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Having a trading buddy might be beneficial for some as long as it isn't Larry, Curley or Moe. Carmen Electra might not work either. I asked my wife and you dont' want to hear her answer.
A good trading buddy would need to be someone that restricts idle chatter, knows and trades the same system you do, expresses their thoughts quickly and clearly, doesn't get emotional (traders with tears in their eyes always drag me down) and they should be constructively helpful when asked for advice. Now, good luck in finding such a gem.
One thing that I have found to be very helpful (if your trading method is very objective) is to have it coded by a professional programmer (preferably one who trades) to produce the exact signal entries that you would identify if you were hunting them down yourself. That's what computers do best...crunch data, measure, calculate, anticipate and spit out an answer (signal). Humans are best at those parts of trading that require actual thinking such as trade management. Computers can get really stupid when selecting or managing trades for several reasons...but rooted in the fact that they just can't think.
But it sure takes a load off to have your computer do the dog work and then warn you when a potential signal is forming for your consideration. This frees the trader to do the fun stuff.
Personally, my computer has become my trading buddy. It's always on time, doesn't drink or eat much and it doesn't ask for half the take at day's end. My wife calls it my mistress. I sense jealousy.
Roger Felton
Can you help answer these questions from other members on NexusFi?
i don't see the point to have someone to talk to that trades the exact same thing with the exact same setups.. thats like having two of the same indicators on your chart... the whole point is to keep an open mind about what others are doing, what they're looking at.. for example, i was short and had 20 points in the bag in ym, i see buying coming in on tape, and my buddy was telling me that this was an area to go long on his system, an important area and I know he's profitable, so i booked profits and closed the trade. Market shot up after that... that doesn't seem distracting to me if you understand your own system. If my system was telling me to go for bigger profits, and i didn't see anything on tape, i would have decided to hold...
Same thing if someone trades something else, like the USD... they're usually seen as a flight to safety, so it SHOULD move inverse to equities... If my buddy is mentioning to me that dollars is strengthening, my other buddy is buying, i see buying on tape, then why wouldn't i book profits and close my short position? Not distracting in the least bit
*****I do have to note that it is important to trade with someone that has experience. Otherwise, its distracting as hell.. i really don't wanna hear someone go long, then go short, no no no go long, then go +5 ticks im flat.... if you wanna listen to that join stocktwits.. there are a bunch of newbies that papertrade and report fake fills all day long. Thats a waste of time and not constructive. Theres also alot of em on elitetrader
I run a very small chat room for trading ES futures using Google Hangouts. It is free and intended to help traders in the way I have been helped. You can talk to the traders who attend. Only two currently and I believe they trade TF.
I am a successful daytrader, I indicate my trades and biases, but concentrate on recognizing the opposing forces in the market. I review the equities market daily, either after the close or before the open and indicate what should be considered for the next intraday session.
My Google+ username is LAneochat, it is posted with my futures.io profile along with a brief blurb on my trading influences.
But my main belief is that there are algos that constantly adjust and determine moves in the market, and that you can know high probability trades and trading positions in advance.
You are welcome to contact me and if you wish I will see that you get an invite to the room.
I personally am not a fan of chat rooms because I believe that all that is a distraction. I prefer making trading decisions independently while not having any outside noise influence that decision making.
1) Can be helpful in idea generation and setup evaluation when having other good traders around they have helped me catch things that I missed or undervalued.
2) It also can be helpful as some social activity is needed for me to keep from becoming a hermit while trading.
3) It can be detrimental if the social aspect overtakes the functionality it is supposed to serve and becomes a distraction (in my experience I just become silent and block those causing the trouble so as not to be distracted).
4) As others have said a lot depends on those involved. I've been in good and bad. I always try to add benefit if I can and if it's not beneficial over time I leave to try to find another.
5) Overall I would say the benefits of having a good trading room or group of trading buddies definitely out weigh that detriments of being in a bad group. The nice thing is we can always go looking for another.
