon. Well, another invite said be a Charter Member OR Else, so I jumped.

I signed up for a trial, and joined the next day, in January, 1999.  I was using E*Trade with four accounts and had invested about $25,000 in tuition since April, 1996, mostly in my wife's IRA. So there.

I was going to move in April 1999 to another state and I learned that a high speed internet data connection would not be available to me at my new home until mid-August. So I opened a CyBer account and used it in Demo Mode and watched The Pit from January until August before I activated my Cyber account.

I learned patience. Patience is paying off.

I was restricted to a very limited 24K data connection through the phone service in my new location. I was supposed to get ISDN in August, so I activated my CyBer account at the beginning of August. I set a daily goal of $300 and did OK, but got into trouble after about 5 weeks with Labor Day holds on stocks that I "liked".

In mid-October I saw the light on using ISLD. I suddenly realized what ISLD orders were all about, thanks to Jay's book & Hunter, and spent about 3 hours one day in Demo Mode racking up a quick $10,000 paper profit on ISLD orders.

The next day I lost over $600 in live mode trying to get out of a stock using ISLD. It was Friday, October 22 1999 and my weekend was no fun.

I continued to do OK at my daily goal but took a BIG hit on the last day of October, as I rid myself of the accumulated bad Labor-Day holds. I took several days off to concentrate on re-reading Jay's book, Ral's, and The Inner Game of Trading (see Page 53!), and evaluating my trades.

I began November with a daily goal of $500 and have been on target ever since.  Something has clicked, in that I can look at a chart and have confidence to enter a trade, and get what I expect from it. I modify my expectations based upon what I see, but rarely stop out any more. I swing trade, with some holds lasting through three weeks. I never use all of my capital -- I just don't trade it all. I am very comfortable with my level of investment and returns playing 200 -- 400 shares per trade. When a trade turns on me, the loss on 200 shares is much easier to stomach than if I'd had 1000 shares. Getting in and out of 200 shares is not too tough, either. My small share swings and holds give me $500/day consistently.

It is now December and I have ISDN as of this week.   I notice a definite improvement in executions.  I continue to be on target and will raise my daily goal soon to $600/day, as I get more comfortable with my data resources.
I just received Steve Nison's books about Japanese Candlestick Charting Techniques, and Robert Fischer's Fibonacci Application and Strategies for Traders, just for fun.

I envy the other traders who call out the daily pivot points and play the index options.  Someday, when I grow up, I want to be a Purple Person.

Jette

There are many excellent stock selection services available, and if you have a fast computer and a quick click on the mouse you can make money in a strong market. But, at the end of the day did you learn anything?  Do you know how to operate in adverse market conditions?  Are you able to use the service but also screen for your own independent stocks?

The strength of the UndergroundTrader does give you excellent calls, but it provides various teaching forums during the day from which you can learn early to advanced stock trading concepts and how to adapt to all market conditions and to work with knowledge and independence.

The teaching forums themselves are worth far in excess of the month fee and in addition to that you get well reasoned stock calls during the day.
Someday there will come a time when just pressing a button on your mouse for profit will not be sufficient and prior to that time and during that time is when the education you will receive at Undergroundtrader will come in hand. The Undergroundtrader does not have the group parrot one idea, there are stock calls for all ( swing trades, quick momentum trading, shorts, options ) and other various systems.

The leader of the call stocks is Jay. Now many other services have excellent stock callers, but aside from the calls and the education, the best thing about Jay is that he is a true gentleman.  He does not engage in insults to his members, he is open for questions, he is an excellent teacher and I sense that he pains more than we do when a stock idea does not pan out, which on rare ocassions might happen.

The board members are also very help in answering questions, bringing stocks to the board in a professional and non hype manner.  The board members are also pleasant in their conversations and people you would wish to associate with after market hours as friends.

If you are reading my comments, I can only tell you how I feel about the service, it may or may not be for you, but i would ask that you keep your mind open and be prepared to learn about the market and how to react under all conditions.  You should try the service for at least 2 or 3 months, even if you never use it for trading the seminars and education you receive will be far in advance of the minimal fee paid. If you stay please say hello:  I am known as ibis16.

