Buddy Blog

  • KP

Importance of having a Trading Buddy


OK, Buddy Bloggers,


I just finished with a two hour skype call with a good friend of mine, a good trading buddy of mine. He's been trading just as long if not longer than I have. But he has yet to see the "success" that I have seen from trading the markets.

I put "success" in quotations because everyone's definition of success is different. I feel he has been very successful in many ways over the years.


But the "success" we all think about and talk about and wish for is for the financial security that can come from making money from the markets. And it is possible to make a living trading the markets.


That was one of the things we talked about: possibilities. And also probabilities, inevitabilities, and other "-ilities." :)

Despite him feeling like he's churning his wheels and not making any progress in his trading account, it is absolutely possible for him to make a living trading one day. I encouraged him that it wasn't only possible, it was inevitable....


IF....


IF he followed certain conditions and requirements it takes to treat trading more like a business than a hobby. I can get into what that entails at later time, but suffice it to say now, the discussion was extremely helpful to him. At least, that what he told me afterwards.

After our conversation, I felt even more strongly and empowered about what it is this website is designed to do: to be a helpful resource for other traders to remember important and critical factors to becoming a profitable trader.


1. Belief in yourself

2. A sound, repeatable, profitable strategy to trade.

3. The discipline and consistent implementation of each trade in the system.


Among those there are many others, but these are absolutely KEY! Because then and only then will you be able to expect profits.


If you are blindly throwing trades at the markets, hoping for one to stick, solely relying on your own trading knowledge and experience, you will never make it to your dreams. Your expectations will only come to fruition if you plant the right seeds, in the right soil, and nourish and nurture them. Even the most experienced traders need these reminders.


That's why having a trading buddy is important.


Trading is a lonely business, and for those who do trade it is easy to fall into destructive illusions. The illusions that you're really a great trader when you have a good winning streak without a system. Or the illusion that there's no way to make a living when you have equity draw down and set backs. With someone to help you see objectively what you're doing and able to offer guidance and advice, your chances of success are much higher. Especially if you're humble enough to change what needs to be changed.


For some, you have to be your own trading buddy for a time. If so, be objective as you possibly can. Keep a log of what you do so you can analyze why you did what you've done. But really, with this blog and so many other awesome traders out there, there are many opportunities to find like-minded trading buddies!


Find a trading buddy. Whether it's here or elsewhere! If you don't have one, get one!!


Warm regards,

KP


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DISCLAIMER Options, Futures and Forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. This is neither a solicitation nor an offer to buy or sell futures, options or forex. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed here. Past performance is not necessarily indicative of future results. 

CFTC Rules 4.41 - Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs, in general, are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. 

Testimonials appearing may not be representative of other clients or customers and is not a guarantee of future performance or success.

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