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is having a trading buddy/s a good idea
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is having a trading buddy/s a good idea

  #1 (permalink)
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is having a trading buddy/s a good idea

is having a trading buddy/s a good idea -- following on from the "how do i stay awake while trading" question
evroom1 came up with the idea of a trading buddy -- this i thought could be a gd idea to have a couple of people
or a few helping to identify divergence plays for example and then broadcasting this to the group for the benefit of
the group??? but what would be a simple cheap mechanism for this and is it a good idea?? in case you r wondering
the other gd ideas re how to stay awake were to simply to get up and stretch - i would not take my eyes off the pc for over 3hrs now i give myself permission to stretch

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  #3 (permalink)
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This post has been selected as an answer to the original posters question Answer

It depends on how well you screen potential trade buddies.

Do they have the same trading style you do.

Do they trade the same sessions that you trade.

Are they team players or do they expect others to follow their lead.

Just because someone may be personable, insightful and knowledgable in a discussion thread doesn't necessarily translate to a good trading buddy.

The first letter my kindergarten teacher sent home to my parents said, "Doesn't work and play well with others, runs with scissors." I doubt I would be a good trading buddy.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #4 (permalink)
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you said everything i knew instinctively -- i still await other comments ideas

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 R.I.P. 1960-2010 
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You could try the Skype room. Give you an idea how some traders on the forum are working together.

Follow Big Mike's instructions found here.

R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
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  #6 (permalink)
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i think that your trading buddy doesn't have to be able to watch the same instrument as you do. I used to be in a room that traded mainly the currency futures, and i like the fact that he was trading that bc there's a good correlation between the euro and the market, so when I would take a long, it was always nice to see what he was stalking and what he was looking at as well. If he saw weakness in the euro, thats something i would also watch out for when i would trade the ES or YM... same goes for crude

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I actually like the skype room, but at times it gets extremely quiet

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A trading buddy is a great idea. i have one. It really helps. We can talk about the setups as well. One caveat is that you and your buddy need to be trading the same thing. imho so you are not distracting one another.

You can do it with Skype, and share screens, etc.

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  #9 (permalink)
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Trading buddy? Yes, but not all the time.

I think this depends on your character. I am male, not used to multi-tasking. My wife can do ten things at the same time, I can't. I am the boring type of person to focus on one thing only. So if I am chatting with a buddy during trading, this will definitely divert my attention from following my rules. Gets me out of the flow....

On the other hand, I really love to chat (via Skype) and exchange ideas. But I am not having it on every day.

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I think having a trading buddy is a great idea. Use this person to bounce ideas off of, to talk about what went right and wrong, how to interprete indicators, use it as a study group.

I would not trade live with a person. It would be very distracting if you both gave conflicting views on a potential setup. What if you entered a trade based on the other persons view and the trade went south. You will be very upset and blame the other for your loss.

A study partner is great to have but not to trade live with.

Keep things as simple as possible, but no simplier. Albert Einstein

If you can't explain it to an eight year old it's to complicated
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