Trading Alone or With Others in Trading Room?

[nycdweller]

For those of you that trade for a living, do you hang out in an online trading room (chat or voice) during the day or trade quietly at home without the company of other traders? I ask this question because trading is boring and can be a lonely career. How do you prevent yourself from getting bored? Do you listen to the radio or music while trading? For those of you that hang out in a trading room, where is it located? Thanks.

[walterw]

HI nyc, my trading is very quirurgical, so no boring, lots of concentration and no place for distractions... sharing happens off line after the trading event... I know traders that trade more longer time frames have time to interact live...

music... easy listening, at very low volumes... cheers Walter.

[BlowFish]

Usually alone, occasionally have friends round to trade, that was a lot of fun. I tend to watch satellite TV while trading. Old digger Murdoch provides quite a good selection in the UK. In the past I tried playing computer games while trading that was a bit too distracting. Sometimes think it might be nice to join a prop shop for the comradarie but then I couldn't trade in bed all day if I wanted

If I was more motivated it night be nice to get a traders co-op going where people could hang out.

[nycdweller]

Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

[walterw]

	Quote:	nycdweller
	Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

NOOOOOOO ¡¡¡¡ jejejej...

[Bam-Bam]

My broker has a chat room for traders. I got on it a couple of times. Hate to say it, but fading the emotions of the other participants would be an incredibly profitable strategy. I turned a few nice scalps using the chat as my leading indicator. Every time they say, "okay, YM is going to new highs," I would short, and it would turn around and head back down.

Trading can be a lonesome endeavor, and interaction with other traders could be advantageous. What I would really benefit from would be accountability. If I actually had to show someone all my trades and explain why I took them, I would act in a much more rational manor. Boy, that is a scary prospect!

I am back to trading with music in the background.

Cheers,

Bam-Bam

* Not a newbie, I just trade like one.

[brownsfan019]

	Quote:	nycdweller
	Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

I don't think so either. By the time any major news is being reported on the TV, the market is reacting.

I have music on as well.

[namstrader]

I enjoy listening to Bloomberg that is free online, by launching their video player.
The guests give some very detailed and informative views that are less interrupted and more lengthy explanations, than you will ever hear or see on CNBC. Years and years of watching CNBC has made me sick. Same old, same old. Bloomberg has more to offer and it is new and refreshing, but probably boring to many that want the less in depth understanding and just entertainment.

As far as trading chat rooms, not for me, too distracting. I need to be alone and be trusting of my own judgements, not others. No hand holding here, I did that for some time and became dependent and unsure rather than self reliant. It is a lonely road that I find necessary for my success. Hey I am a lone Wolf and it has become more evident as I have gotten older, so I like to interact with the group, but stay clear of the dynamics that create tension. And when this lone wolf has found some success, I want to pass it on to others, but I ain't there yet.

[torero]

There are upsides and downsides to trading alone and trading with others. Distractions can be a hindrance when you're daytrading, particularly scalping where every second counts where the market will turn on a dime and you get in or out quickly. The problem with paying full attention is the emotional effect that carries with it. If you're disciplined and place your trades (entry and exit) in your plan, you should be able to walk away and let the trade take care of itself. Plus, there's no emotional attachment to the trade to influence you to get out early or late. Gotta see what suits you best.

I trade mostly forex now, London sessions, so the wait is essential, I place the entry, the stop, and target and let the market do the rest. I can do other things while the trade takes place. Unless it's news-driven market, it might be a volatile period, I stay in place and see how the market figures itself out before taking the entry or exit.

[brownsfan019]

There is a chat room here on TL - http://www.traderslaboratory.com/for...p?do=flashchat

It was fairly active when I first started visiting there were a few regulars but that seemed to die. Anyways, it's there if anyone is interested. I would pop in from time to time but cannot make a full dedication to it.