I learned how to trade in a chat room several years ago. I must have stumbled on the right one because it was so different than any others I have seen since.
There were about 100 people in there most of the time. The operators called an entry, a stop and a target at the same time. Then they spent about an HOUR explaining the setup and the reasons for taking it, showing screenshots of other charts from the past of the same play, how they sometimes worked, how they sometimes stopped. Then they launched into risk and money management strategies and how that is the key to trading. They recommended specific books (Connors, Schwager, Lefevre, [Farley and Oz did not exist at the time, but I am sure they would have been recommended], etc.) so you could learn more. During most lunch times and twice a week after hours, they held classes online where people could ask questions and learn even more. I'd say it was 85% educational, 15% stock calls.
I left the chat room after a year or so and have been on my own ever since (I still hang in a different chat room, but for companionship and camaraderie, not stock calls or education ... it gets lonely sitting here every day by myself.)
All I can say is that someone up there must have been watching out for me, or I could have easily ended up at Waxie-type site or some of the other sites that appear to be there solely for generating income for the operators. I thank my lucky stars every day that I joined the one I did.
My point is that you can't lump them all together. There are a few diamonds among the coal lumps. I know of two out there that operate exactly like this right now.
Dave
PS. Don't e-mail me asking which ones. I am not in the business of marketing them. If you really want to know, look long and hard, ask good traders if there are any chat rooms out there that they respect, you may see the same two sites pop up repeatedly amongst the crowd of names you will get. Then separate the wheat from the chaff. If you really want to know, you will find them.
There were about 100 people in there most of the time. The operators called an entry, a stop and a target at the same time. Then they spent about an HOUR explaining the setup and the reasons for taking it, showing screenshots of other charts from the past of the same play, how they sometimes worked, how they sometimes stopped. Then they launched into risk and money management strategies and how that is the key to trading. They recommended specific books (Connors, Schwager, Lefevre, [Farley and Oz did not exist at the time, but I am sure they would have been recommended], etc.) so you could learn more. During most lunch times and twice a week after hours, they held classes online where people could ask questions and learn even more. I'd say it was 85% educational, 15% stock calls.
I left the chat room after a year or so and have been on my own ever since (I still hang in a different chat room, but for companionship and camaraderie, not stock calls or education ... it gets lonely sitting here every day by myself.)
All I can say is that someone up there must have been watching out for me, or I could have easily ended up at Waxie-type site or some of the other sites that appear to be there solely for generating income for the operators. I thank my lucky stars every day that I joined the one I did.
My point is that you can't lump them all together. There are a few diamonds among the coal lumps. I know of two out there that operate exactly like this right now.
Dave
PS. Don't e-mail me asking which ones. I am not in the business of marketing them. If you really want to know, look long and hard, ask good traders if there are any chat rooms out there that they respect, you may see the same two sites pop up repeatedly amongst the crowd of names you will get. Then separate the wheat from the chaff. If you really want to know, you will find them.