If you've been following this blog, you'll know I trade Forex and be thinking 'Why are you reviewing Stock Trading Education?'...
You can catch up a bit here, but I actually started out pursuing day trading stocks...and the usual 'Penny Stock' route, before I found my strength in Forex.
With an abundance of trading educators out there, both legit and well, questionnable - as an aspiring new trader it's extremely hard to get a level footing and easily be overwhelmed by the information and approach to take to even begin.
To provide some value, I thought I would share my thoughts on the first trading educator I signed up with...Investors Underground.
There's two sides of the coin within the trading world, some people completely disagree with paying for trading education & others encourage it.
I sit in the middle.
Yes, information is out there to be found for FREE and when it comes down to it, trading it really all about your mindset...
...but paying for education speeds up the process and you get to learn from someone who has actually done it, which ultimately speeds up your learning curve.
Paying for education should be considered a cost of business and an investment in yourself.
It took me 3 months of watching and reading reviews, following people on Twitter surrounding it before I finally just took the plunge...in that time I was losing money being uneducated and most of all lost time. Time & Money that would have ultimately been saved if I had taken action earlier, it paid for itself.
If you're looking to start day trading and don't know where to go...have a read of this and see what you think.
What is Investors Underground?
The IU Community was founded by Nate Michaud in 2008 and by then had 10 years worth of trading experience.
Investors Underground is built of a few layers...depending on your membership level or what you purchase.
Essentially, there are 4 things to it...
IU education comes in 3 forms if you consider Webinars as a learning tool (which essentially it is).
The education consists of two different 'DVDs' created by Nate.
Depending on your membership level, you can either get one or both DVD's including the chatroom (where you get to keep access to the DVD's forever), or purchase the DVD's independantly.
Textbook trader is aimed at the complete novice, with over 8 hours of trading content built up of 11 Chapters - from the very basics to some 'go-to' setups and how to pick a broker and the in's and out's of that.
It also includes Nate's daily routines and how to be realistic and deal with emotions in the trading game.
After I watched TextBook Trading, everything began to click & I was pumped. I began adopting some of the strategies in my trading and had some immediate success with them...but don't be fooled, it doesn't always work and that's the realism of trading.
What I loved most about it and the IU Community is there are no selling of dreams or flaunting of cash, chicks or marketing gimmicks...
It's just content and education how to professionally trade, nothing more.
It's all very well knowing 'how to trade' a stock, but you need to find a stock to trade - one of the biggest pain points of confusion I had when I was starting out.
I was always thinking, 'how the hell do people know to trade that stock'. Well Tandem Trader provides the resources to use to find stocks and what parameters to use to find plays based on the 'go-to' strategies in the DVD.
Which one should you start with?
I actually purchased a deal they had on at the time to get both DVD's and Chatroom access for 3 months for $500.
As I had access to both, I found both incredibly valuable.
If it was between only being able to buy one, I'd say go for Tandem Trader and research the bit's your uncertain about independantly - at least you'll know what your looking for, rather than trying to find something to research (if that makes sense?).
Follow the links, there's loads of information on each DVD as well as previews - the music will draw you in, it did for me! haha.
If you sign-up to IU's Elite Subscription, you'll have access to both past Webinars and upcoming Webinars LIVE.
I never actually attended a 'live' Webinar due to time constraints, but the facility to catch up on these were valuable.
I'm not really a buggy question asking person so I never needed to attend these live.
The Webinars are rotated between the moderators, either Nate, Emil, Cody and sometimes Alex (AT_09 the famous $SHIP short seller).
I really enjoyed Cody's, although he's primarily a long OTC trader the principles are the same and he's got a great way of communicating and passing on value.
Webinars are just an extension of the educational DVD's and you get to see how they've traded the 'hot' stocks within the past week or month and understand how they trade etc.
Investors Underground's subscription also includes Daily Watchlists by all the moderators, that includes the ones mentioned above in the Webinars.
Watchlists are useful for understanding how and why stocks are picked to be considered and put on a watchlist.
They are also useful to cross-reference against your own scan and gather a sentiment across the other traders - check your on the same page.
Lastly, if you're plain lazy and you want food handed to you, you can get a list of potential stocks everyday...this approach is not recommended for any lasting success, you need to become self sufficient.
IU's watchlist's should be for educational purposes and that's how I treated them.
You get a sense of achievement when one of the top traders picks the same stock and thoughts as you!
IU's chatroom is built up on 1000's of subscribers as well as the moderators who call out what and how they are trading.
Chatrooms are valuable, some swear by them, but it's important not to get caught up in them and use them as a 'signalling' service...as you will eat shit.
IU's chatroom can be quite overwhelming, through the US trading hours (14:30-21:00 in the UK) it all kicks off and there are some strict rules...
Basically, if you're a newbie just watch as anyone asking questions or saying anything stupid or not associated to trading gets muted by the Mod's or shouted at.
The best thing about IU's Chatroom is seeing live how the trades are thinking...Nate is the main guy who calls out everything and what's happening.
Nate is probably the king of multi-tasking which you can witness in Tandem Trader - with his 6+ screens he's bouncing between charts, Level 2 orders and chat.
It's a good learning aid to see what and how he's thinking in real time, avoiding taking his trades, seeing how his actually play out.
It's important not to be caught up in a chatroom and rely on it for trade entries or calls - no one is ever right 100% of the time and entries are never going to be the same so it's impossible and stupid to even consider copying.
But from a educational perspective, IU's Chatroom is incredibly useful.
You also have access to Private Message Nate and other moderators to ask questions (just not in the main Trading Channel) and you'll have you're questions answered.
Do I recommend IU?
If I did not condone trading education or even Investors Underground I would not mention, yet alone write a review.
I am thankful for the knowledge and speed at which I acquired it from IU.
Although I'm no longer trading stocks, one day I hope to go back to them, but right now it doesn't suit my style.
If you want to learn to Day Trade then Investors Underground is your best shot.
If knowing what I know now, would I still sign up? Absolutely.
Go ahead, if you want to learn to trade stocks professionally, have a look -> Go to Investors Underground