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
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
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.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
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.
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