One of the best ways to improve yourself when it comes to doing your job better is to learn from other people who already know what they’re doing. This rule definitely applies for the penny stock market too. The entire concept of the stock market can get a little bit confusing, especially for new traders who have no idea where to start and how to handle the market.
That’s when you, as a new trader, are supposed to look for people that already have the necessary experience when it comes to trading, and pay close attention to how they do their job. If you want your learning experience to be as effective as possible, one of the best way to achieve that is by watching other people’s trading process live.
In this article, we will discuss the benefits of joining a penny stock chat room and whether it’s worth it or not, all of that with the sole purpose of giving you an idea of what to expect from one such experience:
Which Chat Room Do I Choose?
The first question that comes to one’s mind when hearing about this concept is: Why would I join a penny stock chat room? Well, a day trading chat room is an online platform where you can meet traders from all around the world and discuss your trading with them. In case you are still wondering how does that help you, think about it as a way of learning how to do your job better, by chatting with other people that do the exact same thing as you, or even watch them while they do it.
The thing about chat rooms is that there isn’t one out there that fits everyone’s needs. There are plenty chat rooms online that you can choose from, it just depends on your own style of trading and your personal preference when it comes to finding one that you can best adapt to.
In order to help you choose the best option for your trading activity, here are some aspects that you should consider before making that choice: your personal trading style, your availability as a trader, the amount of money that you have in your account and one more very important aspect: your technical and fundamental analysis skills.
What To Expect?
Like any other online platform out there, a chat room has a person in charge. When it comes to penny stock trading, the person that’s running that platform is what makes the difference between a good and a bad chat room.
If the head trader (or traders) of the chat room is not able to give the followers valuable information that they can actually apply and benefit from it, it’s pretty obvious that the chat room is not good for your trading activity.
When it comes to penny stock chat rooms, there are some numbers involved that you should really be aware of before taking the next step. One very important aspect is the number of head traders in a chat room. Some people might think that it’s better to only have one head trader who’s giving you guidelines and information when it comes to day trading, considering the fact that it’s harder to follow different trading styles from different people.
Other people consider that multiple head traders make a non-limiting chat room, where you can hear different opinions and observe different trading styles. At the end of the day, it depends on you to decide which of the two types of chat rooms mentioned above is suitable for you.
On a different note, there is another aspect regarding the number of people in a chat room. And here you have two options: you either create your own chat room with a small group of traders, or you pay for a service. In the first case, maybe you should limit the number of people in that chat room at just you and your group of traders.
But if you make the decision to actually pay for one such service, you might want to have access to a larger community of traders, because it can result in multiple opportunities to learn.
The final aspect regarding the power of numbers in penny stock chat rooms is the period of time that has passed since the chat room is opened. There are many traders out there that have a little bit of success and then they just decide to open a chat room and start teaching other people how to handle trading, but they don’t even have all the necessary experience to do it.
Beware of those people and try to look for traders who have been around for some time and are able to share their knowledge in the correct manner.
2. The Chat Room Noise
In the stock trading world, a chat room is considered to be a trading tool. You can even be an experienced trader with years of activity and all the necessary knowledge that is meant to make you successful, but it doesn’t really matter if you don’t use the right tools.
Now the next question would be: What makes a good chat room tool? Well, one of the most important aspects when it comes to this matter is to only get the information that you actually need when you’re accessing the chat room. Be careful to engage in an online platform where you can get minimal off-topic chatter, which in stock trading terms is called “noise”.
Make sure to avoid chat rooms that are filled with people asking questions all the time or talking about any other subjects that are not relevant for your business; you don’t want your attention to be drawn away from your job.
3. The Technology
We live in the digital era where everything needs to happen fast and with the help of our mobile devices. People are always on the run, always moving from place to place, so it actually became useless to use a software that you cannot access from your smartphone or tablet. Make sure you consider the technology behind the chat room that you use for penny stock trading.
You can actually take things to a whole other level and learn how to make use of the importance that technology has in today’s society. And by that we mean that you should definitely avoid slow, outdated chat rooms and look for advanced built-in features, like stock charts, video streaming, external alters or ticker tagging.
How Much Does It Cost?
When it comes to the costs associated to joining a penny stock chat room you definitely have to consider your budget, but there’s one more thing that you should keep in mind: the chat room value.
The thing with chat rooms is that you’re gonna get what you pay for. Of course, it wouldn’t be reasonable to pay a $1,000 subscription if you only have $2,000 in your account. But if you have to choose between a $25 per month subscription and a $100 per month subscription (and your bank account allows you to do that), believe it that there is a difference.
Timothy Sykes Chat Rooms
In the online trading world, there is one male figure that has really taken the industry by storm in recent years: Timothy Sykes. Timothy is a stock trading legend, known for the fact that he was able to turn a gift of $12,000 into more than $4 million by just focusing on penny stocks.
And the reason why we tell his story is that it is related to this article’s topic. After years and years of hard work and succeeding without question, Tim decided to share his stock trading knowledge with anyone who would be interested. So this is how the Timothy Sykes’ chat rooms appeared online. If you are one of Tim’s subscriber, you will receive an alert each time he trades, via mail or via phone and that’s how you can follow what he does, learn from him and become one of his greatest students.
One thing that should be mentioned about this subscription plan is that it works best for new traders, it is actually aimed at them. Timothy’s way of explaining what he does is easy enough to understand for everyone and that’s what makes it suitable for newbies. And even if you are a more experienced trader, you can still make use of Tim’s services, especially his alerts.
As a new trader on the market, you should focus on one thing especially: the tools that you’re using. People tend to focus on the type of laptop that they use, the type of stock trading software that they’re buying, which is perfect, but it’s good to take advantage of any other tool that might come in handy, like a stock trading chat room.
It is important to remember that there are a number of aspects that you need to consider when it comes to choosing a chat room that you will engage with.
Make sure to use an updated platform, that can offer you the best quality, know what to expect and make it worth it by investing your time and energy in an intelligent way, without wasting time and losing focus.
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.