Quoting AntraDisliked
Just my opinion...as I was sad to see teamtrading not go ahead.Ignored
Just a thought.
FT
I am not sure if anyones thought of this but if it has been discussed and if I am just gonna be talking abt the samr thing then please close this thread.
I have recently started forex trading and made a few wins and few losses and am still in it. Lets see how things go.
But what I wanted to talk about was that everyones doing the same thing here make money so why doesnt everyone make money together. What I mean by that is there are times when I do some good trades if I could share that info with you guys instantly then we could all make money on the same. If I was to make a stupid mistake of selling a currency when in fact the mark was range bound then someone should actually stop me then and there.
I actually come from an IT background and I know various solutions that I can get to get this working anyone thing this is a good idea?
4 maybe 6 traders chatting together deciding which way to go and all of them collectively putting their knowledge and maybe some intuition as they say 2 minds are better than one and we are such a disjointed lot
Please be gentle with your comments
I have recently started forex trading and made a few wins and few losses and am still in it. Lets see how things go.
But what I wanted to talk about was that everyones doing the same thing here make money so why doesnt everyone make money together. What I mean by that is there are times when I do some good trades if I could share that info with you guys instantly then we could all make money on the same. If I was to make a stupid mistake of selling a currency when in fact the mark was range bound then someone should actually stop me then and there.
I actually come from an IT background and I know various solutions that I can get to get this working anyone thing this is a good idea?
4 maybe 6 traders chatting together deciding which way to go and all of them collectively putting their knowledge and maybe some intuition as they say 2 minds are better than one and we are such a disjointed lot
Please be gentle with your comments
- #24
- Oct 16, 2005 11:09am Oct 16, 2005 11:09am
- Joined Jan 2005 | Status: Keep Learning | 1,180 Posts
I am not sure if anyones thought of this but if it has been discussed and if I am just gonna be talking abt the samr thing then please close this thread.
I have recently started forex trading and made a few wins and few losses and am still in it. Lets see how things go.
But what I wanted to talk about was that everyones doing the same thing here make money so why doesnt everyone make money together. What I mean by that is there are times when I do some good trades if I could share that info with you guys instantly then we could all make money on the same. If I was to make a stupid mistake of selling a currency when in fact the mark was range bound then someone should actually stop me then and there.
I actually come from an IT background and I know various solutions that I can get to get this working anyone thing this is a good idea?
4 maybe 6 traders chatting together deciding which way to go and all of them collectively putting their knowledge and maybe some intuition as they say 2 minds are better than one and we are such a disjointed lot
Please be gentle with your comments
This idea has been discussed once before by a member called quinn. I think you will need to email Merlin or quinn, they will be able to tell you what exactly happened better than anyone else.
Thanks,
Nader
Hi Michael,
Thanks for the input I see what you mean, I would like to answer your question first that I am a novice, I did some demo trades and then went live. My decision making process is very simple I go with the market if the trend is downward then I go short and of course if its going up then I go long. The charts are a great indicator I primarily rely on the Bollinger Bands, the stochastic occilator and of course the MACD I mostly look at the 5 to 15 min charts and not the ticks because they give me heart burn
I know I am really talking basic stuff here but I did say I am a novice, apart from that just to get me started I took a demo of nostradamas which I no longer use and Dashboard FX of which I have 1 more month to go before they charge my card again. If I get a signal then I do not blindly throw in the money but I watch the indicators to confirm the move. If I am not on my PC then I just put a pending order for the signal a few pips away if the trend is correct it will trigger the order.
If everyone gathers then it does not neccssarily mean any one person dictates what others should do after all we are individuals having our own brains but there are many ways that a group like that work and I have seen that happen in many other things in life.
Hi Nader,
I will definetly try to get in touch with Merlin or quinn and find out the outcome of this topic.
Thanks for the input I see what you mean, I would like to answer your question first that I am a novice, I did some demo trades and then went live. My decision making process is very simple I go with the market if the trend is downward then I go short and of course if its going up then I go long. The charts are a great indicator I primarily rely on the Bollinger Bands, the stochastic occilator and of course the MACD I mostly look at the 5 to 15 min charts and not the ticks because they give me heart burn
I know I am really talking basic stuff here but I did say I am a novice, apart from that just to get me started I took a demo of nostradamas which I no longer use and Dashboard FX of which I have 1 more month to go before they charge my card again. If I get a signal then I do not blindly throw in the money but I watch the indicators to confirm the move. If I am not on my PC then I just put a pending order for the signal a few pips away if the trend is correct it will trigger the order.
If everyone gathers then it does not neccssarily mean any one person dictates what others should do after all we are individuals having our own brains but there are many ways that a group like that work and I have seen that happen in many other things in life.
Hi Nader,
I will definetly try to get in touch with Merlin or quinn and find out the outcome of this topic.
- #26
- Oct 16, 2005 11:57pm Oct 16, 2005 11:57pm
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
here is the orginal team trading thread...
http://www.forexfactory.com/forexfor...ead.php?t=2174&
as you can see, there was A LOT of interest in the idea.
we ended up setting up the forum, but it never got going. here is the discussion after it fell apart
..
http://www.forexfactory.com/forexfor...ead.php?t=2517&
i still like the idea, but we need to figure out how to make it work. if you have some ideas, post them in the thread immediately above and we will try to get her rollin again
http://www.forexfactory.com/forexfor...ead.php?t=2174&
as you can see, there was A LOT of interest in the idea.
we ended up setting up the forum, but it never got going. here is the discussion after it fell apart
..http://www.forexfactory.com/forexfor...ead.php?t=2517&
i still like the idea, but we need to figure out how to make it work. if you have some ideas, post them in the thread immediately above and we will try to get her rollin again
Relax and be happy.
