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You may have heard of 'live trading rooms' and wondered what they were and if they could help you improve your trading results. In this article, we explain what a 'live trading room' is and how it works. When I first heard of a 'trading room', my first thought was of Dr. Alexander Elder's book, 'Come into my trading room'. That is the classic trading book in which Dr. Elder explains how he trades, shares his method of technical analysis and using indicators and provides step by step instructions on how he approaches money management and trading psychology. A live trading room is similar to the book, in that it is a chance to learn how an experienced trader approaches the market, understand their method of technical analysis and how they use money management. The key difference is that in a 'live' trading room, the presentation is not recorded or in a book format, it is live connection to the mentor's computer screen so that other traders can listen and learn in real time as the teacher analyzes the market and explains any trades that are entered or exited. A 'live' trading room is a connection through the internet, linking the mentor's computer with a number of other traders. The other traders can be located anywhere in the world. When I joined a trading room, the master trader was based in Australia, and other traders joined the connection from as far away as Greece and Japan. The connection allows the traders in the connection to see the mentor's screen as if it were their own. They are also able to hear everything the mentor says. Traders are able to communicate with the mentor and others in the trading room by typing messages. The mentor is able to show their charts using their usual charting package, show other presentations or even draw on a virtual whiteboard to explain concepts. The trading room may focus on stocks, forex, indexes or other tradable commodities. To setup a connection is easy and may require a small software download, but it is completed quickly. Trading can be a lonely business and when first starting out beginners can wonder if they are on the right track. A trading room allows traders to connect in real time with the guidance of an experienced trader leading the way. It is also used for traders to discuss strategies and confirm their own thinking with the mentor and the other traders in the group. I found that being able to ask questions and receive instant answers on the current market conditions and particular stocks was invaluable. A sense of community also develops as usually the same group attends the trading room and shares their successes and failures.

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Trading Rooms - Watch a Professional Trader  

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