How to Find the Best Trading Chatroom

Thu Oct 29, 2020, 01:26 pm | by Delaney | No comments

A common tool many traders use is chat rooms. Chat rooms are great because it is a way to connect with other independent traders, get trading ideas, have market discussion, and more. There are a ton of trading chat rooms out there, each with their own price, rules, and style.

This guide will help you determine which chat room out there is the best for you.

Why Use Trading Chat Rooms

Day trading chat rooms are a great tool for new and experienced traders alike. Many day traders work independently, so chat rooms are a way to communicate with other traders. 

Reasons to join a trading chat room depend on where you are at in your trading journey but include: 

  • Education: If you’re new, it’s a great way to learn from other traders, from general discussion, indicators, and more. Even if you are a more experienced trader, there is always something new to learn from other traders.
  • Ideas: Chat rooms are a great way to get trading ideas from other traders. However, don’t just take trading ideas and run with it. Do the research necessary to make sure it’s a solid trade idea. 
  • Information: You can’t be keeping your eye on everything. Other traders will be looking at different information than you and calling out things that may not have caught your attention. 

Ultimately, you want a trading chat room to add value to your trading routine.  

What to Look For in a Trading Chat Room 

There are so many chat rooms to choose from. It’s important to think about what you’re looking for before subscribing to a chat room. Additionally, many chat rooms have free or low-cost trials, so it’s a great way to get a feel for the room and see how it adds value to you.

A few things to consider when looking at chat rooms include: 

  • Price: You won’t find many great free day trading chat rooms out there. After all, someone has to build the chat and moderate it, right? You need to weigh the pros and cons of the membership fee before subscribing. Chat rooms that have a fee also tend to be better about weeding out trolls.
  • Moderators: Who is the moderator? Do they effectively weed out trolls, or do they sit on the sidelines? How active are they in the chat room? 
  • Style: With so many chat rooms out there, you want to make sure the chat room is tailored to your strategy. That way, you’re chatting with other traders who trade like you. 
  • Community Support: Are you able to freely ask questions if you have them? 

Benzinga Pro’s Chat Room 

With your Benzinga Pro subscription, you get access to the Benzinga Pro chat. There are several active rooms to choose from, depending on what you’re looking for, and you can use as many as you want throughout the day. 

Several members of the Benzinga Pro team are active in the chats to add to the conversation and moderate.

Chat rooms include: 

  • Benzinga Pro Lounge, a general chat room exclusive for subscribers.
  • BZ Day Trading, for day trading idea generation and discussion. 
  • BZ Options, for discussion on options trades
  • BZ Pre-Market Prep, to watch the Pre-Market Prep Morning Show each morning 
  • BZ Pro Community Support, to ask and answer questions about Benzinga Pro
  • The Strat, for discussion and education on The Strat setups. This chat room is also led by the founder of The Strat, Rob Smith.  

Click here to start your free, two week trial of Benzinga Pro to try out the Benzinga Pro chat rooms and everything else the platform has to offer!