Day trading is an excellent way to get on the road to financial independence and boost you out of a terrible, gray-cubed soaked day job. But lots of day traders lose money on their first forays into the market. Not all of them had a free chat room to rely on as a boost to their day trading education. And while the trend in the day trading education industry is moving away from completely free chat rooms to super-discounted chat previews, the value is still there.
Free chat rooms are an excellent way for day traders to get involved in day trading and see what the industry is like before jumping with both feet. Day trading chat rooms are places on the Internet where longtime, veteran traders mix and mingle with novice traders, calling out positions and commenting on the market throughout the day.
For an aspiring day trader, free chat rooms are fantastic places to learn the lingo that is necessary to succeed as a day trader. You can run down a vocabulary list that features float, spread, yield, margin and other exotic stock market terms. It is much more valuable to see those terms used every day and in context.
Free chat rooms also provide day traders with a chance to interact with others in their industry. Most day traders are stuck in home offices, without colleagues or office mates to bring social aspects to their days. Day trading can sometimes be a lonely business.
If you want to be a profitable day trader, you need to get yourself an education, before you start risking real money. Taking day trading classes, learning the techniques and the strategies can be valuable, but seeing them put into action and narrated by veteran traders can be even more valuable. How would you know how to interpret a momentum trade on a biotech penny stock that starts gapping up in the morning and then spiking after the bell rings, without experience traders around to tell you about it?
Beyond just the free chat rooms; you want day traders to be able to practice their skills in a simulated environment before actually trading real money. Many day trading education organizations give you the chance to do paper trading before you get out into the regular market. That means that you can trade with virtual currency in a simulated trading environment that mimics the real market on a daily basis.
Couple that with free chat days and you can really make a dent into your lack of day trading knowledge.
Warrior Trading has flipped the script on free chat days. Instead of one free chat day on Mondays, you can grab 5 days of chat room access for only $5. The value of that is not hard to see. There are 3,000 regular chat room members and thousands more pass through on a daily basis, so the collective day trading intelligence housed in the room is enormous.