I’ve been day trading futures contracts for 6 years and I’ve visited or subscribed to over 20 chat rooms. I thought it would use this forum to make a few observations about these rooms.
Most of the members of these rooms are new traders looking for the insight of a seasoned trader to help them develop a trading strategy. There may be some experienced traders there looking to add to what they already know or just like the atmosphere of being in a trading community. As a professional day trader, you will find there are actually very few people you can talk to about day trading. It is nice to have group of people that can relate to the ups and downs.
If you are new to day trading and looking to develop a trading strategy, a day trading chat room might be right for you. Most chat rooms are less expensive that spending thousands of dollars on a face to face mentoring programs. Some of the rooms offer a webinar feel meaning they show you their charts and even trading platform so you’ll be able to see how a professional trades in real time. Other rooms may only call out entries without saying why they’re entering the market or showing you any charts. In this case, you are reliant totally on the room (which keeps you subscribing, by the way) but more importantly means you are not in control of your trades – not good.
Most of the rooms I’ve visited offer a discounted and in a few cases free trial offer, usually a week long. After that you are charged a reoccurring monthly subscription fee ranging from $100 – $250 a month for the rooms I’ve seen. Is it worth it? I say yes as long as you are learning a strategy that is consistently making you $$$!
The honest truth is that of the rooms I’ve been in, very few make money consistently. Most rooms post results, every week or month. And of course, all are profitable on paper which to any new trader would be a huge selling point. But you should realize that it is against the law for any chat room to post real money, cash results. What that means is that all results are simulated or done with fake money. Bottom line, they can post whatever results they want. For example, if a trade becomes even slightly profitable they might show that trade as a winner in the results despite the fact that the trade went on to become a full loser.
In the end, I would use a day trading rooms to get you started or add to what you may already know but I wouldn’t put all my hopes on them. You have to develop your own trading style and make it work for you. If you rely totally on someone else to make you money then what happens when that person is gone?