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The Great Stock Pix website offers a live trading chat room in which members become part of a team that trades on a daily basis. The website also offers a day trading course for anyone who wants to learn day trading or improve his performance. I have had many people tell me this chat room/ site is mostly for more advanced users.
Many stock-picking websites are based on the trades of one guru. Oftentimes, visitors will find the guru’s Facebook profile is of an 18-year-old. This does not instill buyer confidence and often does not lead to the best results.
What makes Great Stock Pix different is trades are based off a live trading chat room. It’s like an investment club but fast-paced with immediate results. Members don’t pool their money, they just take and give tips. All investing is done through each individual’s separate brokerage account.
Before getting into a bunch of cool-sounding day trading slang, it’s best to at least understand what day trading is. The idea is to buy a stock that will move up or down on the day. There needs to be little difference between the bid and ask price of the stock and it should be easy to sell or buy the stock.
The stock should trade quickly. If a seller puts a stock on the market, and no one buys it then he will have to lower the price or let the trade die. When a stock is trading at high volume, there is a greater chance of making money from a trade.
The more volatile a stock is the better, meaning the price of the stock is changing a lot. If a stock price does not move, it’s hard to make money from trading it.
Finding out which stocks to buy is an important part of day trading. It can be time-consuming to research companies, international markets and stocks. It can be much more efficient for an individual to work with a group to pool information about day trading stocks.
Day trading relies on relatively small movement in stock prices on average. Predicting a stock’s next move may be the most important part of day trading. It is crucial for a successful trader to have a plan for a stock’s intra-day future.
Patterns are what make candlestick charts so useful. It sounds simple to say a trader wants to buy low and wait for a stock price to peak and sell. Many factors going into predicting such a spike in price.
One aspect is the prior high of the day. This can give a trader a clue as to what a stock price may do in the near future. The shorter the time period a candlestick pattern measures the more accurate it will be in predicting the future, assuming that’s the only factor, which it is not.
A volume spike on a candlestick is another favorable indicator. Not only will it be easier to sell a stock, there is a good possibility of a price change. The number of open orders and size of those orders also are important indicators for a stock in day trading.
There are several strategies traders use to trigger a sell. Some of them are riskier than others because they a partially based on luck. For consistent profit, scalping can be a good way to go. The trader just waits until the trade becomes profitable and sells. This is not a time to be greedy.
Probably the most valuable tool for avoiding ungainly losses is a stop-loss order. A trader sets a bottom for a stock price in advance of trading. If the price drops to the stop-loss level, the order automatically kicks in. The problem many traders run into is when they override the stop-loss.
Great Stock Pix is not a program for shadowing someone else’s live trades. The basis for day trading the website promotes are trade setups. These are strategies used to buy and sell at the best times.
Successful day trading can be more about predicting trends in stocks prices than business operations. A day trader looks at how a stock price has performed in the past and tries to guess how it will move on the day.
The trading setups Great Stock Pix teaches often are based on candlestick charts mentioned earlier. There are three physical parts to a candlestick.
The top wick or shadow represents the highest price of the day. The opening or closing price can be on the top wick. The bottom wick or shadow represents the lowest price of the day. The opening or closing price also can be on the bottom wick.
The candle part of the candlestick is called the real body. It represents the stock’s price range for the day. Traders look for patterns in candlesticks using a variety for time frames. The chart can be based on hours, days, week or whatever.
By using trade setups, traders can avoid making emotional decisions and losing money or making less money than possible. Great Stock Pix has videos explaining several trade setups, and the site continually comes up with new setups based on market trends and experience.
Like the stop-loss order, sticking to a trade setup is almost always the best way to go. Trade setups exist because they work most of the time. Dropping a setup midstream may work once in a while, but usually it will not.
Live Trading Chat Room
Every chat room needs a leader. Mike, whose chat room handle is GSP, shares his live trading screen with the group and talks through his trades. During the live season, Mike talks through his current moves based off the daily watchlist.
The rules of conduct for the chat room are detailed and strict. This keeps the discussion focused and creates an environment for making money and sharing ideas. Members can ask questions in the chat room.
There is specific terminology Mike and other members of the chat room use to discuss trades. Most of it is for the purpose of brevity. It is recommended new members use paper trades for the first couple of weeks in the chat room. It is imperative that traders understand candlestick charts.
