Learning from other traders, especially the highly experienced ones, is the best way to improve your trading skills. By learning from other people’s experiences, you can save time and money as well as acquiring new experiences yourself. So, where can you find these experienced traders? Trading chat rooms! They deliver an exceptional opportunity to learn new techniques and even acquire some practical information for successful trades. However, finding a credible trading chat room might be difficult, especially for beginners.
Continue reading to find all the necessary information about trading chat rooms to help you with selecting the right one for your requirements and preferences.
What is a Trading Chat Room?
A trading chat room is an online platform that provides the opportunity for all traders from all around the globe to discuss and share their trading activities. Also, it offers spaces where traders can ask questions, learn new strategies, and develop a trading style.
Moreover, every trading chat room has a bunch of moderators who supervise the chat program and keep it free from malcontents.
Most services charge a fee, and the chat style and price structure vary between the different chat rooms. So, it is essential to know which trading type you want to do before you sign up for any trading chat room.
Even though signing up to a trading chat room is a great opportunity to enhance your trading skills and styles, there are some precautions you need to consider as well.
Pros
- Support community: Trading chat rooms are a great place to share stories and support each other during the down moments. After all, everybody makes mistakes!
- A Better view on the trading market: With a lot of people watching individual stocks and relaying information, you will have the opportunity to watch every corner of the market and have a better idea about the different offers from different perspectives.
- Learning opportunities: Expert traders are always willing to share their past experiences, ups and downs, and trading tweaks to help the traders, especially the beginners, learn the ins and outs of the trading market.
Cons
- Membership fees: These fees help with keeping the chat rooms free from scammers and malicious users. Besides, as a general rule, don’t expect anything good from free services!
- Bad ideas spread quickly: Even though the moderators are always trying hard to control the chat system and eliminate false information, bad ideas can still leak out and spread quickly as well. So, make sure to make a fact-checking for suspicious data. You have a report option too.
What to Look for?
The best trading chat rooms on the market all have a few typical specifications and characteristics. There are some standards you need to follow before signing up in a trading chat room. Here is what you should look for:
- Efficient moderators who eradicate trolls
- Fair price for the provided service and experience
- Respect and civic engagement for different perspectives
Top 7 Trading Chat Rooms
1. Warrior Trading
Warrior Trading has one of the best chat rooms on the trading market, with more than 500,000 active members. It acts as a web conferencing platform in which the moderators and the various members (from beginners to experts) share their valuable information about the daily stock picks and trading opportunities. Besides, you will get access to free educational materials and services at an affordable price.
Moreover, the WT chat room is very suitable for day traders where they get daily watchlists, streaming stock screeners and valuable commentary from the platform’s top investors.
As for the service pricing, there are various packages: Month-to-month service for $197/month, Quarterly service for $149/month, and Annual service for $99/month.
The Warrior Trading chat rooms provide the members with the opportunity to explore the trades of the best investors and the most effective trading strategies, which, combined with the affordable price, makes this platform one of the greatest on the market.
2. Investors Underground
Investors Underground provides its members with multiple chat rooms and a massive library of tools to help them with the trading business, especially for day trading. Also, if you are a novice trader who wants to dig deeper into the business and learn the various aspects of trading, you will get access to a series of helpful free videos that cover the trading basics and strategies to become a successful trader.
When it comes to the membership plan, there are two groups:
- Investors Standard plan for $197/ month
- Investors Elite plan for $297/month
Both of these membership plans offer access to 3 chat rooms. Each one of these chat rooms is dedicated to a specific trading plan. Also, as an IU member, you will get webinars, a mentorship program with expert traders, and daily watchlists. When enrolling to the Elite membership plan, you will get access to a library of educational materials as well as weekly videos reviewing the various trading setups and decisions.
3. StockTwits
StockTwits is a messaging platform where traders can share ideas and tips on general stock market news or specific securities. Its layout is similar to the Twitter feed where you can jump between the different conversations and post short comments, videos, links, and GIFs.
StockTwits is completely free. You can sign up with your email address. Besides, you can pick the stocks you are interested in and put them into watchlists. After creating up your account, you can start scrolling between the different conversations and get more information from other users using hashtags (it imitates the whole Twitter experience, which makes it very easy to use).
However, as mentioned before, don’t put high hopes on free services! You can find a lot of trolls and scammers in StockTwits. Make sure to make a fact-checking more often. But still, it is one of the best platforms to start with the trading business. You will get a lot of useful information, and there are various users with different level of experiences sharing their thoughts and tips about trading.
4. Hashtag Investing
Hashtag Investing started as a chat group that used the Slack chat application, but it is now re-launching a new tool for forum posting, real-time chat discussions, easy filtering, poll creation, and searchable content. Besides, users can follow other investors, send direct messages, and create group chats.
Furthermore, there are various stock investors in Hashtag Investing with different perspectives and experiences, which makes it a diverse platform that provides its users with a full view of different strategies, ideas, and news.
It is totally free to join this platform. Also, there is a mandatory application form for new members to filter out spam and scammers. Once you are a member of Hashtag Investing, you can find great promo codes of additional beneficial services as well as other valuable trading information from different users.
5. Jason Bond Chat Rooms
Jason Bond has an excellent stock picking service “Jason Bond’s Picks” which made him a prevalent stock trader and he has been featured in Huffington Post, Forbes, MSN, and The Street. Also, he provides the greatest chat rooms on the market through his Millionaire Roadmap program.
This program is a personalized trading mentorship, where you can find Bond as well as three other trading experts teach, discuss, and even arrange meetings with the members (the meetups are restricted to members living in New York, Boston, Las Vegas, and Dallas). Besides, when enrolling to the Millionaire Roadmap program, you will get DVD training materials, daily text, and email alerts.
One of the program’s key points is the live screenshots where members can see exactly how trades are planned and performed. These features come with a high price (at least for most novice traders). The Millionaire Roadmap program costs roughly $8,000 per year.
6. ClayTrader
ClayTrader is a chat room service specially dedicated to technical traders and a day trading educational platform. It has various training programs in different areas with some free courses for new traders. In addition, ClayTrader offers a newsletter with daily scans and watchlists, live chat room with stock alerts, and a network to get in touch with the other investors with different level of experience.
When it comes to the service price, ClayTrader offers high content and service with a very low cost compared to any other platform. For only $99/year, you will get access to all the features of the Inner Circle subscription plan.
7. Trade Ideas Live Trading Room
Trade Ideas is one of the best scanning tools on the market. This platform is equipped with the latest technologies to help the traders get access to a lot more trading opportunities that any person can do alone. It is an interactive service using a computer AI “Holly” to find and execute trades.
Trade Ideas offers two subscription plans: premium and standard. The AI-generated trading strategies are only accessible via the premium plan. But still, the live trading chat room is free, and you will get a lot of useful content from various active users.
Verdict
Even though there are various trading chat rooms on the market, there is no one-size-fits-all package. However, you can gain the right trading experience and become a better trader in any of the chat rooms mentioned above. It is all about finding: the right chat room that aligns with your investment goal, the correct service that fits your style of trading, and a fair price for your needs.
