How a Trading Room Can Help You, and What to Avoid When Looking for One
There is one simple truth behind every successful trader that aspiring traders miss out on.
Successful traders stick together and trade in groups.
Go visit any professional trading desk and you’ll notice there are multiple people doing the same job.
They are trading different strategies, different products and looking for different things.
But when the opening bell rings they come together to collaborate, share opinions and ideas and grow as a community.
If you want to be a trade just for isolation purposes, I suggest taking a vacation instead.
Because to be a profitable and successful trader you need to join a community, a trading room with other like minded individuals.
How do you choose the right trading room environment?
Here are some considerations.
How a Trading Room Can Help You – What to Look For
1) Community Learning Environment
The first thing you want to find is a trading room that is a community. You want to be in a group of like minded traders.
But also you want to be in an environment that has better traders than you and traders that are newer than you.
Because a true community is full of people that can help you AND people that you can help.
True learning happens when you actually teach others!
You should look for a trading room with a supportive community of members that respect themselves and other members. The room should have a purpose and drive to be helpful and inspirational to you. You should feel excited and empowered.
Like our trading room.
Every day we focus on empowering and helping our members, as well as analyzing markets and finding live trading opportunities.
However, the first and foremost goal is to grow and profit as a collective, as a true team.
2) Sampling the Market – Find out Professional Market Sentiment
One other reason you want to be in a trading room is to be able to sample the market opinion. If you are in a room full of traders with diverse opinions, you are in good position to read the entire market sentiment.
No matter how far out a trader’s idea is, no matter how different, it can be helpful to you if you keep an open mind.
Being in a trading room will identify new opportunities, new challenges, new areas of growth and development and more.
In the business of trading, if you are not growing you are on route to losing.
3) Product Expert Advantage – Be an Expert on Multiple Markets
This point is similar to the last one.
If you are in a trading room with traders who have expertise in different markets, it’s like YOU HAVE that expertise also.
As an equities trader, if you are looking for a short opportunity and the bond expert doesn’t think the US 30 year bonds aren’t going to rise – you have a discrepancy.
If the gold trader also thinks gold is about to drop, it may be time to reconsider. Various opinions can act like your trade qualifiers and disqualifiers. This is a massive advantage and benefit.
The bottom line is this, the more depth and width the trading room product experts have the more likely you are to succeed for the long term.
In our trading room for example, we have multiple traders who specialize in every product you can think of. This is the TRADEPRO edge – we trade whatever moves.
What to Avoid AT ALL COST When Searching for a Trading Room
Just like there are reasons to gravitated towards a trading room, there are reasons to absolutely avoid one also.
1) Trade Signals – Looking to Copy Trades
This is by far the biggest thing to avoid when looking for a trading room.
If you are looking to just copy someone’s trades, you are NOT a trader. You are just a client with money looking for someone to manage it for you.
There are many solutions on the market that can help you with your goals for a lower emotional and financial cost.
Trading rooms that broadcast their signals are a massive no-no for me.
First, because the moderator can make a “trade call” to get long something and if the market is small (like penny stocks) you following the trader will actually create the rally.
Who do you think is selling as you’re buying to mirror the trade?
The moderator who was long before they provided the signal.
I strongly discourage anyone from looking to outsource the most important part of trading – the execution component.
You will never see that in our room for a good reason. We teach you how to fish so you can feed your family, not just provide you a fish once in a while.
You are who will be responsible for your success, and YOUR trades are the best trades for YOU.
2) Chat Room – Is There Value or Just Banter?
The second aspect you should clarify is whether the trading room is just a chat or a working group?
Do traders in there trade, or are they just making loose commentary and voicing opinions?
You do not want to follow anyone’s opinion who does not have any skin in the game, that’s the bottom line.
If you are just looking for banter and entertainment, ANY mainstream “business news” channel can provide that for free.
Heck, that’s about all they provide.
In our trading room, we are trading focused and analyze multiple markets. We get multiple traders opinions and outlooks who have live positions.
3) Price Commitments and Long Term Contracts
Never sign up for a trading room that asks for a payment up front.
One of the best aspects of trading is the freedom based lifestyle.
Companies which offer high priced contract products don’t understand the benefits of being a trader. What are the chances they understand how to trade inside the room?
Now I’m sure there are exceptions, and if you find one you feel in sync with that charges a lot feel free to ask for a trial first. Don’t just jump right into a massive commitment without some research and due diligence. Treat it like a trade, do your research and then decide.
The charge is monthly, there are no commitments, contracts, cancellation fees or hassles.
We even offer a 14 day money back guarantee!
Trading Room Conclusion
When it comes time to choosing a trading room, remember that there is NO best option.
Trading rooms are not a one size fits all solution. There is a best option for you, but not one for everyone in general.
Our trading room is geared towards serious traders who want to learn how to become professionals. We are not gamblers, trade signal generators or just here for fun.
In our trading room we make a living trading daily and take care of one another like family.
We refer to ourselves as the TRADEPRO Family and we invite you to join us.
Whatever option you choose, just make sure you feel like you fit in the community.
Don’t try to fit in on purpose. Once you’ve found the right place to call home you’ll know.
I hope to see you inside our daily trading room so I can introduce you to the rest of the TRADEPRO family.
The information contained in this post is solely for educational purposes, and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable to your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.