The daily watch list is posted on the website before trading opens, and there is a video discussing the watch list posted on YouTube the day before open. It’s pretty easy to guess how many people are following the chat room based on the views of the watchlist videos.
The website warns visitors day trading is risky, and it is easy to lose money. Even if a trader follows a trade setup correctly, he still could lose his investment. Like with most investments, there are not guarantees of success. If there were then everyone would be doing it.
As with any investment there are pros and cons to joining the live chat room.
- Live trade setup instruction
- Real-time trades
- Actionable stock information
- Lots of lingo to learn
- Candlestick charts
- Fast paced
Becoming part of a trading community can provide support, motivation and education. As with most educational events, the more you get involved, the more you learn.
Chances are day traders will not find a pot of gold in the chat room every day. A tip is just a tip. Properly executing a setup takes more than a tip.
Day Trading Course
Chances are those individuals interested in day trading have been watching CNBC and reading Google Finance online. Those resources offer news and a fair about of hype. Even for short-term investing, the information available from news outlets will be too old to qualify as actionable. The stock market moves quickly.
Today’s stock investors and wannabe day traders have at least one online stock brokerage account and hopefully, a fast and reliable internet connection. Most of the trading education available on brokerage accounts such as E*TRADE is generalized and little more than a glossary of investment terminology.
It’s important for an investor to know how his brokerage functions and what its service limits are. Moving up to successful day trading requires a greater commitment than just knowing how to place trades.
The day trading course covers just about every aspect of the process including how to set up trading screens to be able to react to the market in real-time. The pace of day trading can be exciting and fun, but without a good understanding of all aspects a trader can lose early and become discouraged.
Playing around with online trading simulators after reading summary explanations of trade setups can be a frustrating experience. it’s just not that easy. The Great Stock Pix day trading course shows students how the best setups work and why.
The course goes into how traders find the right stocks to trade and when to trade. There also are guidelines for getting into the right mindset and avoiding slumps. The classes are live, but they also are recorded. Students can rewatch recordings whenever they want and learn at their own pace.
The course includes are trade tracker, so students can examine their trades and receive feedback after the course. By combining the course with the live trading chat room, traders can move onto profits without missing a beat. It’s easy to contact instructors to get advice and help.
There are many advantage and disadvantages to paying for an online day trading course.
- Day trading walk-through
- Easy to get answers
- Mentor trading feedback
- High upfront cost
- No refunds
- Requires commitment
Part of what students can learn from the course is how to handle their internal demons. Humans have habits, emotions and tendencies. It is through self-analysis that a trader can learn to control his trades and avoid silly human mistakes.
It’s great to learn by making mistakes as long as they are not too costly. It’s even better to learn from other people’s mistakes. Traders gain experience with time, but education can accelerate a trader’s trip to market wisdom.
There are three pricing plans for the live trading chat room. Members can pay by the month, by the year or buy a lifetime subscription. There is no auto-recurring arrangement like on Amazon Prime.
New members can try out the chat room for one day and cancel, if they don’t like it. If a member signs up for one month but decides to upgrade to a lifetime membership within the first week, the one-month fee applies to the upgrade.
The day trading course is available for a one-time fee and can be combined with a lifetime chat room membership. There are no refunds on the course. Members can pay for subscriptions with PayPal, debit or credit card.
All the plans are relatively expensive, so a would-be day trader probably should try to learn on his own before signing up and at least doing paper trades and some low-volume, real trading before committing. Successful day trading is not a part-time endeavor. It’s easy fantasize about winning early in the day and taking a nap. That scenario usually does not happen.
All traders have bad days. Sometimes, the market just sucks, or a natural disaster ruins the market. Having a solid foundation of day trading education and experience will get a successful trader through rough times.
Students should not be fooled into thinking they will win back the cost of their subscription in a week. It could happen, but that would be beginner’s luck. That kind of luck can set up more unrealistic expectations.
Anyone who wants to make money on the stock market and is willing to commit the time and energy required to do well, should check out Great Stock Pix. The live chat room is an excellent place to pick up on new trade setups and find out hot stock tips.
Not everyone learns at the same pace or through the same methods, the day trading course at Great Stock Pix in flexible enough to provide a good learning experience for most students.
Great Stock Pix: Review
Summary: The Great Stock Pix website offers a live trading chat room in which members become part of a team that trades on a daily basis. The website also offers a day trading course for anyone who wants to learn day trading or improve his performance. I have had many people tell me this chat room/ site is mostly for more advanced users.