Live Trading Room
- Thread starter misterkel
- Start date
I joined one a few years ago, got some tips on shorting RIM at $80 or something. They're useful if you want to get different perspectives, but obviously not a replacement for your own brain.
misterkel,
I joined one when I first start trading. It was very useful to my trading learning curve. I lost small amount of money. But from that lost, I learned and I learned from the person running the trading room as well.
My advice would be:
1. Enter the trading room to learn the person's method and mindset of trading. Don't be so focus on making money, but enter to see if the way the person trades matches or comes close to how to you want to trade.
2. Understand how the person trade, so you can develop a skill. Ask questions and seek answers.
3. Sim trade about 30 trades to determine if the trading room is benefiting you and you clearly understand the trading method.
I say go for it. There is nothing wrong with testing out something. There is something wrong with not learning while you are in the trading room.
P.S. I am currently an unprofitable day trader in progress.
Its good you are checking before jumping in. I would also suggest googling the room you are thinking about joining and look for reviews. Keeping in mind with trading I assume there are going to be more failure than success stories so there might be more sour grapes reviews. There are sites that have a large number of reviews that are very in depth.
All that being said, I was in a trading room for a decent amount of time. I thought being able to watch someone trade would help me. Unfortunately the site I was on was popular and with hundreds of people watching and asking questions my questions went mostly unanswered as did potential trades. In the end several days would go by with no trades but a lot of good conversation. It began to look like the operator was just trying to run the clock out with questions, economic news no trading times, and things like that.
Ask the room operator if they have statistics of their P/L. Do they have a bunch of "courses" or indicators available? If so their room might just be an infomercial for their other merch.
All that being said, I was in a trading room for a decent amount of time. I thought being able to watch someone trade would help me. Unfortunately the site I was on was popular and with hundreds of people watching and asking questions my questions went mostly unanswered as did potential trades. In the end several days would go by with no trades but a lot of good conversation. It began to look like the operator was just trying to run the clock out with questions, economic news no trading times, and things like that.
Ask the room operator if they have statistics of their P/L. Do they have a bunch of "courses" or indicators available? If so their room might just be an infomercial for their other merch.
Professional traders ( those who trade for a living ) don't use live trading room.
They don't need any tips from live trading room.
Further it is distracting to their trading.
And they don't want their mind to be contaminated by live trading room.
So why do you want to join live trading room and get your mind contaminated
with all the garbages? After joining, you have to spend years trying to unlearn & decontaminate
your mind.
They don't need any tips from live trading room.
Further it is distracting to their trading.
And they don't want their mind to be contaminated by live trading room.
So why do you want to join live trading room and get your mind contaminated
with all the garbages? After joining, you have to spend years trying to unlearn & decontaminate
your mind.