And that also occurred to me. We share a common experience, and I felt the same as you.
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Lol this is so funny but this makes sense and now I see why it wouldnât work. Also the whole thing about other tradersâ opinions messing with your own.
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Right. When we get accustomed to bouncing ideas off of other traders, we never learn to make decisions on our own. How do you think youâd feel after others helping you trade for two years, now youâre trading and making decisions on your own?
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100% Facts.
When you build something of your own, you learn the ins and outs of it, and you have an emotional understanding of the market that is different from other traders, Example:
You and a Trader bouncing ideas off each other, You cave to his idea because he have more experience, you take a trade based on his idea, and heâs there, but you get out after 25 pips, and he tells you he would of held for another 75 pips, getting out at 100 pips. The idea he showed you did not suggest holding that trade, but because he has a better understanding of the market and his idea, The trade makes another 100 pips and tells you see I told you.
So now you are alone and that same trade set-up comes up and you take the trade and again you feel you should get out around 25 to 35 pips but you remember the trader who was with you, so you decide to hold that trade base on another person feeling of that market, you see that trade go up to 70pips but take a hard reverse and now you are down 100pips, You start to regret holding the trade, You kick yourself for not having the confidence to trust your own judgement.
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I think trading alone has just as many pros and cons as trading in a team. Iâm currently learning and trading alone, but it the future, if all my planets align and I become profitable, I think it would be nice to trade as part of a team. That way I can learn from the other members of the team and they can learn off me.
How would that work? at that point you have your own system and you are now successful
It would work by all trading in the same place, all trading your own system and then sharing your knowledge.
Perhaps two of the team have a similar strategy but on a particular day one of the team makes a trade on EURUSD and makes a loss, but someone else makes a profit. Sharing what each trader did with each other can help both traders progress.
Iâm sure sharing knowledge isnât for everyone, but I think its important. Whatâs the point of me knowing something if Iâm not willing to share.
Yes that can benefit the loser.
In todayâs world people are selling more then sharing. if you want to share thatâs good
I think to would also benefit the winner. The loser can see what the winner did right and visa versa. Enabling the loser to make the winning move next time and helping the winner by ensuring they eliminates any future potential loss.
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This part I donât understand. Sharing knowledge about what? The only thing relevant between all strategies is the psychological aspect.
If weâre not trading the exact same system, what good does my technical knowledge do you? If you apply my technical knowledge to your strategy, youâll sabotage your own strategy.
If your strategy is 100% technical, and mine is 50/50 TA/FA, then I convince you to try incorporating more fundamentals into your strategy, it will only lead to more confusion.
If youâre turning a profit with your strategy, just leave it as it is, in my opinion.
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Just because two traders are trading the exact same strategy, it doesnât mean both will make the same trades and both will be winners or losers. This is because (as you pointed out by saying âpsychological aspectâ) the traders wonât enter and exit the trades at the exact same time.
The strategy is just a check list of what to do, the actual trading is down to the trader not the strategy. Give 100 traders the same strategy to follow and you will get 100 different outcomes from the same trade.
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I agree. And this is where trading in a group could be beneficial. If 5 traders are following the same strategy, they check each other if theyâre not following the strategy very well.
For example, if I skip a step, you can remind me, then we can all take the trade. Itâs like we come together to form Voltron.
Perhaps my job is to watch EUR crosses, you watch AUD crosses, and someone else watches the majors. If you see something with AUD/CAD, then the rest of us can take a look and we can discuss it. If we all agree that the trade meets all the criteria, then we can all take the trade.
I think this can be quite nice.
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There is one thing we leave out when trading the same strategy and why we get different results - our personal emotions and understanding of it. One person might hold the same trade for a while longer due to past experience and might get more pips, while another might follow the same strategy to the letter and might get out with less pips. Therefore, you all have different emotions and understanding about the same strategy.
Is my way of thinking also, why cloud your own judgment? If what you got works, then you donât need to overload your brain with other peopleâs ideas
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This makes sense too. And I think it makes trading viable long term for social people. And I think we all need socializing. Unless I guess a trader can get that outside of that environment. It does also feel nice to be in touch with others in the same industry. But perhaps online forum communities can take care of that for most of us.
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Couldnât that be confusing? Instead of perfecting a system by continuously trading it and learning how to follow it, you constantly change the strategy based on factors of a different strategy.
So, youâre trying to perfect a system thatâs constantly changing. Youâll be chasing your tail forever.
What do you think?
I personally believe that all traders are constantly tweaking their trading systems regardless of how long theyâve been profitable or not, as the markets constantly change and weâre always in pursuit of perfection. So if my system stops working in the current market conditions and someone elseâs is making a profit, surely knowing why theirs is working well can only be a bonus. You donât have to copy what theyâre doing, but knowing why they are profitable can only be a help.
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It is true. Online forum communities can serve a valuable source for social interaction and knowledge sharing. But they are not an exact replacement for all kinds of interaction and each person must find a balance that suit their need and style.
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For sure. But I know friends who can survive without physically talking to anyone for WEEKS! Those types will prob do well with just doing online forums.
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Yes,trading can be a lonely job, so these online groups can give us advice, help, and a feeling of belonging, even if they donât meet people face-to-face for weeks. It just shows that there are different ways to be successful in trading, and online communities can be a big help.
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