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signalsprovider

The Advantages Of Trading Alone

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People sometimes experiment with the idea to trade with other people. It might work, but for me, it did not. I trade alone. The advantages of trading alone are:

 

You are free to make your own decisions without having to find a way to explain the rationale of your decisions to anybody else. Your time and effort can be focused on what the market is doing and how you react to it, instead of worrying about the psychological and emotional dynamics of a trading group.

 

You are free to experiment, based on the knowledge you gain from your experiences and your self-education, without having to asking others to allocate a certain portion of the trading funds to let you conduct your experiments.

 

No one can blame you for their failures. No time is wasted on justifying your actions or feeling guilty about the impact of your trading blunders on someone else's financial situation.

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Hi Signals provider,For the most part I can agree with most if what you said. Are you talking about having other traders with you in the same geographic location ? If that's the case it would certainly not be my cup of tea.

 

Several years ago I traded with a loose knit group of traders, never exceeding 3 or 4.. We were never in the same geographic location, We communicated by email or txt.. We all traded the same way for the most part. And the idea was that 8 eyes are better than 2.

If things got really exciting, we would open up a Google chat room or something. Just my thoughts.

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Hi Signals provider,For the most part I can agree with most if what you said. Are you talking about having other traders with you in the same geographic location ? If that's the case it would certainly not be my cup of tea.

 

Several years ago I traded with a loose knit group of traders, never exceeding 3 or 4.. We were never in the same geographic location, We communicated by email or txt.. We all traded the same way for the most part. And the idea was that 8 eyes are better than 2.

If things got really exciting, we would open up a Google chat room or something. Just my thoughts.

 

I have used Skype without video for trading with other traders. It is good to have more than 2 eyes on the market. Sometimes it is easy to overlook something. And when the market is about as exciting as watching paint dry, the conversation with like minded people is nice. Most traders are reclusive so finding the right mix can be challenging.

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I have tried both on different occasions and with different people and while it might be nice to write a set of pros and cons, each situation is unique.

 

Conclusions for me....

I prefer to trade with someone - so long as they have the same (or at least similar) philosophy to trading and work ethic/time. This minimises distractions, minimises issues of 'what ya doin?' and 'why ya doing that?' (not to be confused with helpful distractions of 'mate, you told me you were bullish this morning, now you are bearish, and fighting the up trend, lets go get a coffee/beer/game of golf as I understand how we both work best')

 

If I cannot get this then I would rather trade alone as there a less distractions, and the greatest enemy is boredom and lack of routine.

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I think it would be more productive to trade alone since no one is interrupting with your decisions that sometimes have to be made fast. On the other hand looking at other scenarios could point out to something you were missing.

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Sure... it would be nice to have some person that understands you. The question that comes to mind... Why? This is a business where you are your own man (woman).

 

It's always cool to find someone that "gets" you, but yeah dream on when it comes to trading. Nobody understands what you are doing but you. To explain yourself to someone (or, to try and understand someone else) is just a distraction from what is...

 

And... "what is"...is trading.

 

I say this as someone who is a "scalper". The only thing I give a damn about is order flow. It makes no difference to me what someone else thinks, because my time frame is so short. I really don't have time to talk (think) about it. And... even if I'm struggling... you are no fckin help... I'll work it out on my own. There may be things that I can learn from you, and it would be nice to have someone around during the day, but dang... I think you're just a hinderance.

 

This may be different for those that trade in longer time frames, but i seriously doubt it. Everything is a distraction. I prefer to push my distractions out to the end of the day (not always accomplished, as I do so "love" distractions).

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Trading alone will improve your emotional focus while trading but you can't correct your mistake and even your errors in trade. I think that have senior trader is needed to improve our skill.

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The advantage of what you are speaking about only works if you have various skills regarding market analysis and Forex trading. If not you have to rely on broker and the next question is about the selection of proper broker. I have been trading with my broker since 3 years and I have earned a lot through trading with him.

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You are free to make your own decisions without having to find a way to explain the rationale of your decisions to anybody else. Your time and effort can be focused on what the market is doing and how you react to it, instead of worrying about the psychological and emotional dynamics of a trading group. You are free to experiment, based on the knowledge you gain from your experiences and your self-education, without having to asking others to allocate a certain portion of the trading funds to let you conduct your experiments. No one can blame you for their failures. No time is wasted on justifying your actions or feeling guilty about the impact of your trading blunders on someone else's financial situation. You alone are responsible and accountable for your own success or failure. You cannot shift the blame to anybody else. It could be disappointing to some knowing that they cannot blame anyone else if they fail. For others, it is very empowering to know that they, and they alone, are in charge of their own destiny.

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