looking for one trader to exchange coaching/accountability
I trade the dow futures contract every morning from 6:30am EST for about 1.5 hours. I am looking for someone who would like to review discipline and the mental side after each trading day. We would hold each other accountable for our trading goals and how well we stuck to our goals. I actually dont think it matters that our trading styles are the same or we trade the same product. The main thing is we stick to a routine and email or talk when we are done with our trading day.
I was going to send this as a private message but as @BigMike pointed out, it may benefit others if posted in the public forum so here goes. I didn't intend for this to be my first post but oh well...
Have you found a trading partner yet?
I'd like to see if this would be beneficial for me as well, but I currently only trade sim mode from replay data. I closed my IB account because I kept making impulse trades and had trouble sticking to a trading plan. So I decided I didn't want my hard earned capital at risk any longer. I'll reopen the account when I learn to control myself.
Since I closed my account, I also don't trade everyday. In fact, I haven't traded since closing the account, as I have so many trades I need to review and learn from that I don't think I need to trade right now. What I need to be doing is learning from the mistakes I've already made. Since I keep making the same mistakes over and over again, obviously I'm not really benefitting from trading everyday, so I must need to be doing something else. I feel that something else is learning why I make so many impulsive trades.
I ran across a site called The Rational Trader and found some very eye-opening information. They talk about how the market (or large market participants) have devised ways to trick traders into entering the market act exactly the wrong time. (They also take about the importance of an accountability partner.) I figured something like that existed because that's exactly what I often do...buy tops and sell bottoms...almost to the tick. It happens to me so often that it' can't be a coincidence. I figure if I can learn what is triggering me to enter trades at these moments, I may be able to used that as a signal to enter in the opposite direction. However, a better idea might be to realize that such deception tactics exist and use that knowledge to reinforce the discipline needed to stick to a trading plan. That's why I'm going back over my trades now, to see if I recognize the use of these tactics and thus help me avoid them in the future. This should also help me realize that it's time to stop experimenting with trade ideas and stick to the 1 or 2 setups that I know work consistently. If it's good enough for traders such and Linda Raschke and Mark Weinstein. then it definitely should be good enough for me.
You know, I guess since I'm not actually trading right now I may not be your best source for an accountability partner. But if no one else responds or you decide not to have you spouse act as an accountability partner as recommended at The Rational Trader, then we can give it a try.