WIth access to the financial markets now more widespread than it has ever been, more Australians than ever are taking up trading as a career. It is easy to see why – no boss, no uniform, no set hours, and the possibility of building a vast fortune.
However, some have found that the life of an independent trader can be rather lonely. They end up working from home, staring for hours at their computer screen, and often learning more about the CEOs of companies than anybody they are actually likely to meet in real life. This is why many traders seek to join a trading community.
Trading communities can meet in person or online, and they can benefit traders in several ways. As well as sharing ideas, they can help prevent confirmation bias by having others provide counter-arguments to trade ideas, and members often share educational resources with their group.
So, how do you find a trading community to join? This guide will help you know where to look for one.
Where to look for trading communities
There are many places online where you can find Australian share trading communities. These include:
- Chat rooms and forums: Yes, these still exist and are actually very popular among traders. These can often be great places to find groups with more experienced traders who got started before social media took over.
- Live streaming platforms: Read the biographies of many traders and you will find that something many of them have in common is they got their start as an apprentice. Essentially, they made the tea or did menial admin tasks while watching someone more experienced trade. That model is making a comeback, as many traders now live stream themselves in action either for others to learn from them or to receive feedback. Be careful though, because they are not all experienced and can appear more successful than they really are. It is common for communities to cluster around certain streamers.
- Social/copy trading platforms: These are a relatively recent development and are a sort of combination of online broker and social media platform. When somebody trades through these platforms, their trades are made public. They can also post their opinions, research, and so on. People can follow them, copy their trades, and interact with them, and communities tend to spring up around successful traders on these platforms.
- Social media: Probably the easiest place to find trading communities today is on major social media platforms like X (formerly Twitter) and Facebook. Compared to live streaming and copy trading platforms, these tend to be less focused on one person and are more often based around a certain trading style, for instance, swing trading or trend following.
A less obvious place to look is the app Meetup, which is especially good if you’re looking for a local group which hosts in-person meetings, although you can find online-only groups there too.
The benefits of sharing ideas and resources, receiving feedback, and hearing from experienced traders make trading communities a valuable tool for traders. However, it is important to remain sensibly sceptical. Not everybody tells the truth online or is interested in helping others succeed.