Sometimes I get asked by people if there is any chatroom that is any good. This is a very personal thing, a good room for a trader might be terrible for another. I can only talk about a room service that I use and that I learned a good amount from. Its the “Investors Underground” chat, I have been a member since 2014. There are a number of good solid winning traders there (E1CN, OzarkTrades and lx21 are excellent traders there), some long biased and some short biased. Sometimes they trade small caps, sometimes ETFs, sometimes bigger caps. Mostly, their niche seems to be small cap stock universe.
But the good thing is that in their service, there are actually 3 rooms. One for intraday momentum trading, one for swing trading and one for OTC stocks. These days I mostly hang around in the Swing room (I’m Bulrathi there, if you see me, feel free to say hi or ask questions). I’m currently working in transitioning from day trading to swing/position trading for lifestyle reasons and I’m learning a great deal by observing other swing traders kicking around ideas.
A room service is not to be used as an alert system where you immediatly follow other people into trades, its hard to make that style work because you always will get a worse price than the person you are following. Its more to observe how good traders think, manage trades and make decisions. Through observation you can develop your decision making by building a database of situations which you can then use in the future.
Its a tool that I find very useful for beginning and intermediate traders.