Trader Buddy/Partner Idea

Hi all, I usually lurk the boards and don't post very much, but I had an idea that I wanted to kick around and see what happens. I am a bit of a fanatic with trading and find it impossible to watch the market the full 24 hours per day, even though I would like to. I usually sleep about 3 hours per day during the week while the markets are open, and that 3 hours is usually fairly sporadic and broken up. Long story short, it is killing me (even though I am still having a good time), and this can't continue. My idea was to teach my system to someone (or a few people) and if they are in a different time zone and awake while I sleep, and if they are monitoring the market at this time and see a signal on my system, they could send me a quick email which would go directly to my phone. Why would anyone want to do this? Because I would do the same for them in exchange. I can monitor the markets reasonably 12 - 16 hours per day and let them know if their system gives a signal by shooting them a quick email. All I need to do is have someone eyeing my system during the 6 hours that I will sleep. This may sound nuts...but think of how efficient this could be for whoever is dedicated enough to do it? Imagine never missing another good signal on your system again, but still being able to coordinate enough time to sleep and do other normal human activities? The biggest kick in the arse for me is waking up (and I seldom sleep) and being 30 minutes late on an entry to what would have been a perfect trade that I had otherwise had the patience and discipline to wait for. This is a preliminary idea, but I can just imagine coordinating a team in the future that will watch each others back and make sure that we all stick to our systems pretty much around the clock. No more missed opportunities to learn and grow as traders. If this all sounds ridiculous, that is alright and I won't be offended. This is one of those "tired ideas" that may or may not go anywhere. Thanks for reading.

I tried this same idea and it didnt work. I just couldnt find the right people and it turned out to be a very frustrating experience altogether. Either they were not commited enough, or not disciplined enough, or God knows what.

I wish you better luck than I had myself.

PFDTrader22,

What time zone are you in?
I am EST.

Mystic, I am EST also...but one thing I didn't think about was the fact that my hours are different from the traditional EST waking hours, so someone else in EST with a normal wake/sleep schedule could work out fine. I would be awake monitoring the markets in one form or another from (for example) 8pm est - noon the next day, sleeping for about 6 or 7 hours during the downtime (hopefully). I can adjust my schedule to nearly anything, however, I need to be awake during 1am est - at least 10 or 11 am. Anything else, we can probably come to an agreement on. Also, my "system" uses very simple price action triggers and isn't heavily indicator laden, and I don't monitor more than a few pairs, so this shouldn't be too much of a hassle. Let me know what you think. WTB, sorry to hear about that, but I'm as committed as they come in case you ever wanted to give it another go-round.

P.S. I would probably only need monitoring of the 4 hour and daily chart. I use the 1 hour chart as well, but unless there is an A++++ setup on it, I can't see waking up in the middle of sleep to trade it.

I read your posts and this process interests me. I dont usually post on here but this is an idea i've had for some time. I agree that this process takes commitment. Sleep has been hard to come by in times of near tops or bottoms. What pairs do you trade? How do we proceed with this idea?

Claudio

As WTB says i agree with him, I tryed a trading partner but it didnt really work that was the bad story the good thing is we are still in touch with eachother and planning to meet eachother we have been chatting for 2+year now.now both of us trade with confidence even when we batle eachother with way different opinions and that is what drives a market!diferent opinions. I wish u all luck to find a partner but i found that partner being just another confusing indicator messing around with my mind but hell give it a try u might find a good friend instead

revoke

I always trade gbp/jpy, gbp/usd, gbp/chf. I sometimes trade eur/cad before big CAD news. I sometimes trade eur/usd. I rarely trade: aud/usd, nzd/usd...only when they are making a good setup at a 50% fib retrace, or I can get back in at a good looking dip or rally. Mainly just the 3 gbp pairs though.

well i like trading the gbp also if you are serious about this trading partner thing, i'm game so how should we proceed?

Why dont you automate your system with an EA?

Brave, I thought about it, but there is just a bit too much discretion involved in my opinion. I think it would be more difficult and less effective to put together and continually modify an EA than to just get someone or a few people to work with. I definately wouldn't rule it out though if someone could do it, I'm just not sure how.

Turbo, I'll pm you the details in a minute.

A trading partner is not ideal I don't think, best doing it yourself... but if that is not an option, you would need someone who fully understands your system and has the ability to trade it with discipline, then maybe it could work. Just my 2 cents.

PeterM, I'm not asking for anyone to trade "with me" or trade my system for me. I cannot be awake all 24 hours of the day to monitor setups, so I need a tag-team partner to monitor my system for a signal when i am asleep, and I will monitor their system for them while they are asleep. We will not be physically trading for each other, we will just be alerting each other of a signal if it happens.

ah sorry.. Sounds like I misunderstood... You can setup alerts in MT4 when certain conditions are met if that helps.

Crab. If the complete system with money management that he his talking about is completely mechanical. Then anyone can trade it correctly, specially if they don't have even them own money in the game.

Another thing is if that system is even profitable even it would be traded always as explained?

I would recommend to move into longer time frames and trade yourself although. You would pay less for spreads also.

I would like a monitoring buddy who is awake during the USA day. I'm In Thailand-- so awake with Australia and Asia to Europe and getting pretty sleepy once the States get going. We could work with each other and wake each other up is there's any relevant news story's or events etc (that we can get an automatic trading alert for.)
I trade 'anything that moves'..... OIL, RUB & NDAQ 100, among others, have my attention right now
Please message me if it suits!

Hey Pfd,
Does pfd stand for Personal floatation devise - as in keep your head above water?