The whole concept of making money from the stock markets can be quite confusing especially if you are just starting out. But with a community of successful traders behind you, you can easily become a pro trader in a short period of time. One of the best ways to connect with a community of experienced traders is through day trading chat rooms.
A day trading chat room is an online platform where traders from all around the world meet to discuss their trading activities.
But with so many chatrooms in town, it takes time to find one that can mold you into a better trader. So, to help you find the best option for your needs, here are the top 5 chat rooms to contemplate.
Top Chat Rooms For Day Traders in 2021
1. 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. With that said, it’s great to see that the pioneers of artificial intelligence (AI) in online trading, Trade Ideas, also have one of their own. What’s more? It’s free to register and access the platform.
Having signed up for it, we can confirm that it’s pretty easy to get on board this channel. In our view, though, the entire chatroom seems more suited for mobile access than desktop access. The service is provided via the Omnovia interface which is well-known for hosting HD webcasting and web conference content.
Barrie Einarson and his team of moderators do a good job of ensuring that the conversation remains relevant and civil. However, you have to keep in mind that this is a free-for-all kind of chatroom and despite all the measures put in place, chances of bumping on a troll are still high.
In terms of value, our view is that you’d be in luck to access this chatroom for free. Trade Ideas services don’t come cheap and getting a piece of this experience at no cost should feel great. And who knows, as more and more users sign up to the platform and necessitating the need for even more professional moderation, they might just start charging for it (to ward off the trolls, you know).
2. Investors Underground
Investors Underground by Nathan Michaud tops the list of the best chat rooms and for many good reasons. To start with, it has been around since 2008 and is considered one of the biggest chat rooms on the web. Secondly, the chat room is home to more than 1000 pro-traders who scan the markets and share their best trading ideas in chat and in real-time. On top of that, it encompasses experienced and successful moderators with different trading styles such as Eric Wood and Tim Grittani.
Additionally, the platform offers three different types of chat rooms including OTC, Momentum and Swing chat room. However, to access any of the above chat rooms, you are required to subscribe to one of the platform’s plans.
Basically, the momentum chat room is the most vibrant of them all and for many varied reasons. First off, the moderators in this chat room don’t allow off-topic chats during market hours. In addition, it includes multiple traders and moderators who transmit trade alerts to the chat room for other members to take action.
OTC trading chat room is one whose activities vary based on the market activity. For instance, when there is little going on in the OTC market, you won’t spot major activities in the chat room. Here, you will find moderators that are accustomed to OTC trading such as oil gusher, OddStockTrader, and bbstock.
As far as the swing trading chat room is concerned, it is perfect for traders who like trading using technical analysis. Also, if you don’t have the time to watch stock movements all day, it is a great place to get trading alerts. The platform is run by Michele Koenig who also has his own service known as Tradeonthefly. He usually shares annotated charts and various trade ideas with members.
3. Warrior Trading
Warrior day trading chat room is owned by Ross Cameron who also doubles up as a moderator. With over 5000 members, it is one of the biggest chat rooms for day traders out there. It is also very active with around 1000 members actively participating in the chat room’s daily activities. Basically, the service focuses on momentum trading.
Like other chat rooms, Warrior Trading has a couple of moderators including Ross Cameron, Mike, and Jeff. Ross usually provides traders with market live commentary every morning as well as mid-day recap with Q&A during the lunch hour.
As a member of the chat room, you will receive a watch list of three to five stocks every morning that have big winning potential. In addition, Ross does a great job of explaining the analysis and set-ups of all the stocks in play in the chat room.
Similar to Investors Underground, it caters to the needs of beginner and experienced traders. To access the chat room, you can choose to either subscribe to the monthly, annual or quarterly plan. Most traders tend to subscribe to the annual plan because it is more cost-effective.
4. Timothy Sykes Chat Room
Timothy Sykes is a well-known day trader in the online stock trading world. He has been trading penny stocks for many years although his trading style has since evolved over the years. Timothy runs a chat room through his website called profit.ly together with a few moderators. One of the moderators is his millionaire students Michael Goode who is also an active trader with some great calls, especially during the day. Unlike Tim who is not very active during the day, you will always find Michael around.
One thing that sets this chat room apart from other services like Investors Underground is the fact that it focuses on finding larger trades. Basically, you will receive trades with more than 10% gains every day so you have a chance of trading profitably. This is despite not being as active as you would expect.
