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Step 5: visiting online chat rooms

I also like to monitor chat rooms during the trading day.

Usually I simply put the stocks that are mentioned in the room into my own charts in order to determine if they are interesting using MY criteria.

There are a few good chat rooms out there but be aware of the “bad” ones. A good chat will not only provide you with profitable trades but also offer education and an exact explanation of why the trades are entered. A “bad” chat room will simply tell you “enter now – exit now” without you knowing why. They often trade stocks that are moving way to fast. Don’t even attempt to make a profit in a room like this. It is simply impossible to follow someone else’s scalp trades.

Interesting chat rooms:

http://www.tradingfrommainstreet.com
http://www.millennium-traders.com
http://www.realitytrader.com

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