Chat rooms were quite the thing in the first trading chat wave of day trading in the late s. Some chat rooms are excellent, helping people learn to trade and offering good perspectives on market action.
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Others are, at best, a distraction. The Internet is a wonderful thing, enabling people to trade sophisticated financial instruments in real time from the comfort of home.
But it has its limitations, and online interaction with other traders can actually add to the stress of day trading. Tread carefully. Group think for day traders? Many day traders turn to chat rooms for the camaraderie and support they offer.
An Enlightened Society
Find trading chat people who are going through the same things that you are is so great! Or do they?
Meanwhile, even those day traders who make money have trouble making enough money to stick to the business for a long time. In addition, the people in a make money aid fund room may get so agreeable that they start reinforcing bad advice.
Instead of getting support to help you through a rough time, you get dragged down. But no matter what you pay, spend some time lurking watching the comments without making any yourself. Proprietors of good message boards usually offer temporary access to prospective subscribers to help them evaluate the service. Check to see how people treat each other, what experiences they have, and how their trading systems match yours.
The market is a tough enough evaluator of your performance. At a minimum, try to limit your message board activities to market hours.
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- Business options
- Successful trading platforms
- Trade Ideas Live Chat Room Chat rooms are a great place to learn new trading styles, keep up with the trends, and also get actionable insights.
- Knowledge is key, as they say.
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The information you get in a chat room may not have much value at all.