Live trading rooms comprise of online chats with experts also known as moderators who guide other traders in the market. The novice and the seasoned traders get an opportunity to ask questions and conduct trades either in simulation or live. In a reliable trade room, the expert does not allow the participants to enter into trader without explaining the set up so as to enable them to make right decisions. The live trading rooms are beneficial to both the beginners and the seasoned traders. They are all able to observe the market charts, learn new trading strategies and feel comfortable trading knowing the moderators are there and can help them.
There are several types of trade rooms where you chose according to your needs. There are trading rooms that are meant for teaching purposes only. It is a helpful; way of showing the beginners how to trade and impact them with relevant market knowledge. Other trading rooms entail the expert to call trades. In this kind of trading room, the moderator has to be licensed so that the traders cannot end up making enormous losses when they enter the market. However, they have limited value because the moderators do not give any explanation. Other trade rooms involve the moderator calling setups and explaining why it is an efficient setup and allows the traders to make their decisions. These kinds of trade rooms allow the traders to learn and be responsible.
The best live trading rooms should be setup in a way as much as there is chatting back and forth; there is also an element of learning. Trade rooms can be all audio plus achats between the participant or the moderators while other rooms offer to chats for the participants only and audio from the moderator. Other chat rooms have both video and audio but have to have a good internet connection.
All in all, before getting into a trading room, you have to decide on what kind of market you want and choose your live trading room according to your needs.