Once those "hot tips" get posted to a board or into the channel...you're already late. Better to find and trade them on your own (imo). But if you're starting out and trying to learn, then my experience is shelling out a little cash for a few months in a good room can help you gain knowledge and, in the long run, might save you some money (i.e. capital). unfortunately, I'm not up on where the good ones are these days.
I used to use IRC 6 years ago. A lot of good traders. These days, I guess it's all spread out to different places. I see a few rooms on Paltalk. some of them are password protected.
I started out in niha's room good room , niha is like one of the few traders who can consistently trade futures profitably. I have left since I stopped trading futures but pop in once in awhile see whats happening. The best benefit you can recieve from a chat room, is to watch the real time trades get posted, When you start out , you will notice all your posted trades won't be making money while all the experienced traders will be posting up profitable trades, trade after trade. You also won't be taking as many trades, because you'll look pretty retarded posting 10 consecutive losing trades. At least I felt that way Another benefit is the discussions of course. Sometimes things get discussed, shit you won't find in books. Real applicable information. Its good motivation to step up your game.
Dude, You need to make up your mind! One minute your a retired private fund manager and you only trade 1 contract of the ym and now your an active professsional trader. Does it take all your attention to trade one contract of the YM? :eek:
Agreed Steve, I am pissed at myself. I missed to good trades reading elitetrader and surfing the net!