Hello everyone I'm new here. I was just wandering if there were any good live forex chat rooms around that anyone is using. It doesn't matter to me on rather or not it is a paid or unpaid service. Honestly I would like to weigh both options. I have been looking for a couple of days now and cant find one that is decent.
There isn't one. Moneytec.com (the original) or Trade2win used to have a chat room that was off the hook, tons of people trading and chatting. It was awesome, for whatever reasons they closed it. I have yet to find one with more than a hand full of people and gave up. You could start one and have a link from a thread you start.
I really doubt it very much indeed. It's pretty difficult to imagine why there would/could/should be, and what any people from whom you'd beneficially and reliably learn anything would be doing in them. That's not, of course, to say that it's impossible ever to learn anything useful in any live forex chat room, but overall, as a method of "learning"/"benefitting"/"improving", it's not easy to think of worse approaches, really, when you look at who the people are who have set up "live forex chat rooms" and why they've done so. (I'm not talking about forum-owned chat rooms ... though I don't really know any, anyway). Key concept: overall, the traders from whom you can learn the most, and benefit the most by interacting with, are generally not people trading spot forex - and there are good and valid reasons for that.
Ok thanx. Its difficult to understand why there aren't reputable forex chat rooms available that can help. Especially if its a paid forex room where only the serious traders can meet. That seems like it would do more good than harm.
You need to explain in detail what type of forex chat room you're looking for beyond just saying upaid or paid service. For example, I'm going to briefly list a quick summary of forex chat rooms I know today and each type caters to traders with different needs in comparison to other traders without naming/providing links to specific ones. 1) Chat room - Simple and just a bunch of folks talking about "anything" related to Forex currencies. Most conversations just about politics, economic government news or literally chit chat junk that you see at any typical forum (e.g. EliteTrader.com) 2) Trading room - Notice the difference in the title between 1) and 2) ? Forex trading rooms are different than Forex chat rooms. I don't think I need to explain how they are different but just in case you thick between the ears...I will. Trading room mainly consists of members posting real time trades or posting real time analysis. They may or may not have a head trader posting trades too but the users (members) do post real time info. 3) Journal room - Those using the room are posting their trades for personal reasons...to document their own trades as if it was a trade journal. Very similar to any trade journal you would see at the discussion forum like ET has @ https://www.elitetrader.com/et/forums/journals.29/ In these types of journal rooms, users may not even notice trades/analysis posted by others. Many actually don't care what the other person is doing. Simply, instead of posting your trades at a forum like at the above link...you post it at a chat room usually under better moderating (I will explain later the use of the word moderator) environment. Most free chat rooms fall in one of the above categories and I strongly believe when chat rooms first begin...they fell into the category of 1) or 3) until the dot com days showed up with the 2) and next category listed below. 4) Paid trade room - This involves mentoring or signal callers by those that believe you can teach someone to trade via online. I don't believe in such nor recommend mentoring this way (online) but this is where many problems occurs when traders get 1), 2) and 3) mixed up with 4). I mean, there are people trying to use 1), 2), 3) as a poor substitute for 4). They walk away very not satisfy to the fault of their own for trying to use a 1), 2) or 3) for something else that it was not designed nor advertised as...a 4). For example, I remember when this forum (ET) had its own chat room. In its early days...it was just 1)...a chat room for members to talk about the markets, politics or whatever. Yet, there were a handful of members that were trying to use it as a 4). Results...lots of arguments, threats, debates and so on...traders challenging others to show up in the chat room and post their trades for all to see. ET's chat room became very difficult to moderate (ooops...there's that word again)...too many people using it for too many different reasons. ET owner eventually got rid of the chat room and has no plans of starting another one after multiple requests by members to start a chat room again here at the forum. This is why I say that you need to explain what type of chat room you're looking for because it will also tell yourself what type of chat room you're really looking for. P.S. There's a growing number of idiots out there that are mixing the words moderator with head trader. Similar to the same idiots that refer to ET forum moderators as head traders...its just wrong. A moderator definition is simple...he/she keeps the peace between users, deletes bad posts or bans if necessary. More often than not, they are managing the forum with the owner because the owner can not read & see every message posts. This is a growing problem I see in Forex chat rooms...the 1) types than any other type of chat rooms (e.g. Eurex Futures chat rooms). P.S.S. I highly recommend you make online friends and just create your own chat room that's specific to your needs. Yet, impossible to do if you're looking for the 4) types. wrbtrader
I think (perhaps because you're unaware of the reasons underlying it?) your reasoning there is ignoring the point made above that "serious" traders, collectively, are not trading spot forex.
That statement is completely false, the spot market is massive, dwarfing other entire markets being traded by whale traders. You're generalizing an entire market that couldn't be cornered, even by some of the wealthiest if banded together- for more than a couple minutes. From Wikipedia, the free encyclopedia A foreign exchange spot transaction, also known as FX spot, is an agreement between two parties to buy one currency against selling another currency at an agreed price for settlement on the spot date. The exchange rate at which the transaction is done is called the spot exchange rate. As of 2010, the average daily turnover of global FX spot transactions reached nearly 1.5 trillion USD, counting 37.4% of all foreign exchange transactions.[1] FX spot transactions increased by 38% to 2.0 trillion USD from April 2010 to April 2013.
Thanks, Paul - I'm well aware of that (being an institutional trader, myself, as well as a former forex trader). Those are not, however, the people running "online forex trading rooms" (nor would they typically be allowed to anyway, under their NDA's) - those running "trading rooms" online tend to be professional marketers (albeit pretending to be professional traders), which is what I was trying to warn the OP about. I expressed myself badly, certainly, and should probably have prefaced my comment with some qualification like "among forum/website/online trading discussions in general ...". Thanks for prompting me to correct that.
No one used the chat feature. You would only have two guys talking about Sweet and Sour beef and Porsche 911's. If you like trader forex chat rooms so much...you should consider inventing one of your own. Draw traffic. Sell ads. Live happily ever after. Whatever money you make from trading...is just gravy on the side.