As a subscriber of Tim’s chat room, you will only receive alerts every time he trades so you can learn his unique trading strategies. Alerts are usually sent via email or phone which makes it easier for any subscriber to take action in good time. This kind of alert model ensures that traders don’t have to sit behind a desktop throughout the market hours.
Compared to some prominent day trading chat rooms, Timothy Sykes’ service comprises a lot of new traders. As a result, it is a bit noisy. The good news is that you can choose to block out the noise if you would like to just follow the moderator’s posts.
5. Day Trading Academy
Let’s face it – even the best-made trading indicator may fail. And so if you’ve been looking for a way to trade without indicators then you probably need to give thought to what the Day Trading Academy (DTA) platform has to offer.
Basically, DTA is a platform that encourages you to master the art of reading naked candlesticks directly. This way, you become more of a price action trader since you’re required to trade purely on the activities taking place on the marketplace at that very moment.
As you know, most software programs are designed to rely on historical data to make projections. Unfortunately, no single indicator will punch your ticket to market riches and that’s because there’s a lot that goes into trading.
To be a successful trader, you need discipline, a healthy trading psychology, and risk management skills. And those are the skills that DTA seems to lay emphasis on.
Their tailor-made course can be broken down into 3 phases namely the beginner, intermediate, and advanced phases. And if you feel you have what it takes to hang out with the pros, you can always apply for the Pro Phase which is availed exclusively to a select few traders.
Founded by Marcello Arrambide in the late 2000s, DTA boasts a wide global presence spanning 5 continents and 110 countries. Marcello is a firm believer that some of the trading software programs and indicators are absolutely unnecessary. Having lost more than $25,000 in different software programs, he decided that he was going to focus more on what matters the most – learning how to keep up with the changing market dynamics.
So, DTA is different in the sense that it doesn’t seek to sell you some software programs. Instead, it seeks to provide you with an opportunity to sit down and learn.
Of course, that means you need to spend quite some time to finish the first three essential phases of learning before going live. This program may, therefore, not be the best bet for anyone who wants to trade part-time or anyone who isn’t patient enough to take the stairs instead of the escalator.
6. Fous Alerts
Founded by Cameron Fous, Fous Alerts is one of the most relatively easy to follow chat rooms. Cameron is a renowned day trader with more than a decade of experience trading the markets. His trading style is simple and is heavily based around reading chart patterns and technical analysis.
Inside the chat room, members can see Cameron’s open position on trades in a different tab as well as his trade alerts. The platform also includes moderators such as Michael Spinosa and highly experienced traders. You can watch these moderators in a virtual environment as they place their trades and ask them all kinds of questions.
Similar to other chat rooms, the service can only be accessed once you subscribe to either the monthly, annual or quarterly package. But to make the most out of the service subscription, traders are advised to follow the platform’s FousTV. At FousTV, Cameron shares his screen and even explains the reasons for entering a particular trade in real-time.
7. Bulls on Wall Street
Bulls on Wall Street is yet another great chat room for day traders that provides its subscribers with transparent trade alerts. The service is referred to as Bulls vision and was launched in 2008 by Kunal Desai who is a day trader. Like Investors Underground, most of the trading is primarily based on technical analysis.
What’s more? Trading strategies used in the chat room are explained clearly in the boot camp course which is what sets the service apart from the competition. In addition to that, the platform provides subscribers with access to Desai’s charts, live cam feed, and various indicators during the market hours.
Inside the chat room, stock alerts range from cheap small caps to expensive large caps so long as there are price action and momentum. But probably the best part about the service is the fact that anyone who is a member of the chat room can post their trades and interact with Desai directly. You can also message Desai and his team privately in case you have questions.
As if that’s not enough, the platform enables Desai to communicate his thoughts through audio, video and chat room messages. Trade alerts are also time-stamped and detailed with the stock price, action, and size. This makes it easy for members to concentrate on Desai’s trades and ignore the noise.
While there are so many day trading chat rooms out there, there’s no one-size-fits-all package. However, with any of the above-listed chat rooms, you can acquire the right trading experience and become a better trader. So, it all comes down to what really works best for you.
Blake is a self-made online day trader with a knack for adventure. On his free time, he loves reading and learning new methods in the trading as well as improving his jiu-jitsu skills. He currently resides in New York City.