No trader should or can go through it alone. Sharing trade ideas with your fellow traders is one technique to accelerate your trading development.
If you surround yourself with smart, like-minded people, you will have the advantage of having your trade proposal examined from various perspectives.
If you’re lucky, they’ll bring out items you overlooked or techniques that could be improved. Sharing your thoughts might also assist you enter trades with confidence. Endorsements can strengthen your conviction, while criticisms might temper your arrogance. Unfortunately, not many traders enjoy exchanging trading ideas. Some traders lack the time, patience, confidence, or energy to pick their fellow traders’ brains. But for those who simply don’t know where to begin, we’ve devised a basic guideline after poring over the trade conversations in the forums:
DO: Share your Best Ideas
If you’re confident enough to share it, you should be able to exchange it.
Don’t be afraid to share your best trade ideas. Not only will you acquire diverse perspectives that may cause you to re-examine (or re-affirm) your trading beliefs, but you may also make a new buddy in the process.
DONT: Share your EVERY THOUGHT
Keep them for YouTube reviews or TikTok videos. Make a beneficial contribution to the trading community by sharing trade-worthy ideas, insightful tips, and constructive criticism.
It’s also pointless to clutter the forums with divisive perspectives, perplexing trading parameters, and a slew of half-baked trade suggestions. You wouldn’t want to see these things in your own feed, after all.
DO: Take Heed of the Thoughts and Observations of Others.
Why discuss your plans if you’re not willing to hear some criticism?
Instead of being insulted when others point out your flaws, use the many perspectives to improve your initial strategies and raise the odds in your favor.
DON'T: Blindly believe what others say.
Many traders frequently mistake other people’s opinions for their own. What could they possibly blame? Going with the crowd is frequently easier (and more rewarding) in trading. The problem with this habit is that it exposes you to errors when the price begins to move against you.
Because you did not conduct the study, you will lack the conviction required to stick to the trading plan and are more likely to make execution errors than if you had developed your own theory.
Worse, if you do lose your transaction, you may blame others. Remember to take ownership of your trades from inception to end.
DO: Share your Insights
Every day, we receive inquiries like as:
“Are there any part-time traders out there?”
“How much time do you spend looking at charts?”
“How should I choose a broker?”
Trading veterans and newcomers alike can’t deny that, in addition to trading guidance, anecdotes from a fellow trader’s day-to-day life can assist smooth the route to being consistently lucrative.
Our trading paths may differ, but it never hurts to share your experiences for the benefit of those who may be at a crossroads similar to yours.
Who can say? Maybe someone will offer an anecdote or two that may assist you get over your trading hump someday.
DONT: Be hesitant to seek assistance
Why cope with your trade issues alone when you may easily seek assistance?
Feel free to browse trading forums if you need help refining a trade idea, breaking a bad trading habit, or dealing with any other trading-related issues.
I’ve observed firsthand that there are a lot of talented traders in the forums who are eager to share their knowledge.
Sharing ideas with the proper people can supplement your own efforts
and boost your chances of success. Take advantage of a solid trade community and seek assistance whenever possible!