The Undergroundtrader.com Guide to Electronic Trading: Day Trading Techniques of a Master Guerrilla Trader

This book is simply fantastic.
The value of its information is about as huge as Sun-Tze’s “Art of War”.
Thankful and honest respect for this one, Mr. Yu!

This is an all around GREAT book. Jea Yu goes in to great detail on his trading strategies that really work. I suggest this book to anyone who wants to learn to day trade or for people who want to sharpen their day trading skills. The only people who would say bad things about this book are “investors” who dislike day traders OR the authors of other books who are bitter and perhaps a little jealous over the success of Mr. Yu. I’m referring to the distasteful comments some people have left here.

I consider that the infos that Mr Jea Yu gives us are very important in your own strategy and the way you must day-trade. Particulary the way to day-trade with regards to LEVEL 2 and how mMarket-Makers act is fully interesting and hard to find. For me in charge of a web-site ………for french daytraders, the reading had been to discover another dimension of the Nasdaq. Moreover it has been a fully additionnal to the book/best seller of Mr A.Farrell “Day trader’s survival guide”. Of course it is not a complete book for Technical Analysis but there are some analysis which can make the difference in your trades of course only 1 out of all the parameters you need to daytrade.

I’ve read a lot of books about daytrading. Some of them were very complicated and difficult te read, others were to simple. This book is neither to difficult or to simple. Every important aspect of daytrading is treated. Perhaps not in every detail but enough to understand. YU writes about marketmakers and about finding the ax in an practical way. The pages about technical analysis are perhaps not so extended, but they are very effective. You will surely have success when you use the charts the way YU does. The chapter about order routing is also very effectively written. Finally the rules YU explains to find buy or sell signals are also very simple. Every one can see these signals.
Finally I think that someone can really appreciate this book after having read 20 or 30 other books about daytrading.

I can’t rate this book highly enough! Jea Yu is a master trader who writes from a position of experience and not theory alone. Jea teaches us to become ‘snipers’ keeping our powder dry and waiting patiently until all indicators (fully explained) are in our favour. Only then do we ‘pull the trigger’ and enter a trade. I’d have gladly paid many times more to obtain the secrets in this book as Jea passes on so much information that one might only begin to learn alone through making many costly mistakes. Jea’s clear explanations of everything from Level II screens, market makers, head fakes, order routing, charts, stochastics etc made sense for me out of all the jargon I’d been hearing elsewhere. I’m so pleased I found this book and through it, Jea’s website at […] Thanks only to Jea I went from ‘newbie’ to profitable trader in around 2 weeks!

Most who attempt day trading fail because they underestimate the learning curve, both in terms of the knowledge and capital it takes to succeed. The UndergroundTrader.com Guide to Electronic Trading, is recommended to those with at least some day trading experience, who are determined to survive the learning curve. Author Jea Yu is co-founder of UndergroundTrader.com, a popular Web site for day traders. “The secret to successful trading” he says, “is to know what to do when certain prices occur, and to let go of belief and prediction in order to focus more clearly on what is actually happening in the market.”
The book’s themes are the necessity for precise, objective methods of identifying and managing trades, the requirement for discipline, the importance of money management, and the powerful psychological factors that lead traders into self-defeating behavior. Charting indicators and studies such as moving averages, stochastics, and Fibonacci pivot points are detailed and illustrated, and the author does a superlative job of explaining the nuances of reading the Nasdaq Level 2 screen and how to track the ax and significant market makers. Execution methods and order routing are covered, as are as ways to exit trades in fast markets. Two days in the life of author-trader Yu are detailed minute-by-minute, trade-by-trade – and this section demonstrates and ties together the principles and techniques presented throughout the book.
Roll up your sleeves, for you will likely find this one of the best books on how to day trade with success.

I cannot understand for the life of me why you would post a review from someone like this guy “snipertrader”. If you cannot spot someone with no intention of reviewing the content of the book but rather in attacking author, then you have a problem. I’ve read just about every book there is about daytrading and decided to become a member of the UNDERGROUNDTRADER.COM after reading it. Nobody guaranties anything in life, why would you ask Jay to guaranty to make you rich? If you can’t tell me that O. Velez and Capra’s mentioning of their website at least twice in every chapter is not self serving then what is it? This is not directed at them because they are not claiming that their book and service is the only way to go but to people saying that. (I belong and receive daily updates from their service(PRISTINE), but I don’t expect them to make me rich)You can’t and won’t learn everything from every book but some are better than others, and pound for pound, Jay’s book being the smallest is still the one with the most useful content for a “newbie” trader. He will take you in the right direction(a trader who’s been trading and making money for a while has already developed other sources of info to tap into,those thing come with time and trial and error, not from a list from the back of book, there are pages and pages of websites and other sources you will be directed to(isn’t that one way of filling pages?), but only you know what is right for you so you will develop “your own list” in time)open your eyes to the reality of daytrading(trading “intraday”), not buy and hold, (“buying for the long term”)Now why would Jay’s chat room only have 400 members as opposed to Pristine’s 65,000?who knows, who cares, Do we go there to count heads or to make money? Why does Rolls Royce only make a few thousand car when Ford makes a few million? again, I became a member to make money not just to be associated with a bigger mob. I can only speak for myself but I am making money(not enough to buy a Rolls but I could be losing or lost everything like a lot of people) after 2 months in the UNDERGROUNDTRADER.COM chat room (full time) but my education didn’t begin and end with Jay’s book, his is only one of many that you need to read but IN MY OPINION it is the one with the most useful content and Jay doesn’t insult our intelligence by repeating himself and fillind the book with useless information, he understands the reason why you bought the book, “to learn how to trade”, therefore he gets to it and doesn’t waste your time, like you will be if you read snipertrader’s review.

This is not a very good book on daytrading.
Best book I read regarding this subject is “Fiancial freedom trough electronic daytrading” by Van K Tharp and Brian June. They give you a step by step way to build your plan, including the three main elements of any trading plan: Psicology, risk control and posotion sizing.
Second best is Tony Oz’s “Stock trading wizard”.
Anyway, Appendix A of “The Undergroundtrader.com Guide to Electronic Trading” ,written by Russell Arthur Lockhart, Ph.D. and titled “A different style of trading”, is excellent and gives you, as the title says, a different way to daytrade, without the stressing pressure of level 2 surveillance and the subjectiveness inherent of the decission making using this tool.
Lockhart method (3PB)is purely mechanical and focussed only in price action. No indicators such as stochactics or MACD are needed. It tells you, also, how to improve this method using fibonanci price targets and pivot points.
Based solely on this appendix ( 35 pages) i’m glad I bought this book.

As the field of day trading grows larger the quality of the books keep improving. Usually, successful traders are reluctant to give out their methods. Especially where they have make a business of providing this advice. This book is an improvement on the orginal self published text of a few years ago. It provides and highlights indicators and methods all day traders should be know. It is extremly valuable for those with limited experience.