My first foray into the world of day trading led me to try the Bulls on Wall Street (BoW) service. Luckily, the guys offer a free 2-week trial, so you can kick the tires and get a feel for the service before you pay for one of their packages (between $99 and $199 / per month).
Here's what I really liked about the service: transparency. All these day trading services out there claim amazing results, but when you dig a little deeper, you find few that openly disclose absolutely everything you need to know about their performance. Specifically, when Kunal at BoW executes a trade, he announces his position size and exact entry or exit prize. Moreover, at the end of the day, he also shares his P&L openly with his viewers. If you subscribe for the more expensive package, you can actually see his trading screen as he enters his positions.
Why is that important? I "shadow traded" = copied Kunal's trades as much as I could to see if I could just piggy-back on his results. And lo and behold, I got more or less the same results as he did at the end of the day.
Kunal is funny and unpretentious. I heard him burp when he explained something once. You won't get that elsewhere.
Kunal doesn't announce his stops, which sucks. I found that if you copy his exact trades ($30,000 to $50,000 position size), then you might wish to set a stop at ~ $200 loss below. He is usually wrong when his trades go down by that amount. So 15 to 20 cents, if you stick to Kunal's trading size.
Some of the stocks Kunal trades are not mainstream, large cap, blue chip companies, so you might not be able to short some of them, unless you have a broker that specializes in all types of companies. As such, I missed about 50% of the shorts he traded. Moreover, I used ETrade, so I also got killed on commissions ($7.99 per trade). For example, when I sell a 1,000 share lot, ETrade sells them as smaller 10 lots of 100 shares sometimes, so I end-up paying $79.90 in trades to sell one 1,000 share lot. When you are up $100 or $200, that quickly eats away most of your profits. Not Kunal's fault, but you should be aware of that when you follow his trades.
Kunal doesn't do a morning briefing, so you don't always understand the rationale for his trading.
Moreover, he also doesn't discuss what he sees as he executes a trade. It would be useful if he discussed how he sees the trade develop as it happens.
All in all, I recommend Bulls on Wallstreet. Again, it has a free trial, so you can try it out at no risk.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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