If you are taking trade ideas from Twitter/Telegram/Discord Calls, Make Sure you check those calls & their validity. The calls are mostly issued based on technical levels & if they don’t trigger & technical levels change than entry logic for those calls needs to be revised/canceled.
Some tips for better trade ideas:
Don’t blindly open/close trades based on just one look at the information on social media. Find a mentor or group of people who are willing to help & learn the logic behind that trade.
Join discussion groups and get some validation for the trade ideas before clicking buttons. Remember it’s not supposed to be gambling. It’s investing and it does require some work from you.
If you follow Gurus on Twitter / Telegram / Discord, make sure to double confirm with them if the trade is valid or suspended. If you are in doubt simply stay out.
Plenty of free groups exist on telegram & discord who are willing to help each other. Comment your favorite one so others can take advantage. I personally like many and will try to create a list & post here.
There are plenty of resources on YouTube for free, I will try to curate and create a list of videos that can help new traders. Of course, there are affordable courses on Udemy as well as some niche educational platforms.
If you can afford to spend, there are some incredible guys out there who offer valuable trade ideas. (There is a lot of discussion on Twitter about Paid Groups being scammed, while it may be true partially, the truth is somewhere in the middle. I will address that separately with an article dedicated specifically to paid groups and how to detect scams).
All in all, it doesn’t matter how you learn & Gain your knowledge. What matters is you must try to learn as much as you can before relying blindly on random trade signals on twitter which may already have expired due to the price action for which they were intended to be issued in the first place.
And one last word for all Twitter Gurus, wherever possible, pls update your trade ideas as “executed” or “closed at profit” or “closed at SL” or “closed”.
And as Users pls check the entire timeline of your favorite twitter handles to ensure you have read everything that they wrote about that particular trade. There is a good chance someone said “I am buying XYZ” at 10.00 AM & also posted “I am not buying XYZ anymore” at 11.30 AM
If you read only the 10.00 AM post & act without the understanding of why he is taking that trade or If you miss his post about why he is not even taking the trade because circumstances changed, you are bound to lose some serious money.
You are at the highest risk of losing money if you end up trading based on expired trade ideas.
Please follow us on Twitter @tradingroomapp for market updates & commentary. Don’t forget to like, share & retweet this page to help others.