Hi,
I was wondering if anyone of you do trade with a group of friends or a friend.
What do you think the advantages or disadvantages of doing forex trading with someone?
I am trading for almost 5 months now and I am currently trading by myself.
Any thought?
I like the idea of it, if only for the company. But people see the charts differently and despite keen risk management, I’d be gutted with loosing trades that weren’t entirely my fault.
Getting in to this business, it’s far too easy to find yourself convincing others that it’s a good idea, and that with discipline we should be able to get rich slowly. We look for social proof, that what we are doing is acceptable. The same could be said for an individual trade, not sure whether to get involved or not, you pass the idea across to a friend… do they see the same things that you are seeing? Did you get in to the trade because he/she didn’t want to offend you and your idea?
I could only imagine having laptops back to back, not looking at each others screens, and in the quiet moments between entry/exits talking about anything other than trading!
GG
FXCM works well for me
Thanks for your input GG.
You have a good point above. We do see and analyze differently than the other. However, there is also a possibility that you can learn from each others mistakes and or we both win on a trade (if it was done right) then were both celebrating. I guess it all depends on the kind of person that you are with… (just like in marriage).
Sure in business we are our own boss. But it is also true that in business, there is also a partnership and they sometimes (if it done right) win together.
I have a friend who I discuss trades with and it helps.
Good for you Greg…
Does your friend actively trade too?
He is more equities now. I trade fx daily charts responding to price action.
I’ve always wanted to work for myself so this has been a natural fit. Fortunately for me my friends don’t mind working for others making me the envy of my group 
Are you just asking about friends to trade with or mentoring? Yes, I do discuss trades with a few friends online and as regards mentoring, have not yet come across anything worthwhile yet.
I find talking about your trades will really mess with your bias and your own analysis. You get swayed by other people’s analysis. Who’s to say they are right? I avoid chatrooms like it’s the plague as well as trading groups. Those only f*** with your trading.
I prefer trading alone. I can concentrate easier.
At the same time I have one friend who I talk to frequently about trading. We haven’t traded together in a while.
Amen. I closed a few trades prematurely while chatting in the babypips chatroom because the consensus screamed “long!!!” when I was short. Nobody is right 100% of the time.
I trade alone or with friends. But like said above it doesn’t change my logic. But its always good to hear other perspective also to identify leaks. If you are just trading in your own little bubble its harder to be self reflective and see weaknesses in your own trading or psychology. I really enjoy learning from others and talking about trading with others. It has really allowed me to grow as a trader. Just don’t be caught following them trade for trade, if your logic doesn’t work out or doesn’t follow your system. As long as you stick to your guns and listen to objective advice that may help improve your trading then why the heck not.
Believe it or not, one of the best ways to gauge market sentiment is to go to any public trading chatroom and see what the bias is there… Then just reverse it. BP chatroom is no different. 
Short E/U? Okay cool, time to go long.
Just ask some of the other full time traders… 
Regards,
Clark
I trade purely for myself.
But I do belong to a group of traders which use a similar trading strategy.
We are on a trading course which have regular webinars for market analysis, trade setups and trading psychology.
The group post their trades with charts into a forum so we get to see what trades other people have done and how they did it. I find this ver useful.
I am primarily a short-term trader (1M and 5M charts) so I find that discussing trades in the middle of the day quite distracting. But I do like talking to traders and finding out about how and what they do is always fascinating. Again - I try to keep this to the end of my trading day or outside my trading hours.
Happy Trading!
While i like to share with my friends my active interest in Forex… I don’t think i could ever get involved and let them trade with me. I can only add to what has been said, as despite what everyone thinks, an opposing idea or view will have some affect on your outlook of a situation…
I think ultimately, even if it did/didn’t change how you place your trade, it will make a difference as to whether you stick to your strategy - which in Forex, is key…
If you both win, you can share the celebration, if you both lost, you can both drown your sorrows, but if you stuck to your guns, took opposing trade and someone lost and someone won? For me there’s just too much that could go wrong…
Sanj
Group trading?? 
oNo, it’s not for me, thanks. I preffer by myself.
Regards
I am in this social dilemma that when ever I speak FOREX with friends, they look at me as an alien of something (kidden) but yes I preffer trading my own trades. but when it comes to discussions I guess its ok to discuss it with others.
another thing is about trading in a group, there is this one mentality that traders have and that is, whenever they lose in a trade they always tend to look for someone/something to blame it on. now that can be a friendship breaker right there
regards
jing
That’s the catch, when you start discussing trades with others, even on this forum, you run the risk of getting swayed by “expert” opinions. So, if you’re sure about your call, why bother to discuss it with anyone before raking in the pips?
Well let’s see:
At my time of posting BabyPips has 123 783 member and my forums have 303 members (sad isn’t it) but anyway: I guess that means that right now I trade with 123 783 + 303 = 124 086 ‘friends’. LOL!!! (Alright: give or take a ‘troll’ or ‘snake oil salesman’ or ten and a few ‘virtual broker people’)!!! LOL!!! (Forex Factory doesn’t count)!!!
Fxmall makes a good point (sorry: I’m just 'taking the p*ss this morning and have not read the thread) though: LEARN from these forums but don’t based your trades on posts.
And by the way (here’s an old one): do you know what the definition of an ‘Expert’ is??? Well ‘ex’ is a ‘has been’ and ‘spurt’ is a ‘drip from a tap’!!! LOL!!!
AWLRIGHTY then!!! Enough fun for one morning.
It can be a VERY lonely and anti-social business. I think ‘first prize’ would be to have a little office somewhere where you sort of ‘go to work’ (as opposed to working from home on your own) and meet with, and spend the day with, like-minded individuals (traders). Not necessarily to discuss trades but just to introduce that ‘human factor’. You know: the odd ‘chitter chatter’ here and there and a cup of coffee together. That type of thing. Sitting on your own day in and day out 24/7 and JUST trading on your own is not good for a person’s psyche (so then you end up posting inane posts like this every day after a few years)!!! LOL!!!
As I said (and not having read the thread): I don’t see that having a ‘trading group’ could be of any benefit. Just as is the case with analysts: in a room of ten traders you’ll get thirteen different opinions on a trade which, at the end of the day, will just serve to confuse more than anything else. For MORAL support (you know: when you’ve just taken a nice big fat loss and are about to take an axe to all the computer equipment in the room): well then I’d say it’s a good idea!!!
Regards,
Dale.
I find (Because I work in a prop firm) That it can be supportive or detrimental.
On the plus hand if the guy who taught you the profitable system is who your discussing with sure it’d be ok however if there was a cluster fu < k of systems well imagine a thousand people trying to get through one fire exit all together at once.
On the other other hand you can do what my risk manager does and fade our trades, basically all you do is look up our positions and take the opposite end thinking with the mentality were all going to be wrong about 80-90% of the time.
I do know of someone who does trade with someone else on 1 account however its two different scenarios 1 scalps, riding the 5 min charts during certain opens the other is pure fundamentals in the fact that only he plays the news. Their brothers and im not sure how well it works out since i haven’t spoken or seen him since he mentioned he was getting in to forex.