Hi I am a longtime member of forex factory and have come to a point in my trading life where i can honestly say i have the skills to be a good and profitable trader. However my lack of self discipline is undermining all my efforts. For example taking trades when there is no signal, leaping in to trades too soon or too late, not following my trade management and letting wins turn into losses. I'm sure you all know what i mean.
For those experienced traders like myself who know that it is NOT the system, but the person who trades the system which determines whether you become a successful trader.
I am now starting a buddy system for one or more groups of traders (depending on interest) who will hold each other accountable to trade their plan.
The goal of each group is that each member becomes a highly disciplined trader because they have to post their trades and even show their daily account statement (personal details ommited), each member knows before they enter a live trade that each member of their trading group will see it
and hold them accountable.
If they want to 'play in the sandpit' it has to be on a demo platform but real trades MUST stick to the plan.
The group will have a general set of rules and each trader will have their own trading action plan which is known to all the members which will focus on their own particular trading plan and any specific weaknesses in their trading.
The general rules will be very oriented towards sticking to your most profitable trading system and not mixing it up or getting distracted by other
'holy grail' ideas. Only adding in new methods after careful testing and with the knowledge of the group.
1.The group should be about 4 members each so if someone drops out the other members are not left high and dry.
2.The members should 'click' that is the group chemistry should be good.
members should speak to each other and ensure that they are happy with the mindset of the other members before the group is officially formed.
3. each group should have approximately the same timeframe for trading so they are around to chat during the day
or
they should have a meetup time at the end of the day/week depending on timeframe and communicate via skype and email at other times.
the important thing is to have cameraderie within the group and a commitment to help each other and ourselves become consistent traders.
please pm me all those who are interested and lets get this going.
For those experienced traders like myself who know that it is NOT the system, but the person who trades the system which determines whether you become a successful trader.
I am now starting a buddy system for one or more groups of traders (depending on interest) who will hold each other accountable to trade their plan.
The goal of each group is that each member becomes a highly disciplined trader because they have to post their trades and even show their daily account statement (personal details ommited), each member knows before they enter a live trade that each member of their trading group will see it
and hold them accountable.
If they want to 'play in the sandpit' it has to be on a demo platform but real trades MUST stick to the plan.
The group will have a general set of rules and each trader will have their own trading action plan which is known to all the members which will focus on their own particular trading plan and any specific weaknesses in their trading.
The general rules will be very oriented towards sticking to your most profitable trading system and not mixing it up or getting distracted by other
'holy grail' ideas. Only adding in new methods after careful testing and with the knowledge of the group.
1.The group should be about 4 members each so if someone drops out the other members are not left high and dry.
2.The members should 'click' that is the group chemistry should be good.
members should speak to each other and ensure that they are happy with the mindset of the other members before the group is officially formed.
3. each group should have approximately the same timeframe for trading so they are around to chat during the day
or
they should have a meetup time at the end of the day/week depending on timeframe and communicate via skype and email at other times.
the important thing is to have cameraderie within the group and a commitment to help each other and ourselves become consistent traders.
please pm me all those who are interested and lets get this going.