We've all heard the saying: “Two heads are better than one.” This old adage promotes teamwork, but does this apply to traders?
When two or more people coordinate in a spirit of HARMONY and work toward a definite objective, they place themselves in position of power.
When you find a group of traders who have similar mindset and trading strategies, it can be most helpful to progress as a trader. Finding those traders with similar goals such as trading style, risk management, target profit, max loss etc., can allow you to have more confidence in your trading decisions.
Today we will talk about eight reasons you may want to become part of a trading group.
1) A successful trading group fosters creativity and improves your education.
The market is constantly presenting new challenges which ultimately present new opportunities. Your trading group can offer new ideas to trade the markets. Creativity can thrive when people work together as a team. Brainstorming ideas as a group can prevent stagnant viewpoints. Working solo can cloud your judgement. A trading group is a creative think tank.
2) A complementary trading group blends strengths among its members.
Many times, a group works well together. Members of the group rely on each other to bring their individual talents to the table. By actively participating in the group and observing the process behind each member’s skills, you can learn to become stronger, more successful traders.
While your strength may not be in technical analysis, a fellow member may shine in that area and help you adapt his/her technical analysis skills to your own trading style.
When you see a fellow group member present a successful approach to trading you have a chance to adjust or improve your own trading methods. You can use their winning method and adapt it your own trading style.
3) A likeminded trading group builds trust among fellow traders.
Many traders, myself included, have felt “all alone” in the trading world at times. As a solo trader you are a ”lone ranger”. This can create an uncomfortable feeling, especially when the market is volatile, or after incurring a loss. Being on your own can sometimes make you say to yourself “Is this only happening to me?” or “What am I doing wrong?”
Collaborating with fellow trading group members can help re-instill your confidence at times when you doubt your trading skills. Great trading groups help to build each other up. They often identify what areas need to be improved upon in your personal trading plan.
Remember, in the event of a loss, it is not “you” in many cases. Often it’s a factor of the market itself. Risks are inherent with trading in general. A trading group can help you identify where you may want to make tweaks to bring more consistent profits.
4) The right trading group will inspire you as a trader.
Let’s face it; trading has a lot of physiological aspects to it. Fear and greed many times can enter a trader's mind. The right trading group for you will offer emotional as well as technical support when it is needed
A supportive trading group will help you to become more consistent with your actions. Most of us are great at starting a task, but sometimes not so great at finishing the task.
Your trading group can offer creative ideas in both the good and challenging times in trading. It can be advantageous to have fellow members study your trade or position.
The members are not emotionally involved with the trade. This non attachment allows them to offer unbiased opinions and advise. They may have a method to make the trade more profitable. Or it may be time to cut losses and exit the trade which can be difficult to do.
A trading group can help give you POWER which is needed to accumulate wealth. Within the trading group organized, intelligent, knowledge and experience can be shared to create harmony.
5) A trading group can help keep your mind in a positive state.
When you keep a positive mental state, your trading and life will be enhanced. Your success in trading will increase when you surround yourself with others who have a positive mindset.
It is so important to have a group of trading buddies who keep things on a positive note. Your success and your member’s successes will give you POWER. Your trading groups' overall positive mental attitude will give more momentum to your trading success.
You can model those participants in the trading group who you feel are an asset in your trading.
6) A trading group promotes a broader sense of ownership.
It is important for you to be a participant in the trading group. All members learn from each other so be an active participant of the group.
Your questions and suggestions can help experienced traders as well as new traders think in a new way. You should feel free to offer a possible solution to a fellow traders’ problem.
Being active in a trading group can encourage you to feel proud of your contributions. Every trader has strengths, and weaknesses. Bringing your strengths to the table can help you feel good about yourself and your accomplishments. At the same time, you can help others improve their own trading results.
7) A trading group encourages “healthy” risk taking.
Brainstorming in a trading group can help clarify your course of action.
Sometimes trading solo puts you in jeopardy of taking unnecessary risks. You may wonder to yourself if a particular trade, or adjustment, is feasible. But without anyone to bounce by your plan and expected outcome, you may be putting yourself at risk that could be avoided by collaborating in a group.
Being part of a trading group can promote “healthy risk” in trading. Together the group can analyze the market. Various actions on a position can be discussed. A group consensus can be formulated. You can take the consensus into consideration. Of course, the decision is not that of the group, but yours as a trader.
8) A trading group can is a form of the powerful Master Mind concept.
In the book Think and Grow Rich, the author Napoleon Hill speaks of the power of the Master Mind.
Napoleon Hill defines the Mater Mind as a “Coordination of knowledge and effort, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.”
Your definite purpose as a trader in a trading group can be to become a consistently profitable trader.
Napoleon Hill goes on to say “Economic advantages may be created by any person who surrounds himself with the advice, counsel, and personal cooperation of a group of men who are willing to lend him wholehearted aid, in a spirit of PERFECT HARMONY. This form of alliance has been the basis of nearly every great fortune. Your understanding of this great truth may definitely determine your financial status. “
Summing up the benefits of a trading group …
As you share and teach your fellow members within your trading group you will learn. The saying goes “ If you want to learn, teach.”
The confidence you gain from your trading group can help you to master yourself.
When you control your negative traits and habits, it will lead to self-control. Controlling yourself will help to bring about the consistent profits for which you are striving.
If you are looking for a trading group, join Aeromir! There are many different trading styles and groups within Aeromir. Enjoy your trading. Be part of the family.Join an Aeromir Trading Group
Feel free to leave a comment about your trading group successes.