One of my personal issues with trading is how individual and solitary it can be. For a great many of us, trading the financial markets is something we do mainly by ourselves. There is no doubt in my mind that if traders had the ability to work more in cooperation with each other, they would accomplish so much better results.
I am reminded of a poster I saw in my coaching travels. It featured TEAM:
I coached collegiate volleyball for nine years, mainly at the Division I level. The great part of being involved in a team is that not only does it create the opportunity for all members to develop and perform together much more than they ever could separately, but it also is a ready support group. When things go well, you can share that with teammates and everyone is lifted. When things are not going so well, teammates provide much needed consolation too keep the lows from being overly bad.
Traders have much to benefit from joining together and thinking of themselves more in team terms. They need not take on the markets by themselves. They can do it more effectively as a unified group. Those collectives are hard to find in trading, though. Taking part in the trading discussion forums is only a slight improvement. They give us a little sense if being part of a community, but the interaction is at arms-length and doesn't really foster teamwork. Chat rooms can be a little better, but there's still a lot left undone.
Currensee is a major step in the right direction. Being able to see each other's trades is huge. It functions in much the same way having a sports team together that can see how each other is playing and thus provide support and encouragement. The next step from there is to actually make trading decisions together, not just follow.
Here's an example. A number of years ago, myself and a fellow analyst used to come up with fantastic trade ideas together. Sometimes we disagreed, but when we were both on the same page the trade was almost always right. We were good sounding boards for each other.
That's one idea of team trading. Another is to find someone who is strong where you are weak. For example, some people are really good market analysts, but struggle to actually trade their ideas, while others are good on the execution and position handling side of things, but aren't as good coming up with strong ideas. Two people like that could potentially word together to good effect.
The question is this: In the virtual space of sites like Currensee, email, IM, and related on-line applications, how can you first identify a good partner or team and then collaborate with them to best effect. I'd love to hear your thoughts.
Be sure to read the full risk disclosure before trading Forex. Please note that Forex trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved before trading. Performance, strategies and charts shown are not necessarily predictive of any particular result. And, as always, past performance is no indication of future results.