- Editor Rating
- Rated 1 stars
- Really Bad
- Millennium Traders
- Reviewed by:
- Published on:
- Last modified:
- ValueEditor: 25%
- QualityEditor: 25%
Millennium Traders offers a wide variety of Chat Room and Training Tools for traders of every skill level. High monthly price. Nothing really sticks out as unique about Millennium and due to its older look it falls behind other services in my opinion. Also seems to be quite a lot of not so great things about them out on the internet. With the large amount of services to choose from. I would choose elsewhere.
Millennium Traders is a service for stock day trading online. Designed for traders of all levels of experiences, the site provides a variety of real-time day trading services as well as in-depth tracking services, personalized instruction and other helpful resources.
The following review covers all the aspects of Millennium Traders service, with a special emphasis on their stock day trading room (which is their most popular service). Is Millennium Traders a good choice for stock day trading? I took a thorough look into all of the services, and imagined how both veteran and novice traders would find the features and customer service.
Will Millennium Traders help you achieve your financial goals in day trading stocks online? How easy is their service to use? How helpful and knowledgeable is their team of day trading experts? Check out my complete review below:
Live Day Trading Rooms
Members have unlimited access to the four Live Trading rooms. Stock Trading is the most popular, but you’ll also find a robust community for Futures, Forex and Options. In each trading room you can watch a trading expert conduct trades in real-time. Their job as moderators is to signal when a move occurs while there’s still time to take action. In the chat room, you can also connect with other traders of all levels.
At the close of the markets, Millennium Traders helps you analyze and assess the day’s trading. They provide a detailed report on Trading Room Performance. MT also provides a Commentary on the day’s news – both financial and otherwise. Check in each day to see “What Made the Cut.” Here’s a look at the main Performance Tracking page for members:
Other Trading Services
They also offer a nice variety of additional day trading services and information including Chart Settings, Economic Calendar, Free e-Books, Training Programs, Weekly MarketNews and Market Commentary. Some of these services are also available via the site’s RSS feed.
This section is geared towards those who want to learn more about trading in general and Millennium Traders’ policies specifically. Online day trading certainly carries risks, and MT wants to make sure their customers understand how online day trading works.
Members have two separate areas. The sign-in on the left takes you to the Live Trading Areas. These are active when the markets are open, which is typically weekdays from 8 am to 12 pm EST. This is where you’ll go where you want the Live Trading Signals and real-time Trading Guidance.
The sign-in on the right takes subscribers to the Free Chat Rooms and the Members Area. These Chat Rooms have no trading signals. But they are a great way to connect with experts and learn more about day trading. These Chat Rooms are actually free and open to the public (although access does require email verifications).
The Millennium Traders Founder and Team
There are two general categories I consider when selecting a day trading platform. They are the technical experience and the people in charge. I’ll get to website functionality in a moment but first let’s take a look at the MT team.
Barry founded the Millennium Traders in 1999. Bringing more than 30 years of trading experience to the company, Barry is the Head Stock Trading Room Moderator. He also provides personalized training through the Training Program.
Also a founding member, Jeannie is the primary Administrator of the site as well as the Moderator for both the Futures and Forex Trading Rooms. She has over 30 years of experience with online day trading.
Here’s a look at the rest of the entire team:
They’re a relatively small team, but I find that to be a huge plus. Each individual brings specialized expertise to a particular aspect of online day trading. Plus, with a small team, subscribers end up with attentive, personalized service.
Live Day Trading Rooms
This is where the action takes place. You’ll watch the experts make live trades in real-time throughout the entire trading day. Here’s a sample of the Live Trading Room:
The main screen is dedicated to real-time trade information. The professional moderator will do most of the chatting, providing real-time analysis of his or her investing strategy. They’ll tell you what stocks they’re Watching for Short, Watching for Long and other movement indicators.
As with all online day trading, the Chat Room is filled with symbols and jargon. This can certainly be confusing to the new day trader. Fortunately, Millennium Traders is welcoming to new users.
In the top left, you should see “Click Here for Open Positions.” This shows all currently open positions in the Live Trading Room. When Expert Moderators close positions, they’ll disappear from the Open Positions window. When new ones are added, you’ll see them automatically in the same window.
Of course, subscribers are encouraged to chat, too. Note that off-topic chatter is very much discouraged. This is a fast moving chat dedicated only to the immediate day trading.
