Forex trading group in Sydney

[PPC NO 1]

Hi

My friends and I are looking for a forex trading buddy who has been trading forex for at least 2 years. There are already 6 of us now. We usually meet once a month at a coffee shop around Sydney city during weekend to discuss about our trading result and strategy. Hopefully we can help each other to become better traders.

 

[peter2]

Hello PPC NO 1.
Pleased to see that you're keen to improve and I hope the group helps. Trading is a lonely occupation and the social aspects of the group will be beneficial to you if it makes you leave the trading "cave". Enjoy the common interest that you have with the others, but I don't think it will help you improve unless the group has at least one successful member. Without one, all the discussion will be based on "could have", "would have", "should have".

The group will simply reinforce the "beginners cycle" that most of you are stuck in. You'll be tempted to try another indicator that some else swears is good (without any results to prove it). All your doubts will be reinforced. What's worse though, is when you tell the others that you are starting to see some success, they'll get negative. They'll tell you it's just luck, because deep down they believe that no-one can win.

A few of my ideas. Traders improve or quit when they are challenged to be accountable. How many of your group are willing and able to place their trading plans on the table for open discussion. One person each meeting should be prepared to present their trading plans to the others for discussion. Their presentation should include the results of the last 20 trades that fully comply with their trading plans.

Once this is done each member should provide regular updates of their results every few months. If results aren't going so well then the reasons should be obvious to all. Is the plan being followed? Are all the exits according to the plans? Are there trades outside the plans?

This is pretty challenging for most traders. Ego and self respect can take a hit with the wrong type of peer pressure. Traders should understand the problems of other traders. The group should be supportive of good trading behaviour. The group should understand that we all make mistakes (in our trading). The group should encourage efforts to reduce those mistakes.

I hope your group helps you, but you have to allow the group to see what you are doing first, for them to provide some suggestions. Good luck.