DislikedHi All,
I am looking to join up with a fellow forum member and become Trading Buddies!
Thanks!
MPIgnored
I actually tried to do this once, and wanted to share my experience with you. I had a friend, who was at a similar level to me regarding a different strategy I used to use, and we would meet on skype to discuss potential trades.
The main problem with this is, everyone is different in regards to what style of trading suits them. Even if you're both trading daily charts, one person might watch the charts every hour, and have anxiety if they aren't moving the stop every couple hours, while the other might want to watch it once or twice a day and just trail the stop. I think if you'll read the thread you'll find that there aren't really any traders among all the pros here (James, Jim, Mike, Rac, etc.) who trade exactly the same way.
I understand that you are thinking of this as a way to fight the psychological weakness that we all face, by making it so both people have to check off on a trade before it is taken, but in practice, I think you will find it hurts more than helps. It is just as likely that you'll talk each other into bad trades than talk each other out of them.
Of course, I'm not trying to being a downer Mp, I just wanted to share my experience with you so you don't have to waste your time. I think to really do well with this material you need to make it your own. Tiaforex (and others, Jduester as well) has recommended that you keep track of your demo trades in a spreadsheet, and then you can try out different stop loss placements, exit strategies, etc. on trades you actually chose to take. (I cannot stress enough how much better this is than backtesting where you can curve fit and say "yeah I would have skipped that one")
I have about 2 months of demo trades in a spreadsheet, and have been adding and trying different strategies with all of my trades, and I will tell you I've had some great discoveries, which will help me eliminate poor trades and fine tune my good ones.
You don't want to rely on someone else; even if you get a great thing going with a buddy what if something happens to them or they quit trading, etc.? Wouldn't rather have mastered yourself and your trading so you don't ever have to rely on anyone financially again?
I hope this is taken as friendly advice. I really don't mean this in a rude way, and just wanted to save you time that I know I wasted in my development as a trader. Whether you decide to do it or not, good luck!
Cory