How To Get Great Trading Ideas
Let’s face it, trading can can be a miserable lonely existence. You spend your days in the glow of flickering monitors with only CNBC to keep you company. Your triumphs and failures are largely taken in silence and the solitude will often drive you to make horrible impulsive trades out of either anger or boredom.
Last week when Kathy was in Sydney, I gave a live webinar on the advantages of group trading. I used such models as Alcoholics Anonymous and Weight Watchers to show how groups can positively affect behaviour and instill proper habits through accountability and support.
At BK we put our money where our mouth is and at the start of this year we decided to conduct daily webinars for our subs to see if this thesis really holds up to reality. I’ve been doing them for almost three months now and while the group dynamic is undeniably beneficial on an emotional level what surprised me the most was the fount of intellectual creativity that it has spawned.
When it comes to trading two heads are truly better than one. Regardless of how smart, how experienced, how profitable you are -- you ideas can always be improved by the scrutiny of the crowd. On my Twitter feed you may occasionally see some bursts of excitement from my followers as one or another of our trading setups banks some pips.
All of these strategies arouse out of us just BSing around, looking at some key market behaviors and constantly challenging each other with better and better refinements. As a result we are now building a very impressive portfolio of short term trading algorithms that many of us trade live and that may eventually become a permanent part of the BK signal service.
Much as I would like you to join us at BK- the more important I am trying to make is that if you are a trader -- DON’T BE ALONE. Find a group, share your ideas and enjoy the mind meld. Don’t worry about disclosing your “proprietary” edge. Trust me there is nothing that you have thought of that has not been done by someone else already. You won’t lose out, most likely you will improve your execution and refine your techniques even more.
Great trading comes from great ideas and great ideas are always a collaborative process.
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The EUR/USD is the world’s most actively traded currency pair and for many forex traders, this activity provides opportunity.
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