We here at BabyPips.com are firm believers of the fact that no trader is an island. That is, no trader can, nor should, go through it alone. Just because we’re trudging through our own trading journeys doesn’t mean that we can’t get help along the way.
One way to speed up your trading development is through bouncing trade ideas around with your fellow traders. If you surround yourself with smart, like-minded people, then you’ll have the advantage of your trade idea being evaluated from different points of view. If you’re lucky, they’ll point you to things that you missed or strategies that could still be improved.
Sharing your ideas can also help you take trades with the right amount of confidence. The endorsements you receive could boost your conviction while criticisms could check your overconfidence.
Unfortunately, not a lot of traders are into sharing trade ideas. Some traders don’t have the time, patience, confidence, or energy to pick the brains of their fellow traders. But for those who simply don’t know where to start, here’s a simple guideline that we’ve come up with after wading through the trading discussions in the forums:
DO: Share your best ideas
If you’re confident enough to share it, you’re confident enough to trade it. Don’t hesitate put your best trade ideas out there. Not only will you get different opinions that would make you re-examine (or re-affirm) your trade ideas, you could also gain a friend in the process.
DON’T: Share your every thought
Save them for Snapchat. Make sure you contribute positively to the trading community by giving out trade-worthy ideas, thoughtful tips, and constructive criticism. There’s no point in flooding the discussions with hateful opinions, confusing trading parameters, and a torrent of half-baked trade ideas. Admit it, you wouldn’t want to see these things on your own feed, either.
DO: Take note of the others’ opinions and observations
Why share your plans at all if you’re not prepared for a bit of criticism? Instead of being offended that others are pointing out your mistakes, take advantage of the differing opinions that could improve your initial strategies and increase the odds in your favor.
DON’T: Blindly follow what the others say
One of the more common mistakes that traders make is adopting the others’ opinions for their own. And who could blame them? In trading, it’s usually easier (and more rewarding) to go with the crowd. The problem with this habit is that it exposes you to mistakes when price starts to go against your way.
Since you didn’t do the research, you will lack the conviction needed to stick to the trading plan and are likely to make more execution mistakes than if you had made your own hypothesis. Worse, you could blame others if you do lose your trade. Remember to take responsibility for your trades from start to finish.
DO: Share your experiences
Every day we get questions like:
“Any part-time traders out there?”
“How much time do you spend in front of your charts?”
“Which broker should I use?”
Trading pros and newbies alike can’t deny that, other than trading advices, anecdotes of a fellow trader’s daily life can also help ease the path into becoming consistently profitable.
Our trading paths may be different, but it doesn’t hurt to share your experiences for the benefit of the others who might be facing the same crossroads that you have dealt with. Who knows? Maybe someday someone will share an anecdote or two that could help you get over your own trading hump.
DON’T: Be afraid to ask for help
Why deal with your trading problems alone when you can easily ask for help? Feel free to visit trading forums when you have a trade idea that needs refining, a bad trading habit you’d like to kick, or any other trading-related problems that you’d like to deal with. I’ve seen for myself that there are a lot of good traders in the forums who are ready and willing to share their two cents.
Sharing ideas with the right crowd can supplement your own efforts and increase the odds in your favor. Take advantage of a good trading community and get help when you can get them!