Trading through Millennium Traders is only available from 8am until 12pm Eastern Time. Afternoon trading on the NYSE has a significantly decreased Trading Volatility when compared to the morning traders. In order to stop returning back trading profits, Millennium Traders recently decided to stop allowing overnight trades
Trading Tools and Education Resources
There are a variety of educational tools for subscribers including:
- Current Market Commentary
- Economic Calendar
- Performance Tracking
- Weekly Market News
There are also active forums where both subscribers and moderators can discuss all aspects of day trading. Here’s a sample of how the forums are organized by subject:
Members also have access to Daily Performance report for each type of Trade. This is a great way to both analyze the market’s earlier actions while also developing a strategy for the next trading day. For instance, he’s an overview of one day’s Future’s Performance:
Additional information, including expert commentary, is also available. These daily Performance reviews are also archived. Even if the reports are old, there’s a lot of great information about general trading trends to be found.
Subscription Plans and Prices
When it comes to subscription plans, Millennium Traders has a ton of options (pardon the pun). You can purchase subscription plans which give you access to:
- any of the individual Trading Rooms (either Stock, Futures, Forex or Options)
- all of the Trading Rooms
- individual Training Programs (also either Stock, Futures, Forex or Options)
- two Trading Rooms of your choosing
- three Trading Rooms of your choosing
- one-time Chart Settings
- one-Week Trial Subscription to individual Trading Rooms
Most of these plans are available in monthly, semi-annual and annual plans. You’ll save more in the long run if you purchase a longer subscription.
As always, however, I never recommend jumping into the deep end. There is plenty of free material available on the site so you can get a feel for the site. I really liked the one week trial subscription. Each room can be accessed for $30 apiece, which gives you unlimited access for seven days.
The most popular feature is their Stocks Trading Room. Here’s the price structure:
- Price structure provides a ton of options. You only pay for access to the Chat Rooms and Training Materials you want.
- Trading Rooms specialization helps you zero in on the trading topics you care about while avoiding those you don’t.
- Price can be expensive. While the a la carte menu is great if you only want some services, it’s not ideal if you want it all. Access to all Chat Room and all Learning Resources will cost you several thousand dollars a year.
- Canceling any subscription plans requires notice 72 hours before the next billing period. This isn’t an issue if you’re committed to a long-term subscription. If you’re only using the one-week trial, however, you’ll want to carefully keep an eye on the cancellation deadlines.
- Website is cluttered. There’s a lot of information on the website, but it’s not organized very well. The home page has massive lists of features, some of which even overlap. Once you know your way around, navigation shouldn’t be a problem – but be prepared to look around a bit until you become familiar with the site’s layout.
Is Millennium Traders Worth the Money?
This is a bit of a tricky question to answer. If you want access to all the services offered – every chat room, educational tool, chart set and training program – then Millennium Traders will cost you several thousand dollars a year.
This might be worth the price, but only if you make a lot of money using the MT services. I’m not entirely sure what they offer is all that better than other, similar day trading platforms which cost significantly less.
However, the Stock Room Trading plan is a different story. This plan gives you 24/7 access to their most active room. Stock trading occurs from 8am until noon EST every Monday through Friday when the markets are open. Membership is $300 a month. This is certainly more in line with the average price for other day trading platforms.
At $300, I think their Stock Trading Room has a lot to offer. The Chat Room is easy to use, even during times of high traffic. Plus, the helpful, expert team offers actionable trading advice.
There’s also a One Week Free Trial so you can try the services out for yourself with no financial risk:
The Free Trail includes one week of unlimited access to:
- Stock Trading Room
- Future Trading Room
- Forex Trading Room
- Options Trading Room
Each free trail includes only one of the rooms mentioned above. If you’re unsure which room to choose, I recommend the Stock Trading Room. This is their most popular room.
Millennium Traders has a lot to offer. So much, in fact, the site can appear busy and cluttered. But underneath some crowded design elements is a busy, active platform which has a lot to offer to both amateur and experienced day traders.
Their unique pricing structure makes them a bit too expensive for the average trader who wants every single service offered.
*Reputation and trustworthiness are everything and it seems that millennium traders LLC is located at the same address and run by the same people as waveside entertainment llc which I will let you look up for yourself…
Have you done any day trading using the Trading Rooms and other services offered by Millennium Traders? Share your thoughts on this platform in the comments below:
Millennium Traders: Stock Trading Review
Summary: Millennium Traders offers a wide variety of Chat Room and Training Tools for traders of every skill level. High monthly price. Nothing really sticks out as unique about Millennium and due to its older look it falls behind other services in my opinion. Also seems to be quite a lot of not so great things about them out on the internet. With the large amount of services to choose from. I would choose elsewhere.