There are a variety of chat rooms on the market today. Most of these rooms have a specific focus, such as trading forex, futures, or stocks.
From 2009 to 2016, I led the Morning Hours Trading chat room (also called Day Trading Pro) and now I am leading my own chat room called "StockTalk". There are a few things members should understand.
* Traders have their own comfort zones and trading styles. Some are comfortable with tight stop losses. Others can endure wider stops. Some like the 1-minute charts and others wouldn't be caught dead trading in such a narrow range.
* No one is perfect. I don't care how good a trader you are, you are going to mess up. The leader of a chat room is going to give a bad trade alert sometimes. So, the participants should not expect perfection.
* The chatter that happens between trades can be distracting. Some participants want to talk about politics and others just want to "listen to the master". Some chat rooms have a large "newbie" component that can be distracting for more experienced traders while other chat rooms may be too advanced for the novice trader.
So, if you decide to join a day trading chat room, you should be aware of these things and set correct expectations. Don't expect perfection. Be patient with others. Know your own comfort zones.
Once you've accepted these parameters however, there are many benefits from attending a chat room. You stay more attentive. You have a specific group of stocks to focus upon. To learn how to enter and exit a trade profitably. You acquire the necessary confidence required of all traders. But the chief benefit, of course, is that the profits you make in the chat room can more than pay for the monthly subscription.
If you'd like more information about my chat room, then click here to see a video about the types of trades we examine.
I have compared the day trading chat room experience to learning how to ride a bike with training wheels attached. But it is actually much more than that. Members develop a lot of camaraderie and there is a great deal of sharing among members - if it's a good chat room. Afterall, it can get pretty lonely sitting in front of a computer all by yourself for 30 hours a week.
If you've never considered a day trading chat room, then I'd encourage you to check out the ones that suit you. Find one you like and see if your trading improves.
Once again, if you'd like more information about my chat room, then click here.