All Financial Wisdom

Trading Ideas: The Lonely Trading Mistake

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It is true that trading is an activity that in its daily execution is essentially solitary; You in front of charts, graphs, and computer screens, making the buying and selling decisions based on your trading plan, and “picking up” on the reactions that the charts generate for you.

But nevertheless, the undeniable value that a trader will find in sharing his/her trades, market readings, systems and, especially, his/her emotions, with other traders who are also in the same fight must not be ignored.

In fact, there is no quicker and more effective way to improve one’s trading than by sharing it with other traders. Personally, I doubt very much that I would have reached to extend my activity in trading until today if it were not for those colleagues with whom I have shared good and bad moments in trading.

Yes, trading is full of bad times. You go through stages in which you’re up a lot one day, then down and crashing the very next. Sometimes all in the same day! The psychological wear associated with all this cascade of emotions is really hard to wear, and of course it becomes an even steeper mountain if you intend to carry it al yourself.

The lifebuyer of the trading group

It’s in those bad times when having a trader at your side will be the life saver you need. Empty. Download all those feelings of guilt, impotence, discouragement. And most importantly. Other traders will understand and be able to help you. Because that is another of the things that you will immediately detect when you go into trading: normal people do not understand you.

It is very complicated to understand an activity in which the schemes have little to do with the conventional day-to-day of any employee, as should be the majority of the people around you. At the time you engage in trading, you are much closer to an entrepreneur than to a worker.

In fact, trading is in itself an entrepreneurial activity as such, in which you may be de-capitalizing for quite some time with the sole purpose of hoping for future profits. And I assure you that the feeling of dedicating hours and more hours to something that may not earn you any money for months is something that does not enter the head of most people.

Surround yourself with people who have also decided to dedicate themselves to this, and filter until you find your closed group of traders that you are able to grow with together, to improve together, and above all, to rescue you when needed.

There need not be many. Hell, one would be enough, but if you manage to form a small group of 2 or 3, that would be ideal. Check out Elitetrader or Stocktwits for starters.

Walking this road alone is very, very demanding. Do not put additional difficulties on something that is already very complex.

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