Yours,

Eric Solomon
(ibis16)

Been with the pit since Sept.  Am up 17K during this learning curve.  I still know very little in comparison with what I have yet to learn...but I will get there.  Between my short term and long term learning goals I figure I will be at lest 2 more years to be comfortable (including Ral's methods) I am patient and will get there. But THANKS to you for providing the opportunity to learn under a MASTER.

Sincerely,

Sooner
(Ohio)

Without the Pit I would have been out of the game long ago. You've taught me what to look for and consequently my trading has improved greatly! How does the saying go? "You've taught me how to fish" - now I can confidently locate and make good trades on my own. Thanks again and look forward to a great New Year!

Steve Brandt
(farsouth)

Here's my story - It's sad but true.

I have traded stocks and options for 6 years now. I always did well. I primarily did swing trading and figured that instant level II access would only improve my results. I had no idea how to day trade!

I couldn't read a chart, had tremendous capital - a chippie through and through. At any rate, after repeated margin calls, etc., I realized I was in serious financial straits. I buckled down, paper traded, took a chart course, bought every book I could find and took the small capital left and began to make money.

I had heard of the Underground Trader and I spent the free week.  That week I consistently made 5% a day.  I increased my capital and the last two weeks have consistently made 10% of capital (or better!) a day. I have had one losing day in the pit in three weeks.

I know this is not a long term experience but I have learned more from you and the other traders in 3 weeks than I could have possibly imagined. Your reminders of discipline are invaluable and I have found small lot scalping to be lucrative, intense and importantly, very little downside risk.

At any rate, if for no other reason, I wanted to e-mail you and thank you.

Have a terrific vacation and I'll see you in the pit.

Warm regards,

Cathy Silver
(kt4)

Last year at this time my wife and I were looking forward to joining what became know as the pit. We knew you as Inertia, already had your book - so we really were excited about getting going with you. Our anticipation for helpful and productive interaction with a caring advisor was so very real and intense that I can remember our waiting it as if it were yesterday and not a year ago.

Well, to make it simple, just yesterday Leah (Marcie) said to me " the best investment made in 1999 was to subscribe to the trading pit" and I immediately said to her "no doubt about that." She and I then proceeded to elaborate all of the benefits and delights of being part of the pit. Please realize Jay we had this exchange before your note asking for a testimonial.

We were so pleased that you were taking a vacation, actually during the same time we will away visiting my family ( and grandchildren!!) for Christmas. That's what got us to talk with each other about you and the pit.

I'm going to take the time to list out the benefits and delights in a separate note and keep this note short. Briefly I'll state some now:

First you are a true leader. You care, you teach, you show the way and you have style.
Yesterday when you said, "Capiche" - I said "Si." I grew up in an Italian neighborhood in "the Bronx." I'm an electrical engineer - you talk about MM's clamping the ask and it reminds me of clamping diodes in circuits. I love and appreciate your style and verve and emotion.

I respect and enjoy everything about you, then there's the "superb professionals" who keep the pit going, Ral, the "guru of the pit," and Hunter, "the godfather of the pit," and many, many others with their personalities, quirks, insights, etc.

I can and will go on in a follow-up note.
Incidentally, I've recommended the pit to others who have joined and in turn got others to join. As you can see, I'm a true believer.

That's it for now. Enjoy your vacation. By the way, are you getting married?

Best regards - Merry Christmas and Happy New Year.

John Coleman

But more important than making a few bucks was finding a mentor in Jay...Someone who could not just make good calls on momentum stocks, but someone who could instruct me in what precisely to look for in a chart when considering entering a trade.

Jay's advice is more than just having another set of eyes on the market, although that too is valuable.  His experience, which he's happy to share every day, is priceless in learning how to determine traders' behavior and how to read the market's psychology.

In short, Jay's ongoing coaching has made me more than just serious money...Even more importantly, it's made me a better, more self-reliant trader.

rrazman

As a charter member of the Pit I'm happy to provide you with the following:

I had prepared a long detailed response to you query re: feedback, however I decided to shorten it for now and to compliment you on what you and your staff have done.

