- NEW DISCORD UPDATE COMPATIBLE BETTER DISCORD THEMES HOW TO
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In fact, Keoleian says Eagle is on track to be a fully fledged fintech firm for retail traders. If Discord decides to yank access tomorrow, they’d lose everything. The setup certainly works for now, but they worry about being exposed to the whims of a third party. “And what we’ve actually found is that makes the community stronger.”
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“We really want to teach them how to trade, to be on their own,” Keoleian adds. They put the responsibility on the individual to vet suggestions, hoping to train the next generation to be shrewd - and keep their excitement in check when prices fluctuate. In order to avoid those hangups, moderators on Discord servers like Eagle and Ace Enterprises focus on education. Wisdom of the crowd can help mitigate these effects, but you have to make sure that crowd is not biased. On top of that, Simaan says humans tend to follow people who are strongly opinionated, regardless of whether their opinions are correct. Discord isn’t typically a regulated institutional investment environment. However, actual hedge funds are held to certain legal standards. If the advisors were that good, Devan argues, “they wouldn’t be on Discord charging you $20 a month - they’d be on Wall Street.”Īnother challenge is that online communities function essentially as decentralized hedge funds, according to Majeed Simaan, an assistant professor of finance at the Stevens Institute of Technology in Hoboken, New Jersey.
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Danny Devan, the founder of Ace Enterprises, a free investing Discord with about 76,000 members, is especially skeptical of forums with paid trading alerts. The first is obvious: When you’re t aking trading cues from strangers on the internet, you’re… taking trading cues from strangers on the internet. They even sell merch.īut although Discord investing is fun, there are a few issues with it. Traders are encouraged to post screenshots of their gains and donate a portion to charity. In the #life-beyond-trading channel, people swap stress relief tips, inspirational quotes and relaxing videos. Like any good Discord, Eagle Investors loves a silly emoji: The bear-market react is the Chicago Bears logo, while the bull-market one is the Chicago Bulls logo. The server may have a serious vibe, but it’s far from stodgy. “You’d be hard-pressed to find any other Discord server trying to be as legitimate as us,” says Ishaan Sandhir, chief executive officer. A mobile app is in the works, and its ledger is a publicly available Google Sheet. It also has its own TradingView algorithm. In addition to the server, Eagle offers an options sweeps dashboard with data that’s “filtered, organized and displayed by a proprietary Eagle process to highlight potential winning trades,” Keoleian explains. Eagle also offers trading alerts as well as courses in technical analysis and options.
Users can get a free 10-day trial, but the cheapest paid tier starts at $27 a month the more you pay, the more channels and features that get unlocked. “We don’t want that.”Įagle is subscription-based. “If we don’t have that focus on risk management, on actual understanding of the products and how to balance a portfolio, all of our clients will end up losing their money,” he adds. A common refrain on the server is “do your DD,” meaning to “do your due diligence.” They also aim to discourage copy trading, where people mirror certain figures’ market moves without fully understanding the underlying principles. Samuel Keoleian, chief compliance officer, says Eagle hopes to inspire subscribers to come up with their own ideas and strategies. They’re staffed by about 15 contractors who serve as Eagle traders and analysts, posting picks, conducting live streams and answering questions 24/7. Most servers have a mix of text-based rooms, where people exchange instant messages, and voice channels, where users hang out on what is basically a constant conference call.Įagle’s dozens of channels center around stocks, options and cryptocurrency. It’s laid out similar to Slack, with topic-based servers built around breakout channels with targeted themes. Discord is free anyone can join and start exploring communities themed around subjects they’re interested in.
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