Here are some of my recommendations on the most useful chat rooms and resources available to you as a trader. I have mixed in a few for just about every type of trader, whether you are looking to do swing trading or day trading.
Profit.ly has some of the best online trading materials and chat rooms. I honestly think they are unrivaled when it comes to quality of content for new and experienced traders. With that said, here are my top recommendations.
For the day trader....
I recommend Nate Michaud's chat room; Investors Underground. It is seriously the best, most active chat room on the internet. Most chat rooms, for lack of a better word; suck! The IU chat room is moderated and is the best resource for ANYONE who is looking to make a career as a day trader. How it works is Nate has the IU "scans" and this is simply his evening homework for the next day. The homework allows you to come to the trading day with an actual plan, instead of making random decisions when the opening bell sounds. The scans tell you what to look for the next day and have a plan when the market opens up, and a plan when the market opens down.
In addition there are webinars hosted every week that recap the previous week and look ahead into the following week. There is also a service within the Investors Underground chat room for swing traders. It is hosted by an experienced swing trader named Michelle. She is one of the top verified traders on Profit.ly. The swing trading chat room, as you can imagine is less active as most are in the day trading room, but for those of you who have full time jobs, this would be where you could hang out.
If you're interested in making an additional or full time income trading, this would be my most recommended service.
Late last year Nate made a training video called "Textbook Trading" that has since sold many copies and added many traders to his chat room. It was one of the products I recommended in a blog post and quite a few of my members purchased it. The DVD is 8 hours long and goes through just about everything you can imagine when it comes to day trading. Nate talks about how he plans his entire day, from when he wakes up, to when he goes to sleep. He shows you what type of computer he uses and his entire trading setup. There is a TON of content that will show you how to go long and short on stocks, or as he calls it "Textbook setups". The DVD is my recommended starting point for anyone wanting to actually learn what to look for when trading. The DVD gives you a phenomenal starting point and takes the random out of trading. What I liked most about the DVD is that it has so many examples. There are multiple examples showing every set up he talks about and he goes into detail explaining the setup and the variations of it. If you can only get ONE product, then this is what you need to get!
For the longer term trader, or swing trader....
I recommend Superman's alerts. Think of Super Alerts this way.... You have to remodel your entire home and don't know how to do it. You can afford for someone to remodel it for you, and so you save yourself hours upon hours of time for something that you didn't know how to do, didn't want to do, and had a professional do it better than you could even if you tried. That's exactly what Super Alerts is; a service that performs research for you. Superman is a very experienced trader who reads 10k and 10Q filings from cover to cover. He spends hours upon hours doing research on stocks looking for the next winner. His service has been extremely HOT recently and he has picked a handful of huge runners. For anyone who is looking to be "less" involved in trading; this service is for you. You have a professional doing ALL the research for you and giving you alerts. I would get on superman's service if this is something that sounds appealing to you...and it should!
For a mix between being an active and passive trader....
I recommend Tim Sykes, the man himself. Before I say anything about Skykes' products and services I need to clear up a few things. His services are NOT scams!!! There is absolutely nothing scammy about it. He has a proven track record, and has proven that he can make someone into a millionaire. Those who fail are welcome to blame him, but he will not be the one responsible. He definitely has a not so great wrap on the internet due to his marketing techniques of show boating, but so what? If the guy can teach you how to trade and make you rich, why should you care? He is actually a very nice guy, and his products and subscriptions are worth considering because he has solid material.
With that out of the way....
Penny Stocking Silver is my recommended service from Sykes. For a measly $99 a month you get access to over 1500 trading videos. You really can't beat that deal. To me that is the highlight of his service. Of course you get access to a chat room and daily alerts, but more importantly you have an abundance of learning opportunity. You can learn to become a trader and not a sheep through his service.
This is the least expensive service you will find with this quality, both education and alerts/chat.
Lastly, my recommended Sykes product has to be Penny Stocking and Penny Stocking Part Deux. It has the best starting point for anyone looking to get into trading and for experienced traders who are looking to expand their knowledge and strategies. The level of complexity gradually increases as the instructional DVD progresses.
His most interesting product, however; has to be "Learn Level 2". If you don't know what level 2 is, it's the "tape" or order flow that you can see on your trading software that shows you buying/selling and size. Being able to read level 2 quotes is extremely important. Level 2 alone won't make you into a successful trader, but understanding what is going on with level 2 is a must! The concepts are of course broken out into the easy stuff at the beginning and then the more complicated topics are shown towards the end. I have to say, I don't know if there is any instructional series or lesson on reading level 2 quotes out there right now, or at least this is the first I've ever seen. I recommend you get this at some point in your trading career, or if you feel like you're ready to learn level 2 quotes; get it NOW.
Please email me through the contact form on the “contact” page if you have any questions.