Are you looking at choosing a day trading or investing chat room to gain knowledge, experience, and work with experienced traders with like-minded goals? In this post we will discuss what makes or breaks a day trading chat room, and most importantly what to watch out for when choosing a trading or investing community.
Day Trading Chat Rooms
Before we discuss day trading chat rooms, I've been thinking about my early experiences in trading and what has lead me to the strategy and system that I use today after 15 years in the business. The truth is, like most people, when I started trading I didn't have any real structure or strategy at all. It didn't take long for me to figure out it was not going to be a sustainable career at that pace.
I only began to see consistent results in my trading YEARS after I started because I spent many years back-testing and refining a trading system that would consistently give me an edge in the market.
Most people don't have the time or resources to do this, so naturally they take short cuts, like joining a day trading community chat room to learn from real professional traders.
The problem is that not all trading groups are created equal, and many educators teach the wrong things or are flat out malicious in their intent which can lead to years of frustration, bad trading habits, and failure.
How to Join a Day Trading Chat Room
There are thousands of day trading chat rooms out there, so how do you know which one is right for you? This all really depends on the type of trading you do, the quality of information you want, and how important it is for you to have organized information in a chat room.
Discord Day Trading Chat Rooms
Discord is becoming a more and more popular choice amongst day trading chat rooms. With literally thousands of servers to choose from, you are very unlikely to find a quality free discord chat room that isn't bogged down by nonsense, clutter, and people pumping their own stock picks to unsuspecting victims.
These chat rooms are generally a mess and will cause more harm than good. In addition, because they are free, there will be thousands of people all using different strategies, talking at the same time, and generally have members who have very little to no experience in trading stocks cluttering the chat room with nonsense like "XYZ to the moon!" (insert rocket emoji!).
What Makes a Good Trading Chat Room?
I've been asking members of LiveStream Trading what sets us apart from other services they have tried in the past, and here's what the consensus is:
Ability to Alert Trades BEFORE the Trigger
This is a huge matter for most traders, because half of the battle is being prepared...
If you have a back-tested trading system and know that when a stock hits X price you can buy it, set a stop 10 cents below, and have a 75%+ chance of it being a winner, it makes trading more fun, less risky, and most importantly, more profitable!
The single biggest complaint I hear about many chat rooms is that the members can't get the trades that the moderators are taking. I cover that in this blog post (explaining the pump and dump).
You'll also see many other marketing tricks out there like free trials.
I can not stress this more - No one who has a profitable trading system is going to give it away for free - PERIOD!
Almost every one of those free trials are for, you guessed it, pump and dump schemes that leave you chasing the moderators alerts to only be filling his sell orders while you get dumped on and keep you chasing the dragon.
A Team Driven Environment
The beauty of being part of a team driven trading environment, is that everyone gets an equal opportunity to profit every day.
Our traders are able to get the same prices on my trades as I do because I explain and alert the trades ahead of time.
And the best part is, we teach our trading system to our students, so they become very familiar with the repeatable low risk trade setups and patterns that we trade and they quickly learn to become self-sufficient in the stock market.
Don't take my word for it though, check out what real traders using our system and chat room are saying on twitter.
A Back-Tested Trading System
The ability to use repeatable patterns in the market over and over again that consistently pay out, like our $PTGX short trade in this instance (see the time stamp in chat and trade walk thru for our team).
$PTGX is just one of hundreds of low-risk trade setups we take per year that hit our profit targets.
Detailed Trade Explanations
With the ability to live stream and chat at the same time, there's no surprises when it comes to which tickers we trade and why we trade them.
All setups and thoughts are carefully laid out in the chat room and via the live audio feed so everyone understands exactly what setup we are playing next.
Having trade ideas explained both in chat, and live via screen sharing will help you understand faster and get more confidence to take your trading to the next level.
In addition to that, every single trade taken is recapped and recorded in our daily live webinar for members to review and learn from on their own time. We have a library of over 600 daily recap webinars and a systematic trading course available FREE for all of our chat room members!
Things to Consider Before Joining a Day Trading Chat Room
There are a lot of things to consider before joining a trading room:
Can I replicate the moderators trades or is he selling after he alerts me the trade? (Pump and dump).
Can the moderator of the chat room explain the trade with a clear entry point, stop loss, and profit target BEFORE it triggers?
Is the moderator using a trading system with back-tested and proven results, or is he throwing darts at a board?
Are they only announcing trades AFTER they are in the money or do they explain the trade before it takes place?
Do they provide ongoing education and support for members of their community?
Do they have a high win percentage strategy?
Are their members getting support from the chat room and learning new material every day?
Are they trying too hard to sell a product/course and advertise on social channels as opposed to focusing on trading and providing the best value for their clients?
Does their trading style gel with yours (Are you going to benefit from the trade ideas?)
Good Luck in Your Journey!
In conclusion, there may not be any one-size-fits-all chat room, but there are some very clear signs to avoid when it comes to your choice in which professional community to join.
Remember - With a few small and easy-to-follow trade signals per day, you can make a living day trading stocks, but you need to be learning the proper method for doing so by following an expert with a proven, back-tested trading system.
Whether you join our trading team or decide to try out some of the "popular" choices out there, we wish you the best of luck in your trading, and please reach out to me anytime if you have questions, we're here to help!