Personally I have grown tremendously.  I consider myself much improved, and I expect to 'breakout this year'.

In 1998 I lost about 430k, in 1999 it has been reduced to just over 188k. I know this is still a lot to lose but it is a considerable improvement.   My circumstance places a large handicap on trading which has required a lot of tuning (work in progress), but I am confident the "PIT" will be instrumental in my ultimate mastery of trading.

Again, thank you and your staff.

God Bless You.

Morgan11

Congratulations on a job well done!  Working with you this year at the pit has been fun as well as profitable. Somehow you manage to make excellent calls while teaching us and answering our questions.  Your staff is knowledgeable and always helpful.   Although I don't say much during the day I feel I have many friends here at the pit.

Very truly yours,

Marcie

I will not be in the pit today, so I'll take this opportunity to wish you and the 'Purple People' a happy and prosperous new year for 2000.

Once again, thank you very much,

Steve Cooper

I'm not too sure how much good my testimonial will be for you, but, here it is :)

Most potential traders want to see testimonials of experienced traders making a virtual killing in the market, as proof of what they, themselves, might be capable of.

However, the fact that I'm still around to trade is testimonial enough to those who have experienced the wrong associations as a new trader.

The combination of enthusiasm, trust, and ignorance, along with the advice from "that other trading desk" relieved me of over $250,000 in a little less than one year.

Thankfully, I "re-located" [to Undergroundtrader] and with the expert training provided at the Pit, have managed a slow, but consistent, recovery.

Considering the amount of my losses, that is nothing short of amazing!

Sincerely,

Elaine Lee
(bailey)

Wow, what a service, what an education and what a teacher! I cannot begin to tell you how much I have learned over the last year from you and the members of the Pit.

I was a newbie to daytrading when I joined the pit, and I questioned whether the Pit was just another Pump and Dump place that would gladly take my membership money. Was I surprised...My first day trading with you I made $2700.00 and I thought, 'this Jay Yu guy is great...all I have to do is sign on, trade his calls and make money...Which I can do any day...And this is worth much more than the price of admission.

My surprise came and what I didn't expect was that I was receiving an education on trading the markets and being taught by a master.  You know the saying...Teach a man to fish...

Jay, Ral and all the others at the Pit You are the Best!

Thank You,

Joey Judice
(Skye)

A member for Life !

I had been trading off and on for about 3 years and around the beginning of '99 I joined the Undergroundtrader and started trading full time and because of the Underground, 1999 will be my first profitable year.

I know for a fact that I would have been out of the trading game if it wasn’t for the support of the Underground.

Thanks Again!!

Todd

I must thank you immensely for teaching me how to daytrade.

I have been at this about 1 1/4 years, lost a lot of money at another chat room in the first 3 months -- 60% of my capital. Then you began the pit and I have steadily improved. You have taught us how to trade on our own and I realized last week while you were gone and I was still making money that all your efforts were successful.

The pit offers camaraderie and many different perspectives so there is constant room for growth.

The 'No Hype' policy is a very welcome change.

You have provided me with a second career that I really enjoy. I gives me the flexibility to spend time with my 2 and 3 yr old boys whenever I choose.

Your dedication to each of us is really something special

Thanks so much!

Rho

The Trading Pit for me is not only a place where calls are made but more important a learning tool.  The wealth of information is just incredible, from Jay's and Ral's teachings to all the very successful traders giving their insights, opinions and ideas.  There is a family atmosphere which lightens the sometimes boring and stressful work of daytrading. I cannot imagine trading without it.

Thank you Jay, Ral, and all operators for a class act!

Carlo Lombardo

A few of my trading friends are appalled at the idea of a pit leader and favor the more traditional investment approach.

However, the bottom line keeps me here. Even when I get into a trade that goes against me, I know what I have to do.

Before trading here, I would stay in positions until the value was embarrassing and I resorted to message boards for the strength to stay while praying for recovery. The one area I still need to work on is realistic goal setting - my goals are still too low.

To Jay I salute you for your little lectures to remind us this is our chosen profession.

Roofus