Day trading is a solitary adventure much of the time. The need to sit in front of multiple monitors all day and trade small stocks for big profits does not enhance one’s social life. But there are day trading communities out there with free chat for traders that are just jumping into the life and want to learn as much as they can or for mid-career veterans that want to learn the latest in forex trading.
Hanging in a free chat room for day traders is about more than just getting to know each other. Learning the lay of the land, asking questions of your peers and getting on top of hot stock tips is a great reason to take advantage. Learning the lingo is a very underrated part of being in a free chat room. Where else can you get such an immersion in the various terms that make up the day trader lexicon?
One of the best chat room benefits is to be in one that has a veteran trader livestream their desktop, so you can watch the implementation of their strategies in real time. You can watch as they react to the market and see the real nitty gritty of how to implement day trading ideas and techniques. It is watching over the shoulder of veterans that can help take novices to profitable in a relatively short amount of time.
Learning about day trading means learning about all the different types of trading strategies out there. It ranges from after hours trading to high frequency trading to momentum trading to short selling, with a whole bunch of other categories. Looking at after hours trading, because that is not a well known one: In the United States, equities markets officially close at 4 PM, Eastern Standard Time. But, access to trading stocks is still available through certain exchanges; so post-market trading is a thing. A dangerous thing, because most market makers do not participate, which means there is not a lot of liquidity, or quick ways to get your money back.
When you spend time in a free chat room with other traders, you can ask for and get first-hand answers about after hours trading. Most will probably argue to stay away from it, because of the liquidity issue, but it is certainly a topic of discussion. And you can get answers to questions that may not be there in the books or the online classes.
One of the most important things to remember is that day trading can be a very risky venture. So the key is always risk management. More information is always a good thing for risk management. The more info you can gather, the better decisions you can make. That is why spending time in free chat rooms is so valuable to the education of a day trader.
For the best in day trading education, it pays to check out Warrior Trading. The chat room, the paper trading options and the online classes are second to none in the day trading world.