I'm pretty new to jamming as well. But I do know guitar chords -- it's very helpful. Especially if the guitar player keeps things simple.  Also, know which chords are likely to show up in a given key.  For an old time jam, there aren't a lot of options.

At first I think figuring out the chords, and bum-dittying to them is a great start.

Then with some more comfort, you'll hear melodic elements that exist within that chord, or become easy to find on the fretboard and can start hitting a few of the 'key' notes of a melody.

If they have tunes that show up regularly, or you're able to call tunes, you could learn a more melodic version on your own time.

Then... I dunno that's as far as I've gotten so far lol

Learning to recognize guitar chords is super helpful, I play guitar and it has been invaluable at jams with my banjo. Great question, enjoy!

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Originally posted by msv133

One of the main things I took away from it is that I want to learn what different guitar chords look like in the standard tuning, so I can watch them and thus know what chord I should be playing.

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This, 100%. Even after decades of playing I still look at the guitar to be sure of the chord. And even if you don't play the chord, knowing it is incredibly helpful to figuring out the melody.

Just as important, you can follow the guitar for the rhythm. As a beginner banjo player I was really unsteady to say the least and sped up wildly all the time. A friend told me "listen to the downbeat from the guitar - it has the rhythm". That was a real game changer. Still took a long time to really hear and feel it, but that was the best advice ever. 

Welcome to the hangout. There are no stupid questions (except the ones I can't answer:). Good advice here. With time, you will learn to trust your ears, and you won't have to rely on the guitar player being right:). Also, watch the lead fiddlers bow arm; that helps you keep in synch with their actual rhythm (I know a few who stamp their feet firmly, but not at the rhythm they're actually playing!)
One of the best basic rules, is play well, or play quietly.

I watched an interview with G. E. Smith about getting hired to play with Bob Dylan. When he was preparing, he said, he was looking at pictures of guitar players who were on stage with Dylan to see what they were doing, and he noticed, in all the pictures, the guitar players were intently looking at Dylan's hands. Dylan can be notoriously unpredictable at changing the key and approaching familiar songs differently. Watching the guitar player's hands is definitely helpful!

That said, you would do well to familiarize yourself with the I - IV - V chords in a few typical keys to know the most common chords to expect to be used together and how they sound within a chord progression. A good thing to practice is transposing the chords to a song you know into a few different keys.

And when you attend a jam and play unfamiliar songs. Try to note down what key it's in, what chords you can figure out, and look the song up and learn it's chord progression (at least) before attending the next jam session.

You'll learn a lot quickly that way.

In time, you should get a good idea of what tunes are commonly being played. There will probably be an informal, agreed upon "set list", and over time there's a lot of repetition. Take note of the tunes, go home, and learn them as best you can. Then you will be able to play the tune and not just chord along. But be careful not to get too fancy. You may find that the version you learned is too complex, and you'll have to simplify. In a fiddle tune, you're melodic backup.

Guitar chording- a place to start, but not where you want to ultimately end up.

Learn the guitar shapes, but also account for the capo if the guitar is using one.  

As you progress, start using the different tunings (GCGCD, gDGCD, etc., w/capo when appropriate).

Do not get stuck in gDGBD which may be a tendency when focusing on chord progressions.

Remember the banjo serves a different purpose than the guitar.

What is the role of the banjo in an OT jam session (usually with majority fiddlers)?

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Originally posted by rkdjones

What is the role of the banjo in an OT jam session (usually with majority fiddlers)?

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Just play along as best as you can without being obnoxiously loud. If you're trying to catch a tune you don't know, as quietly as you can, sketch it out while all are playing along. I've found that in introducing a new tune in a jam (with a fiddle; two fiddles works best), by the fifth or sixth time through you can start to hear many of the folks are catching the tune.

Banjo players usually don't start tunes, but I, personally, don't mind if they suggest ones to be played and hopefully there's a fiddler who knows it. Actually, in a jam I lead anybody (even the bass player) could suggest a tune. It was usually a fiddler's responcibility to start the tune, but it was the person who suggested it to decide when we'd all played it long enough.