I've traded solo for my entire career, however in the last 6 months or so I did a bit of collaborating via phone and in person with a part-time trader who had a similar way of looking at the markets. I found that the quality of my ideas, work ethic and preparation was far higher when we were working together, even though it was typically only a day or a few hours at a time. It was stimulating and motivating, and got me performing far better than usual. That got me thinking that I could perhaps significantly boost my overall trading performance by collaborating with another trader on a long-term basis. Unfortunately this guy lives abroad, and has a day job and other commitments, so he can't take it any further than a little part-time stuff mainly over the phone or online. Also I get the sense he doesn't quite have the ambition and killer instinct to really push things as far as possible. So, at the moment I don't know any suitable candidates, but I'm interested in finding one and trying a collaborative effort. My questions are, firstly has anyone tried this, and if so what were your experiences? Secondly, what would you say is the best way to find someone suitable. Third, what kind of setup would you recommend (at the moment I am just thinking in terms of idea-sharing, rather than setting up a fund or something).
i saw a rerun of two and a half men tonight,{the charlie sheen sitcom) and they set up a camera to camera computer in 2 seperate homes and when it was on you could see and talk to the other person all day, if you set that up with whoever that solves your communcation and chart visuals, now you just have to find a compatible trader to work with
I also trade solo but in the past I collaborated with a guy and it was really excellent. The ease with which your brain can fall into patterns of behaviour that someone else notices is one of the important aspects. I don't interact with this guy anymore as at the time I needed more focus so I cut down on it. Up side If you find the right person it can really spur mental growth. Two pairs of eyes see twice as many opportuinities. Downside Can be distracting You sometimes have to deal with another person's wobblies. Balancing ambition and caution can be difficult and someone who has a good understanding can help with the process. An important aspect proabably is obviously finding someone who "sees" the market participants the same way you do. For me, often when I meet a trader who otherwise sounds ok as soon as he starts carrying on about the perfect fib setting i lapse into a coma. The setup depends totally on what you are after and how close you are in vision. I have gone from collaborating via phone after hours ( ok but not very eficient) to live msn interaction during market (good but needs agreed limits) to trading side by side (good but not right for me at that time). Finding someone is dificult. If it were me I would just post something here or on trade2win setting out how I trade and what I am looking for. You then have to sift out timewasters after a few emails meet in person asap. If the chemistry is not right it isn't going to happen. The long distance thing is ok but I prefer personal interaction. Also it doesn't have to be just one person. Line up two or three depending on how much time you want to spend. There is a good chance some will fall by the wayside. Good luck.
Perhaps it would help if you described your trading style and/or what type of peer you're looking for.
competition/relaying discussing of ideas improves performance mainly where you may be teaching the other person, you quantify the ideas onto words, which then brings out a lot of ah -has in your brain. I'm open to chatting over ICQ/AIM/YAHOO I do only short term hedged trading/ (1-2 days) , 2-3 trades a month. If anybody does any hedging/spread of that nature, pm me
its a huge benefit but has negatives at first. mainly having tough skin. almost every trading shop i've seen, no communication. that or people are just quiet. A place i worked at, we were all backed, we had to do things like communicate because thats what the man wanted. Calling out EVERYTHING...i mean every last damn thing. obviously, you can see the downside, especially when you have a room full of market calls. I hated it at first...it was so distracting, and it was too easy to blame someone's bs for your own. But all in all, I think it explained why the group was a lot more profitable then a far more experienced group within the company in a different location. Call outs I hated: "Market new high" "Theres a buyer! (everytime a bid refreshes.....) , uhm...." and theres no way to IM these scalps, but even on the positions, the good entry is already gone.
Here are the 2 opposite ends of the spectrum: In is a very infrequent trader, the other is a scalper. In NEITHER case makes live (IM, charroom) communication sense. In the first case email is sufficient... The best is when you do intraday swings so you have plenty of time to kill, but having more eyes help you not to miss set ups... I used to have a friend who we shared ideas and entries, it was beneficial for both of us....
I trade in a skype group with other short-term scalpers who trade similarly to me. We all help increase each other's profitability. When tough times come, or I'm not seeing it that day, having someone else show me where the easy money's at can be an extremely valuable resource.