Why Joining a Trading Community?
Dr. Brett Steenbarger, a trading expert and psychologist, and the author of great trading books such as The Psychology of Trading and The Daily Trading Coach, once wrote:
“There is no question in my mind that, if I were to start trading full-time, knowing what I know now, I would either join a proprietary trading firm or would form my own “virtual trading group” by connecting online (and in real time) with a handful of like-minded traders.”
Trading alone is difficult and can be emotionally overwhelming.
It is beneficial to join a community of traders and ask questions, talk to them if needed, learn new methods and strategies, get some hints and alerts about the stock market, and also make your own contributions. I personally trade in my chatroom with some of my friends, family and traders who want to be part of our community. We can talk to each other and everyone can view my live screen and platform and watch how I am trading. It is a fun, interactive environment, and we all learn from each other.
I frequently answer questions from other traders, and if there is anything I’m not sure of, I will ask other traders. There are some experienced traders in our chatroom that I learn much from, and we tip each other off about potential good trades and setups. By joining the room, you will benefit from both watching me trade and hearing my responses to questions people have, including your own questions. Don’t be shy to ask! If you join me, you will see that quite often I lose money. It is always a good feeling to see that losing money is not just limited to yourself, but that everyone, including experienced traders, have to take some losses. It is part of the process.
There are many chatrooms that you can join on the Internet. Some of them are free but most of them require payment. Of course, you are welcome to join our chatroom and see my screen in real time while I am trading and explaining my strategies. I would be happy to have you in my room.
It is extremely important to remember, however, that if you are in any community of traders, either our chatroom or the dozens of others that are out there, you should not follow the pack. You need to be an independent thinker. Generally, people change when they join crowds. They become more unquestioning and impulsive, nervously searching for a leader whose trades they can mirror. They react with the crowd instead of using their minds. Chatroom members may catch a few trends together, but they will also get killed together when trends reverse.
Never forget that successful traders are independent thinkers. Simply use your judgment to decide when to trade and when to not.
We have the real-time Benzinga breaking news feed integrated with our chatroom, free to all of our members. As soon as any important company, stock or overall market news comes up, our room is the first to know! Many of our members have been able to take actionable trades from the news alerts generated in our chatroom by Benzinga!
Time:
Mon – Fri; 9 am – 4 pm Eastern Time (New York time). We observe the NYSE market trading hours and calendar found here.
Topics Covered/What You Receive:
- Access to Andrew’s and other moderators trading watchlist andTrade Ideas scanners for finding daily and real time Stocks in Play
- Andrew’s and other experienced traders plan (if-then statements) before the market Open
- How to find potential trading opportunities
- How to find intraday support and resistance levels
- Watch Andrew and others trade live and listen live to their thought process for each trade
A World-Wide Community!
Picture above shows from where our traders have logged into the chatroom!
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