Chat Room & Education Questions
How do you rate the quality of a chat room?
- Quality of Chat Room Alerts
- Frequency of Quality Alerts
- Credibility of Chat Room Posters
- Chat Room Experience & Functionality
- And more..
Will I make money if I join one of the services?
Are all chat rooms and education services scams?
If these guys are such good traders, why do they run services?
Why is your review positive and another negative (or vice versa)?
Perspective, preference, and experience. It’s the same reason one of your friends loves his new iPhone and the other thinks its garbage.
No company has 100% positive reviews, especially in an industry with such a high failure rate. We outline our experiences with the services we review and welcome others to do the same. Our reviews are designed to be unbiased. We evaluate companies on their quality and their ability to deliver on what they promise.
What is the benefit of paid courses over free education?
There is a ton of great material available for free on the internet, but a lot of it is disorganized. Premium courses can add structure to your education. It’s the same concept as higher education. Nearly every lesson in a college textbook is available for free online. You’re paying for the curriculum.
How do I know which chat room is best for me?
- Chat room cost relative to your trading capital (i.e. don’t spend $2000 on a chat room membership if you have $4000 to your name)
- Chat room teaching style (i.e. do the main instructors provide lessons that resonate well with you?)
Many of these service providers also have free content on YouTube and social media so you can get a taste for the service.
Which broker do you recommend?
How are Stock Brokers rated?
- Mobile Options
- Customer Service
- Short Lists
- Account Fees
- And more
We do our best to review each broker based on its main appeal. For example, a day trading broker may have higher monthly fees but better short lists and routing options. A discount broker may have slightly better commissions but inferior software. We take these factors into account and make recommendations accordingly.
What are some of the main differences between brokers?
- Fees – Commissions, account fees, routing fees, platform fees, etc.
- Tools – Trading platforms, mobile platforms, research tools, etc.
- Features – Short lists, leverage, locate services, etc.
How do I know which broker is best for me?
For example, if all you care about is commission fees, choose the broker with the lowest commissions.
If your strategy is based around short selling, choose a broker with better short lists.
General Day Trading Questions
How much money do I need to day trade?
It’s recommended to have at least $5,000 to start (more is better). Can you trade with less? Sure, but it will be difficult. Smaller accounts will get eaten alive by commissions. Do yourself a favor and save up some capital. In the meantime, you can focus on your trading education.
Can I day trade part-time?
If you are attempting to trade part-time, tailor your strategy around your schedule. You may decide to trade market open or market close, or you may choose to hold positions for a few days at a time.
What's the fastest way to get started with day trading?
The fastest way to learn is by dedicating the time. The following strategy can be helpful:
Learn – Study as much trading education as possible until you feel prepare to place trades.
Test – Apply your newfound knowledge in a paper trading account. See how your strategy would have worked if real money was on the line.
Repeat – This is a never-ending process, even for experienced traders. Of course, the “Test” step can eventually transition from paper trading to real trading when you are ready.
How much can I expect to make from day trading?
The first question you should ask (albeit rhetorical) is, “can I make money trading?” Many traders fail, so achieving any level of sustained profitability means you’ve outperformed most traders. As for how much you can make, it depends on the trader, the strategy, and the portfolio size. There is no definitive answer.