Sunday, 2 February 2014

Chat Room Reviews - More In-Depth

            Don't have time to research stocks and just want to know which small cap and penny stocks to watch from an experience investor? Trading by yourself is cool as is, but doing research takes incredible amounts of time that's why trading alongside other people and being able to discuss your thoughts and ask questions is a really beneficial thing for a day trader and should be an option for you to look into. I could make it without chat rooms but I would have missed out on so many opportunities and also would have a much more boring time during trading hours (I guess long-term investors don't have these problems). Starting off especially, I learned that some of my thoughts were on the right track but I was missing pieces of information that other gurus helped me fine tune and become a better trader.
            You have at your disposal, many free stock forums or subreddits ( like /r/investing, but the response times on these are much slower, and as a day trader, especially in the penny world, everything needs to be quick! This is why I prefer to talk real-time.
            Personally, I am subscribed to TimAlerts and a friend of mine is following Superman's picks so we get the best of both worlds while we're trading. The great thing about these two is that they provide you with watch lists, lessons, chats, and many more tools that can help you become a better trader. TimAlerts is cheaper, which is a huge plus for most beginning investors, but with Superman you get more picks and they do very well so that's the reason that they're more expensive. I will, however, say that Tim's lessons are a lot better than Superman's and that is why I recommend you either join TimAlerts, Pennystocking Silver, or SuperAlerts, and just stay away from Superman's more expensive package.
            In the chat rooms, Tim will announce that he has purchased a stock. This is not a moment to blindly follow or you will lose money. So what's the point of subscribing? Well, if you're subscribed to his Pennystocking Silver, you get video lessons that teach you how to wait for set ups. When Tim posts a pick in chat, you have to understand that he had to put that order in first with his broker, he then has to confirm the price he got in at with the market order, and then he has to post it to chat. With his position size, by then, the stock is already at a different price because penny stocks are so volatile. The trick is to understand his strategy, discuss with people in chat any possible set ups for bounce plays or break outs, any intriguing small cap stocks to watch, and then essentially be Tim and put your order in with your broker.
            I probably haven't mentioned this before, but when trading stocks, you will need to have Level 2 quotes. The price of these pink sheets changes so fast, so often, that you need real-time data or you'll sink. Check with your broker or check out a free trial of Prodigio. Any questions? Post in the comments.