An online forex trading group

an idea has been cooking in my mind for a while now.
wouldn’t a group of 3-5 brains do better than 1?

actually, I’m wondering if people haven’t been doing so already.

why not some of us get together, develop or use an existing system, and trade together?
this way, each of the individual’s weaknesses are disabled. for example, it’s easier to be more disciplaned when 4 more people are involved in deciding whether to go in, or out of a position. you don’t jump in before the entire group agrees. Moreover, 5 brains shall be more efficient than one. one will recommand according fonemental, one according to technical, one will run loads of demos on the system and so on.

I really shouldn’t be pointing all the adventages because i think it’s quite obvious.

a small group (3-5) get together on skype, MSN or whatever and trade live.

could work - don’t you think?

I think this would be a great idea…it can allow 3-5 people in one “team” put their insite on various future financial indicators…let it be economic news or an analysis of the curent spread on the particular currency’s.

count me in…:slight_smile:

In general terms, I would agree that partner or group trading does offer the potential to mitigate some of the emotional elements of trading, that is contingent upon have a good emotional make-up in the group. If you have a collection of folks who get easily excited, then it could actually make things worse.

The other thing to consider is that any time you require a collective decision you slow the decision-making process down. That would have to be accounted for in the timeframe selected for making trades.

thanks for your comment rhody.
I strongly agree.
I think a group would have to be mature enough and with strict rules and a very well tested system which has entry and exit signs that are very clear.
about the responding time - I’m talking about a group that meet about twice a week to make their decisions. obviously you can’t scalp the market in a collective way, but you can have some nice swing trades. I’m talking about around 4H 1D 1W timeframes.

Esco - I’d be glad if we hooked up to give it a shot. I’m just hoping 1 or 2 people will join so we can share a larger variety of knowledge. then we talk, see who’s gonna contribue what (and how) and start pippin’ like crazies! :slight_smile:

I think a grup is a good idea. I am up for it. However there is the limitation of the times we trade. For example I trade from 12am NYT to 4am NYT as I work during the day.

well the time issue can be less problematic if we met at the weekends. I’d apreaciate it if you give your GMT instead of NYT or EST since we’re all from different places (and that’s the one I’m used to :> ).
1 meeting in the weekend to discuss strategies could work nicely, I think.
1 more in the middle of the week to execute orders. shouldn’t be that hard to achive.
and if there are any more guys (or girls) who would like to give it a shot, there’s no reason why not making more groups.

I’m thinking about hosting a google group. that may work nicely.

anyways, I’m keeping an eye on this thread to see if any others are interested.

Regards.

i think its great idea :slight_smile:

Ok I get the idea now. It will be long term trades that we will be doing.
Ok the weekends are fine with me.

Are you guys going to start another secretforexsociety like Felix? :smiley:

count me in.

what online chat software will you use? :slight_smile:

one of the popular, I suppose (MSN\Skype) and a Google Group should do the trick. unfortunatly I lack the time to arrange it all, and set meetings, so if anyone’s interested in taking the managers’ role - be my guest! :slight_smile:

regards.

I would also be interested in meeting as a group, if you guys dont mind. I’m up for doing a weekend meeting or chatting during the trading day. Let me know if anyone is interested, thanks.

I think 2 is better than 4.