The Live Trading Room

Addressing the Trader's Psychology

2010-06-16T17:00:00.001+01:00

Often, the greatest obstacle preventing trading success is the trader’s own mindset. Emotions and egos specifically can lead the trader to act irrationally, recklessly opening or closing a position in an attempt to validate their presuppositions. Overconfidence; misshapen beliefs; and tunnel vision each represents a flawed mindset that if left unaddressed leaves the trader at the mercy of pure chance. As such, going against the rational self leaves the trader highly susceptible to risk. As a trader it is imperative that you learn to recognise your own limitations and take action to address these as necessary.

Identifying an Appropriate Trading Style

Whilst the trader’s psychology can result in action that is detrimental to the value of their trading account, the trader’s mindset can also enable them to identify a trading style that most adequately addresses their own deficiencies. Indeed, divorcing oneself from their emotions entirely is unrealistic. Instead of attempting to block these human nuances, the trader should instead use these as a tool for their own development, ensuring that, over time, they can learn to distinguish when the market is producing genuine signals, and when it is simply the trader’s own ego that is blinding them to the realities of the market.

Addressing Trade Experience with a Live Trading Room Platform

Herein lies one of the greatest strengths of a Live Trading Room service. In following the trading decisions of an experienced trader, the user can validate their own thoughts and opinions against those of individuals more practised in the art of detaching themselves from their emotions. With time and experience, traders can learn to suppress their egos, ensuring that trading positions are entered into as and when the markets produce genuine signals. By contrasting their own thoughts and opinions against those of the trading room’s host, the user can learn to identify where their interpretations of the market are deficient, and take the necessary action to address these shortcomings.

Gauging Trading Performance in your Live Trading Room

Remember that even the most experienced of traders may from time to time experience losses. When trialing a given live trading room platform, make sure that the room’s host does not become emotional or aggressive having posted a losing trade. Such a response to a negative outcome may suggest that the host has yet to truly conquer their ego, which may in turn raise a warning sign that the host may adopt irrational positions in the market; the invariable outcome of which will be losses.

You don’t have to be superhuman to learn to trade. You do however need to accept that to be successful, you must learn to control your emotions. Learn to do this, and you are well on your way to approaching the markets with rationale and logic.

The Undeniable Appeal of Trading Experience

2010-06-14T17:00:00.002+01:00

Undeniably, one of the greatest appeals of the Live Trading Room platform is the capacity for these tools to tap the the experience of professional day traders. Ensuring that market knowledge is comprehensive yet accessible, the live trading room platform is an indispensable tool for those that wish to leverage the experience and wisdom of more advanced traders in their own decision making process. With trading becoming ever more popular amongst an increasingly diverse client base, trading knowledge and experience has quickly become an asset whose value rivals even that of the financial products being traded.

Leveraging Trading Experience through your Live Trading Room Platform

Live trading rooms are the most effective methods for employing the knowledge of more experienced traders in your own day to day trading. Through practical application of the trading education relayed through the platform, platform followers can learn how to read entry and exit signals from financial charts whilst emulating the room host's positions. Typically, this information is presented both visually and audibly, through such channels as live charting tools, a written commentary stream, and live trading support.

Verifying Trading Experience

Whilst the educational value of the trade information presented through the room is undeniable, it is important that you establish the room host's past performance. Often this information will be presented on the site. The historic data is often a strong position from which to gauge the trader's past performance, and to establish whether previous gains may be replicated into the future. Alongside a room trial, past performance data is an invaluable means of establishing whether a Live Trading Room service could benefit your trading.

The Live Trading Room Trial

2010-06-13T17:00:00.002+01:00

Whilst the value of a Live Trading Room service is undeniable, you should ensure that the structure of the platform is such that you can easily deploy the insights gleaned into your own trading. With many of these platforms relying upon 'off the shelf' meeting and conferencing software, it is imperative that you test any Live Trading Room service before committing yourself to a subscription with the provider.

