Many live forex trading rooms these days are too cluttered with unnecessary information. They cause more detriment to a trader instead of helping a trader be more profitable. I have went around to scout multiple live forex trading rooms and came to the conclusion that hardly any out there are worth visiting because of these reasons :
I tried going to some of these live forex trading rooms to discuss my ideas and my goodness, it was horrible. Everyone there had huge egos, were loud mouthed, couldn’t care less about your opinions and it seemed more like a wet market instead of a focus live trading room. Most of the time, what you say would naturally disappear within a couple of seconds without anyone paying any attention to it. This is obviously not good for anyone as you only listen to the person who makes the most noise instead of the person who contributes the most.
Here at The Forex Army, we have a very clear ranking structure. Everyone knows if you’re a demo trader, live trader or a pro trader. On top of that, we have very clear rules that have been set out that governs our live forex trading room. Among the rules are that no one should discuss any idea that has not been pre-approved by The Commander – this is absolutely essential as we do not want random people strolling in and spamming the room with their strategies. Whilst we agree that there may be profitable strategies out there, it has to pass our vigorous testing requirements held by The Commander who does all the due diligence is ensuring the strategy is profitable before letting other members use it. So instead of going from every trader going “This is my idea!”, it goes towards “This is an idea from strategy A that has been proven profitable and here’s a very good setup I have found that could make us good money”. Now, isn’t that much nicer to the ears?
There is one big problem that these live forex trading rooms encounter that we do not at The Forex Army. That is structure. A lot of these trading rooms are just inviting people from all over the world to come and share their ideas – but you know what they say : empty vessels make the most noise. A lot of these traders come with their own indicator baggage and unload it upon everyone. They use all sorts of indicators, all sorts of systems and there is no quality control at all. It is almost everyone is speaking in their own language. The result? You end up with a live trading room with a hundred and one different ideas from people who do not know how to trade. The worst part? They’re all shouting at the top of their lungs in different languages.
Here at The Forex Army, we have a very standardized and structured way to determine the quality of ideas. We use a conviction grid to determine how good an idea is based on how many elements it fulfills. The more boxes are checked, the better the idea is. Think of this as our form of quality control in ensuring ideas submitted all go through the same vigorous testing process.
A problem with most of these live forex trading rooms is that anyone can submit an idea without worrying about the repercussions of whether that strategy is profitable or not. This lack of accountability can be very detrimental to others who decide to act on the idea’s advice and trade off the idea. You can liken it to a mine field. There’s only one clear and safe path you can take. However, instead of helping each other decide how to get to safety, all the traders are setting their own land mines for each other. That is exactly how a team should not work together. Sadly, this is exactly what is happening in most live trading rooms.
Here at The Forex Army’s live trading room, we hold every trader accountable to their trading ideas. We encourage trading ideas to be submitted and even reward traders who submit profitable ideas. Every trade is tracked from opening to closing and we encourage traders to monitor and make adjustments to their trades as the market progresses. Every time an idea is updated, it is automatically displayed in the live forex trading room so traders who are following it can take note of it. We celebrate trades which have reached their profit target and analyze trades which have hit their stop loss. We work as a team and there is no shame in having losing trades – it is an opportunity to improve.
There can be many reasons why people have trading rooms. Community, chitchat, generating millions of ideas, boost one’s ego and the list goes on. At the core of this trading room, and what I call the Commander’s intent, is for traders to be profitable. Everything designed is to help you become a profitable trader. The strict rules we have on strategies, the idea conviction grid, the tracking of ideas in real-time, the focus on good risk : reward and the proper ranking structures all go into ensuring that we run an organized, structured and highly efficient trading room.
So whilst we welcome everyone to join our live forex trading room, be reminded that this place is like the Command Centre of our army. You have to obey the rules or risk getting banned/kicked out. Conduct yourself with professionalism. Every word you speak is listened to so pick your words well. Respect is of paramount important and we do not tolerate rudeness. This is also the place where you’ll see many traders rising up to becoming professional traders over time.
Let us cherish this place and if you have ideas on further improving it, share with The Commander and he’ll always hear you out.