Trading is not a team sport as we all do things and see things differently. A nooby or a developing trader can pick up tips and ideas but ultimately, you are on your own. One thing you certainly do not need is to be in an environment where you are second guessing your signals because of the comments of someone else or missing entries because you are caught up in a discussion.
Creating a group of REAL professional traders?
- Thread starter OctopodeClub
- Start date
100% agree. Not looking for a group that copies anybody's trades, simply psychological support. It is also nice to get reminded every now and then of upcoming market events, or other small things which you may have missed, no?
I was part of a small group of pro's for several years. We all liked and respected each other and truly enjoyed each others company. We broke it up for the reasons I stated but there are always trade-offs. Moral of the story, it was a good experience but came at a cost of P&L. So I am not saying to not do it but simply offering a caveat.
I'm glad that you've been able to have this experience before!
Do you think that given the right group an increased P&L would be possible? Or are you implying that its just the cost of having a group?
Perhaps everyone in the group would NEED to have same trading style... or not even talk about trading and simply keeping it social...
Well, we had known each other for years and had traded charts and strategies during that time and knew each others trade plans fairly well. We also traded somewhat alike so we understood each others rationale for a signal. Being part of a group of people you like and respect makes for a nice environment but as I said...there are trade-offs. Some of these people are fairly well known in the trading community and helped my development and I am very grateful for that. It's a personal choice.
Just start a discord room. I can send invite to a room that's currently open or we can start a new.
I'd prefer a trade room that doesn't have much chit chat as my focus is on the markets and I hate when my mind wanders off into anything other than market when it is opened. Also would prefer voice as I don't have much room for a chat window or constantly checking chat when my eyes could be somewhere else.
I mainly trade futures... tf, es, N225mini... CL is a beast and I still haven't mastered that market yet to a consistent level.
I was in a trading room for the past 5 months but got really annoyed with the trades the head guy was taking......He was selling contracts where I would be buying, (market eventually blasted off higher) and realized the trading room wasn't really beneficial to my trading so I quit but I did find voicing with another trader thoughts about the market before open, etc, or when a spike occurs, more confirmation from another trader did help.
But holy shit.......on days like today pure snooozefest chopfiesta. I got in gold near lows and bought a dip in tf and rest of day drooling on the desk. Miss the volatility.
I'd prefer a trade room that doesn't have much chit chat as my focus is on the markets and I hate when my mind wanders off into anything other than market when it is opened. Also would prefer voice as I don't have much room for a chat window or constantly checking chat when my eyes could be somewhere else.
I mainly trade futures... tf, es, N225mini... CL is a beast and I still haven't mastered that market yet to a consistent level.
I was in a trading room for the past 5 months but got really annoyed with the trades the head guy was taking......He was selling contracts where I would be buying, (market eventually blasted off higher) and realized the trading room wasn't really beneficial to my trading so I quit but I did find voicing with another trader thoughts about the market before open, etc, or when a spike occurs, more confirmation from another trader did help.
But holy shit.......on days like today pure snooozefest chopfiesta. I got in gold near lows and bought a dip in tf and rest of day drooling on the desk. Miss the volatility.
During the day, when it's a slow-moving day, I do research; I re-examine my trades to see if there is anything that I can do to improve for the future; I formulate new strategies to make my next profit bigger. There is ALWAYS something to do. A trader's job is NEVER done as long as he/she is alive and doesn't have Alzheimer's. And it's better to do them while the market is still open. And during that time, I would rather prefer to be alone and not chit chatting which I find could be distracting. And I like it that ET is NOT in real time so I don't have a scrolling screen that will constantly want me to go see what's the newest response there.
The only time that I would feel like chatting is now; the market is closed. It's the weekend, time for relaxation and etc. And even for the weekend, I still do research. There is ALWAYS something to read.
No matter how similar the trading style, trading goals and etc. are among the traders, you will ALWAYS have difference of opinion regarding the market and how an instrument is going to move next and you will ALWAYS end up being influenced by the person next to you; that's just human nature. And since nobody is 100% correct all the time, on the time that that person is wrong, if you happened to have listened to him/her and ended up wrong, then your P/L will suffer. Simple as that. Not that person's fault, it just happens.
This is another reason why I like it that ET is not in real time and there is a reason why traders lead a lonely life. Occupational hazard, I guess.
This is not true for everyone. I am rigid in my beliefs and plan. I do not let anyone else influence it. I am the master of my domain, and I take full responsibility for my decisions. I am able to watch others trade the way THEY trade, and I trade the way I trade. It is a level of detachment I suppose.
You might end up still sticking to your trading decision but you WILL second-guess in the process wondering if it's the correct decision. It's a reflex and human nature. Everybody does it and that's what I mean by "influenced by".