Trialling a Live Trading Room

Similar to several other tools facilitating online trading, many live trading room platforms offer a trial period prior to purchase. Use the trial period to identify the strengths and weaknesses of both the live trading room platform, and of the trader hosting the room. Ensure that the service enables you to easily and efficiently understand which financial products the room's host is commentating on, and that any additional trading education resources; including charts, audio updates, and Q&A features; are an asset to your understanding of any market movements.

With trials ranging in length from 3 to 14 days, the insights gleaned into both the live trading room platform and the broader trading room service can be both a useful and profitable experience.

Better than your average Forex Signal Service

2010-06-12T17:00:00.003+01:00

Live Trading Rooms frequently draw comparisons to trade signals services, with many wondering whether the two even differ. Indeed, I myself have often been asked at financial trade fairs and events whether the product I am championing differs if any way from the mechanical signals which have existed within the industry for years. Whilst the comparison is understandable, I consider the two to share a greater number of differences than similarities.

Distinguishing the Live Trading Room from Trade Signal Services

In my eyes, the main difference between the Live Trading Room and a trade signal service also happens to be the former's greatest strength. Whilst signal services routinely rely upon mechanically derived entry and exit signals, Live Trading Rooms typically rely upon the knowledge and experience of professional traders. Whilst the benefit of mathematical equations and formulas in establishing market direction is undeniable; notably in the field of Technical Analysis; the data points that these tools provide often fails to address the more human aspects of market movements. It would be naive to assume that the information gleaned through such methods could be removed from one's trading entirely, however it is equally important to realise that this data alone offers little benefit without an understanding of the underlying meaning.

Developing Trading Knowledge through your Live Trading Room

This is where trade signal services tend to fall short. In relying solely upon mechanical data, the entry and exit signals offered through these services provide little understanding of how and why signals are elicited. Whilst this does mean that a novice trader would be able to deploy the resultant signals within their own trading, there is little opportunity for knowledge development. With many signal services raising hundreds of signals a week, the lack of understanding about their composition means that the trader is forced to blindly enter the trade with little awareness of how it could progress.

Live Trading Rooms on the other hand incorporate both technical data and human experience into the information conveyed. By enabling professional traders to share their knowledge of the financial markets, Live Trading Rooms ensure that users benefit from trade signals which have been prefiltered to avoid trades which are likely to result in losses. At the same time, the trading room's host will often provide a realtime analysis of both the markets, and their thoughts on such considerations as developing price patterns. By introducing the room's users to such concepts whilst enabling them to emulate the trades raised through the room, the Live Trading Room model ensures that followers can conduct more informed trades whilst developing an understanding of how market movements occur. The ultimate outcome is a 'win-win' situation in which the trader can comfortably develop their own trading ideas whilst benefiting from the successful trading of others.

Introducing the Live Trading Room

2010-06-11T17:00:00.002+01:00

Whilst the attraction of trading has seen a significant rise in the number of trading accounts opened in recent years, the absence of relevant knowledge is often a considerable impediment to the realisation of successful trades. Those same trading companies that enable the individual to trade often fail in their duty to provide their users with adequate trade education materials, meaning that once the user has deposited their funds, they are often left to fend for themselves in the often brutal world of the trader. The Live Trading Room industry has arisen in response to this obvious knowledge deficit.

The Live Trading Room - An Unbeatable Tool for Trade Education

Delivering realtime trading knowledge and experience, the Live Trading Room is the latest trading education tool for enabling more informed trading. Enabling professional traders to impart their insights on trading, these Live Trading Rooms are unique in that they acknowledge the critical importance of human involvement in the decision making process. Unlike the information gleaned from electronic signal services, the information conveyed through the Live Trading Room platform is an amalgamation of trade information and educational content; ensuring that followers can engage the markets with confidence whilst developing an enhanced knowledge of how to trade.

Living the Trading Room Experience

In combining both text, image and audio tools, Live Trading Room platforms enable the user to receive an unparalleled insight into movements within the market. In effect, these tools enable the user to 'look over the shoulder' of the room's host, ensuring that they too are able to follow those factors which are moving the markets. With these trading rooms frequently delivering trade information pertaining to those trades which the room's host has themselves opened, the user is empowered to deploy the data conveyed into their own trading, should they so wish.