Once, long ago, shares and securities were traded on a trading floor where traders would shout at each other and through sign language sell millions of dollars of securities in minutes. It was exciting to see and gave traders a real sense of how the market was moving. Today, of course it’s all done digitally. Some people have replicated this online through what are called live trading rooms where people gather through chat software to trade.
Many people think that live trading rooms are critical to helping develop skills as a trader. They provide immediate feedback, networking with other traders and the chance to learn from various individuals with different experience levels and trading philosophies. It also gives you the opportunity to participate with others in the emotional highs and lows of trading. Some live trading rooms offer proprietary information about trading patterns and formulas that can give you the trading edge you need to make your first profit while also mentoring you and providing a unique educational experience.
These rooms can help you bridge your lack of experience by learning from some of the industry’s best traders, saving you time and avoiding losses. One of the reasons many new traders struggle is because of the lack of expert role models and professional mentors that can help them avoid trading pitfalls. When you are trading alone at home with no accountability or guidance, you can struggle to find ideas, have no support system and will often make obvious mistakes. A live trading room is a great place to connect with like-minded individuals that can give you advice and help you achieve success through their example.
Not only is it a great place to get professional advice from experienced traders, but it’s also a community where you can meet other traders and bounce ideas off them. It can speed up your learning curve and become a profitable trader faster.
Some of the features of live trading rooms include the following:
• Real quotes and real trading results posted, including all losses. Details of entry prices, stops and targets are all posted.
• Real people making real trades; these rooms do not contain actors or marketers, but actual traders making actual trades.
• Education on various topics is offered.
• A community approach to learning trading.
• Real trading activity is shown with 5-10 trades in the room per day at least.
