There are several reasons why top traders outperform the competition.
And one of those reasons – They Don’t Trade Alone
For example, most hedge funds and prop trading firms encourage people to trade as part of a team.
There are several benefits of team trading. Including:
- Several set of eyes on the entire market
- Support—helps with the psychological side of trading
- More time to develop and learn new ideas and strategies
- Lean on others who are experienced and have a track record for success
You’d be amazed at how much your trading can improve if you just talk your trades out with someone else – Before Placing Them
And don’t worry about not seeing things the same way, that’s the whole point… opposing views aren’t bad in trading.
They can actually be very helpful. Maybe you missed something and talking it out with others helps you avoid a mistake.
And by working with others, you will be open to more opportunities because while you may find trades they didn’t see… they will find trades you didn’t see as well…
Sharing and talking about trades will help all of you become more successful and more profitable than trying to go it alone.
I see this every day in my trading room.
In fact, here’s what James (a member of my trader chat room) had to say:
“Just profited over 10% on SNNA. My first “LIVE” trade! Been paper trading for a few weeks now. Thanks for all the guidance everybody! I am truly grateful to be a part of this amazing team!! LET’S GO!!!”
So you don’t work at a hedge fund or at a big firm on Wall Street?
No problem! You can still trade as part of a team… I am going to show you how… and I’ll show you exactly how it will help you trade better and become more profitable…
Trading with a Team
Just look at the big money making firms in the industry. Hedge funds for example split traders into groups (stocks, options, bonds, etc.) and they each share their ideas with each other, as well as talk out their trades.
In my experience… the traders who don’t share their ideas and thoughts about their trades and try to go at it alone are typically the ones who end up failing.
While I may have started trading with little to no money and no experience or knowledge… I DID have a trading partner that I would talk about all my trades with.
In fact he is the co-founder of RagingBull, and super successful trader Jason Bond…
I wouldn’t be where I am today without having him there to talk to in the beginning… and he would tell you the same thing about himself…
We are both successful traders today because we talked to each other about our trades…
And I’ll tell you this as well… it might sound hokey… but I wouldn’t be where I am right now without my students…
You see I trade live every day with my students and we talk everything out… they ask questions… we talk back and forth and that’s what keeps me firing…
I might miss something that someone else sees and vice versa…
I’m a teacher and a mentor… but I’m also a member of my team… and that makes all the difference…
You see, we all come from different backgrounds and different experiences that shape our views… therefore when we trade on a team, we benefit from the many different ways of looking at something.
And that’s priceless…
Take a look at this chart:
This is a 15 minute chart for UNRG. You see, I do a trade where I buy at the end of the day and I “wake up to profits.”
So being a 15 min chart, the Buy pointer is the end of the day on Oct. 2… and the box labeled “wake up to profits” is the morning of Oct. 3.
Let’s say we followed the rules and bought at the end of the day when it broke above my Supernova Line and the next morning we took our profits… (this was an actual trade I profited on, along with a lot of my students)
I say great, we did what we were supposed to…
Now what if we got greedy?
Imagine trading this breakout all alone.
You might get excited and try to hold it for more gains… just to watch it crash back down below your entry. (where it retests the Supernova Line with a flush)
Then being alone you freak out and bail for a loss… after which you watch it take off again.
Now you are pissed, as you should be… but you are pissed at the stock, when you should be pissed at yourself… for not following the rules…
And now being pissed at the wrong thing because again… you have no one to talk it through with… you go for revenge and chase the stock up… buying above where we originally got in…
And you get excited again thinking… okay for sure it’s going to the moon now, Right?
WRONG!!!
Look at what happened after it hit the high that day… the high you were chasing it to…
The after party wasn’t so pretty on this one…
The chart below is a daily chart to show you the two day pop that we, as a team, profited on because we were able to make a plan and stick to the rules…
After that two day pop… it was all hell and if you had been chasing it, you got crushed…
There is a reason for the way we trade our setups and when we trade as a team we can help each other stick to rules and make more money…
If you traded with my team… that was a money trade… an easy one.
If you traded it alone… who knows…
We don’t get invested in these things and the team environment helps with that… we all know what these stocks are and what they do, so we can keep each other straight…
Take the money and run… build the account up… there are plenty of trades out there…
And we are proving that every day.
Having a room full of traders actually allows you to spot more potentially profitable trades because there are more eyes on the market.
Let’s face it, sometimes we miss trades and don’t realize it until after the fact… and trading in a community is one solution to that problem.
For example, in the Supernova chatroom, we’re always looking for new trades and talking to each other about our plans… our thoughts on stocks, etc.
It’s actually been helping clients… clients like Owen who was able to lock in a 108% return last month!
Listen… if you want the benefit of a community of traders coming together to make more money…
Then join me in my trading room every day where I talk about setups and trades with my team of traders just like you… and the best part — we have a blast making money every day
Source: PennyPro.com | Original Link