About Trader's Edge Live Chat:
Over the 5 years or so we have been in existence, Trader's Edge Chat has grown into a vibrant community of committed, enthusiastic, like-minded traders. We all have different styles, time frames, methodology and personalities...but the one thing I believe we have in common is a strong understanding that success in the markets comes from continually honing skils, adapting with conditions and always learning.
The group is focussed almost exclusively on the ASX, and does have a bias towards short term trading...but I'm sure you will always find someone who is willing to chat with you about fundamentals, Futures, overseas markets and anything else trading orientated! There are many experienced traders in the group, but also many who are newer to the industry...and if you do have a question or two, I'm sure you will find someone willing to help.
We are geared towards professional or serious part time traders...the chat flows very quickly in our Market Action room...trade ideas or stocks at key levels may be mentioned, but often with the minimum of information. Think of it as additional sets of eyes scouring the market for trade ideas and set ups, but always with the emphasis that what you do with those calls MUST be in line with your own trading plan and style. You will quickly find that the "ramping" style of posts that are seen so often on Public forums will NOT be tolerated in our group.
We welcome new members, but will also limit members where necessary to make sure the room doesn't get overcrowded. We very much take a Quality over Quantity approach. We offer an Annual Subcription and a One Month Trial to the group. (All annual subscriptions renew on 1 January annually). For more information please go to the SUBSCRIBE page.
About Alan McGrath (Convenor):
Firstly, a little about my trading journey. I've been a full time trader since early 2003, and part time for a few years before that. My style is a mix of swing, momentum and day trading. The time frame of trades varies from minutes to months, but many trades would be completed within a day, and most within a week.
After playing with countless technical indicators in the early times, I now pretty much keep it simple in regards to tools used to find potential trades. Simple breaks of support and resistance, swings in trending stocks, breaks from tight trading ranges and simple patterns, that pretty much sums it up. I should add that although I search for trades based on set ups mentioned above, I am very much a discretionary trader.
In 2008 I finished in 2nd place (from 20,000 odd registered contestants), in the CNBC Trading Matters Challenge. Trading can be a pretty solitary profession at times, and I think it's really important to immerse yourself in a vibrant, active community of like minded traders. When I first started trading I didn't really know where to start. I read books, I joined forums, I took in everything I could find on the internet. But although there was a plethora of information on charts, techniques and psychology, nothing could really tell me "HOW" to trade successfully.
It took me quite a while to actually realise that there were no definitive "HOW TO's" because there is no definitive correct way to trade the market. There are NO easy answers, there are NO gurus to follow who never made a bad trade, there was NO fail safe system....and despite what the ads said, I couldn't make thousands every week with just 20 minutes work whilst sipping fancy drinks with fancy umbrellas in them.
What there was however was the opportunity to work extremely hard on honing my skills as a trader. Firstly by finding out what kind of trader I wanted to be. Then by working hard on researching and trialling different trading methods. Working hard on scanning hundreds of charts every night, and setting countless alerts. Working hard on sticking to my trading plan, and practicing to be disciplined with my trades.I also worked hard on building a network with other traders, so I could learn from them. And these are the things I still work hard on now.
Trading is a rare profession...I can't think of many others where, no matter how long you've been doing it, you still don't know what will happen next. You are still wrong often...and that won't change. Being wrong is an inescapable part of trading. I think more than anything else, if you can't get used to being wrong, and you can't act on it appropriately whenever you are...you are destined to FAIL. I guess that's another thing I work hard at...continuing to accept that I am often wrong!
So why did I start this site? Firstly I LOVE trading! I’ve been trading for over 13 years full time.Trading will always take first priority for me. It's my passion and my living and I don't see that changing for a while. I also love the social aspect of trading, particularly as it by nature is such a solitary pursuit. Without a network of trading colleagues you are basically a hermit sitting in a room surrounded by monitors. I also know that we all continue to learn and evolve as traders, no matter how experienced we are.
By creating a network of like minded traders, free from the ramping and the hype found in many free online trading communities, then we can all benefit. I learn from other members, as some hopefully learn from me. I am no guru, I've been lucky enough to ongoing success in this field, but I think I work hard for that success. I don't want other trader's to blindly follow my trades. I'd rather help other trader's develop their ability and style.I'm mostly a very short term trader, that's what I do...I often scalp stuff. Please don't buy anything just because I mention it. It's essentiial to learn to trade YOUR plan, NOT mine.
So that's about it! I really look forward to sharing this trading journey with you all, and I am sure we can all continue to grow our success in a community with a focus always on Education, Preparation and Support.