Day trading sites are a popular place for the aspiring trader to get inspiration. Day trading sites and forums come and go, but there are a few that stand the test of time.
Here’s the short list in no specific order.
- Elite Trader
- Trader’s Lab (T2W)
- Futures.io (previously Big Mike Trading Forum)
- Forex Factory
Most are free and have thousands of people posting. It can be a lively environment. Here are a few considerations you may want to consider before signing up. For that matter, consider this before attempting to learn at any of these forums.
Disclosures: I have met instructors, mentors, and some fantastic people through these forums. Some have been instrumental to improvements in my trading career. Some of the trading resources that I use to this very day are sponsors at these sites.
I disclose that information to you for a simple reason. There is no denying that trading forums have been a large influence on my trading and my life path.
It is fair to think that the rest of this article is going to be a love fest. I don’t blame you for thinking it’s going to be highlights of only benefits of online trading sites. The fairness of an assessment does not prevent it from being incorrect.
So let’s take a balanced look at trading forums and what they can do for you.
Day Trading Sites – Tip #1:
Know your trading goal so you can target the information in your search.
Win or lose, everybody gets what they want out of the market. – Ed Seykota
This powerful quote provides food for thought for many traders, including myself. And it applies to your interaction with day trading sites and forums.
Consider that most forums are fee free. That’s from the money perspective only. Most forum members agree. Separating the proverbial wheat from the chaff can be challenging. Not only that, it’s always time-consuming.
Do you consider your time to be valuable? Do you consider it even more valuable than money? If so, trading forums are a costly way to improve your trading.
Finding the pin in the haystack that adds to your trading is becoming even more difficult. And the haystack is growing. The unfiltered mass of ideas grows by the second making it harder to find worthwhile ideas.
Day Trading Sites – Tip #2:
Know what you want from the day trading site that you visit so that you get satisfaction when you find it. Move on if you don’t.
Let me be the first to admit it. I had no idea what I wanted when I started reading and participating in my first online trading forum. Up to that point, I was a completely self-taught trader.
Supplementing my book knowledge is the only rationalized answer that I can give. And I can only share that in retrospect.
Answering this question is a problem because there is a lot you can take away from online trading forums. My criticism of the poor efficiency and effectiveness of learning trading stands.
Yet, I managed to get some large benefits from trading forums.
Trading forums also gave me:
- Feedback for my existing trading strategies
- Online and in-person interactions
- Interactions that widened my understanding of what is possible in trading
- The privilege of watching some stellar traders
- The ability to wade through the bloat which makes the good stuff so difficult to find
- Some of the funniest, dirtiest and most politically incorrect jokes that I have ever read
It is a whole lot, and I am grateful for the trader it has made me. My only issue is for aspiring traders who believe that it is the best way to learn to trade or become a better trader. I firmly believe that it is neither efficient nor effective.
“Beware what you ask for. You might just get it. It applies to trading too.”
Also, there is now an overwhelming number of forum participants who exist for one reason. They are there only to market their own products. That has made trading forums less desirable as well.
I have mentioned this in other posts. One trader’s keystone trading principle would create painful losses for a trader. It happens because of differences in method.
One trader’s strategic gold is another trader’s strategic garbage. Many traders don’t realize this simple fact. Unfortunately, many threads end up bloated with a repetitive back and forth. “Yes it is,” and “No it isn’t,” indicative of a kindergarten mindset fill page after page.
Knowing what you want may make the bickering tolerable. That said, your trading could most likely be better served elsewhere.
Day Trading Sites – Tip #3:
Use day trading sites as a setting for interacting with people who understand trading.
My trader training courses, articles, and client sessions place an emphasis on psychology. One of the considerations that I highlight is that trading can be a very solitary endeavor.
Do any of the following apply to you?
- Living in a big city with a decent trading club
- Belonging to a proprietary trading firm
- Already have friends who are traders and like to talk about the markets
If not, there are few outlets for talking about your trading interests.
Online trading forums can provide that interaction. And it can be a positive psychology boost. Trading forums can provide a nice break from having to explain the basics of trading over and over again.
It’s painful to argue that it’s not gambling when done well. It’s especially the case when others often have little to no interest in trading anyway.
Day Trading Sites – Tip #4:
So far this article has considered trading forums which have no definition beyond the trading focus. The more you understand the world of trading the more you can recognize how broad and varied it is.
In contrast, there are also product-specific support forums. These can get a fantastic source of information directly aimed at users of the same software.
Take NinjaTrader (my full review here) for example. NinjaTrader’s user support structure is a simple and very comprehensive online forum. Getting answers and ideas become an easy task because that forum exists.
“The more you understand the world of trading the more you recognize how broad and varied it is.”
Check to see if the trading software/services that you use have a support forum. They are a great source for quick answers and a gathering of traders who are using the same tools that you are using.
Trading forums offer a multitude benefits. You can get strategy input and the potential to find a mentor to inspiration and the psychological boost of being able to discuss trading with like-minded members – just to name a few.
The cons lie in the sheer unfiltered volume of information, the presence of vendors pushing what are often less-than-helpful materials and the time that it takes to wade through it all.
Whether spending time in trading forums is worthwhile is a personal consideration for each and every trader.
For more day trading techniques, tools & strategies, check out these articles:
- 3 Forex Trading Methods That Work
- 4 Essential Trading Software Tools For Day Traders
- Trading In India: #1 Strategy For Profits
Moreover, now you know how one trader considers day trading sites. And you can make a similar empowered assessment for yourself.
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