Forex Trading as a Group!

16
Jan

The problem with trading from your own home means that there are often dangerous distractions such as the dreaded lie-in or of course the fridge raid. Trading is real work and and should be treated as such. You need to get up, get dressed and go to work. Sit at your desk, speak to your co-traders and analyse the charts in front of you. Sitting in your study at home in your dressing gown is the first step towards failure as a trader.

There is a reason that institutional banks have trading floors. If trading really could be accomplished from sitting at a desk at home or in a small office with a group of your mates the likes of HSBC and USB wouldn't have a trading floor at all.

Retail trading has caught up massively with institutional trading since the 60's in technology however this is only one part of the requirement for retail traders to become successful. To be successful, traders need a professional establishment from which to work. Ninety Five percent of retail traders fail no only because they believe they can learn to trade without professional training but because they believe that they can do it sitting at home. Too many online training companies promise the earth and a yacht to sail round it if you complete their trading course online. This rarely works. Traders have to work and mix with traders!!

Tading can lead to financial freedom if done correctly.

Firstly you need to find a mentor, someone who will guide you through the ups and downs. Encourage you on the days you don't want anything to do with trading and pull finger of the mouse when you get a little trigger happy. Sitting next to someone who not only knows more than you about trading but also has the experience of all the loses and the wins is priceless.

Secondly you need somewhere to trade; you need to get up, get in your car and go to work in an environment that is professional and makes you proud to be there.

Thirdly you need people around you. Group mentality is a perfect way to keep you going and prevent you from joining the ninety five percent who tried to trade from home and failed. Group trading means that you see when others have bad days, lose money and often a piece of computer equipment too but you learn that this is just part of the journey  and not only happens to you. Also nothing can beat 20 pairs of eyes scanning the charts and calling trade ideas across to one another.

Financial freedom is not a dream and can be obtained but only for those bright enough to see that banks and hedge funds don't trade from home for a reason.


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