No Trader Is An Island

Admit it. There was a time in your trading career that you thought every single forex trader other than yourself was a few fries short of a happy meal and didn’t deserve your time of day.

You thought to yourself that since only 10% of traders make it, the guy you’ve been arguing with on the forums about the best moving average system is probably just another unprofitable trader giving unsolicited advice. He’s just one of those retail traders who spends more time lurking forex forums instead of actually trading.

In trading, people are tempted to do things on their own. And who could blame them?

Trader islandTraders are competitive thinkers, and the purpose of creating systems is to have that “edge” over other traders that will lead to more profits than losses. A trader normally feels that his system is better than [insert name of disagreeable forum user here], so why should he listen to him or her?

On the other hand, for others, there is the fear of being ridiculed and being called a “noob.” This is especially true in online forex forums.

Whatever your reasoning may be for wanting to attack the markets solo like Rambo, you have to understand that nobody can, nor should, go through it alone.

All traders start out at the bottom and have to work their way up the ladder of success, but that doesn’t mean we can’t help each other along the way. The fastest way to climb to the top and be successful is to reach out to other traders, pick their brains, and learn from their experiences.

This all starts with stepping out of our comfort zones and understanding that there is always room to grow and learn from others.

Learning from others is not a new concept and definitely not exclusive to trading. Athletes continuously listen to coaches to improve their skill sets. Cooks and up and coming fashion designers seek internship under renowned veterans to better understand their craft. Heck, even businessmen often organize meetups to learn from young, innovative creators!

The good news is that you don’t have to drive a bajillion miles or even put on your best suit to start learning from others. Nowadays, it’s easy to go online and browse for sites that offer you the opportunity to meet other fellow traders without the hassle of leaving your home.

The easiest option is to browse through trading forums where you can have discussions about fundamentals, trading systems, and even brokers. Just make sure you follow basic etiquette in sharing trade ideas!

Another option is to look for Facebook pages and communities where you can ask questions about economic events or talk to traders who have the same trading issues you have. If you’re into news trading, then you could also find popular traders who regularly conduct live webinars during economic releases.

Remember, the markets are tough and we’re all fighting each other for pips, but this doesn’t mean we all can’t grab our own small piece of that huge forex pie and succeed in our own way.

Why not reach out to others for advice, or to help your fellow man (or woman) survive in these treacherous market waters? Who knows? Maybe you’ll even make a few friends along the way!

  • Silverio Tufano

    It is a very nice post but unfortunately is not easy at all for a newbie.
    I am relatively new in ForEx and I need to say that when other traders knows you are a newbie they snoob you.

    It is hard to make your way up, to find traders that are willing to share their knowledge specially when they are profittable traders unless you pay them than the story change.