- #27
- Oct 17, 2005 12:21am Oct 17, 2005 12:21am
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
A Journals forum may come close to this. And provide guests and even lurkers an enjoyable place to read a sort of, two-way blog...
Merlin could name it Factory Journals Forum. Just a suggestion and my "not so humble" opinion
Michael B.
Relax and be happy.
i still like the idea, but we need to figure out how to make it work. if you have some ideas, post them in the thread immediately above and we will try to get her rollin again
If a group of traders were to use the group strength for accountability rather than for placing discretionary trades then I'd bet in favor of the long term success of a group that actually stuck to something like the following sample of points:
1. Initially everyone would have to trade the same system.
2. Each person records each trade and its details.
3. Each person submits a business plan of their own of how they are going to trade the system.
4. Everyone discusses each others business plan one at a time with input and critique until everyone has a business plan they are satisfied with.
5. Every person has access to the others business plan so that any questions anyone asks will be relevant to that persons stated plan.
6. Every trader must post their account reports at the end of the week with their trade log for all to view and discuss.
7. Each person reviews anothers log and makes a list of questions with the idea of helping the other to admit and face mistakes.
8. Whatever other formal procedures that ensure objective trading feedback is provided for each trader so that each trader ultimately becomes self regulating and objective in their own review of their own trading habits -- through mutual disclosure as well as candid discussion and feedback.
I could go on but I think the greatest value a team would have to each other is to ensure disclosure and feedback. Therefore a trader cannot hide from their own self sabotage. I'd bet money on a team that traded this way and stuck with the program. One again though it cannot be done without one or two strong leaders who understand this process.
FT
- #29
- Oct 17, 2005 12:34am Oct 17, 2005 12:34am
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
Relax and be happy.
- #30
- Oct 17, 2005 2:47am Oct 17, 2005 2:47am
This is such a good thread.. You can almost feel the passion of the people in the forum.. Or maybe again, it's just me..
Though, I'm also willing to help, but I'm not sure what help I can give.. So I also hope that if ever the team trading pushes through, I hope that it has a place for beginners.. more of like children watching how the big boys do it..
Though, I'm also willing to help, but I'm not sure what help I can give.. So I also hope that if ever the team trading pushes through, I hope that it has a place for beginners.. more of like children watching how the big boys do it..
- #31
- Oct 17, 2005 5:08am Oct 17, 2005 5:08am
Hi,
This is a great idea 
I was hoping that Jim's pf would pull everyone together on point 1 and 2. Points 3-8 make complete sense to keep everyone on track. I was hoping that something like this could have stopped Jim's run of losses.
Best regards
Alan
If I was going to place a bet I'd bet against committee trading in general. In other words I don't think that an ad hoc group of traders can get together on a forum and discuss trades while trading and come out very successful. People are too prone to peer pressure and bullshitting each other for it to work well. However I think there is an area of this that relates to trading psychology that could work very well.
If a group of traders were to use the group strength for accountability rather than for placing discretionary trades then I'd bet in favor of the long term success of a group that actually stuck to something like the following sample of points:
1. Initially everyone would have to trade the same system.
2. Each person records each trade and its details.
3. Each person submits a business plan of their own of how they are going to trade the system.
4. Everyone discusses each others business plan one at a time with input and critique until everyone has a business plan they are satisfied with.
5. Every person has access to the others business plan so that any questions anyone asks will be relevant to that persons stated plan.
6. Every trader must post their account reports at the end of the week with their trade log for all to view and discuss.
7. Each person reviews anothers log and makes a list of questions with the idea of helping the other to admit and face mistakes.
8. Whatever other formal procedures that ensure objective trading feedback is provided for each trader so that each trader ultimately becomes self regulating and objective in their own review of their own trading habits -- through mutual disclosure as well as candid discussion and feedback.
I could go on but I think the greatest value a team would have to each other is to ensure disclosure and feedback. Therefore a trader cannot hide from their own self sabotage. I'd bet money on a team that traded this way and stuck with the program. One again though it cannot be done without one or two strong leaders who understand this process.
FT
I was hoping that Jim's pf would pull everyone together on point 1 and 2. Points 3-8 make complete sense to keep everyone on track. I was hoping that something like this could have stopped Jim's run of losses.
Best regards
Alan
- #32
- Oct 19, 2005 5:16pm Oct 19, 2005 5:16pm
- Joined Mar 2004 | Status: Magic Man | 3,220 Posts
Relax and be happy.
i like it fiji, this actually wouldnt be hard at all to set up (infrastructure wise). do we still have interest in the team trading idea?
I think this would help a hell of a lot ....with trading discipline and accountablity and not only that it would be ppl helping each other out.
There is a lot to be said for group/team dynamics.
Cheers
Antra
- #34
- Oct 19, 2005 8:09pm Oct 19, 2005 8:09pm
- Joined Jan 2005 | Status: Keep Learning | 1,180 Posts
I think the Journals Forum will act as a team trading forum informaly. Apparently, every thread there will be started by a leader (Or already have been started by one), and only those who are interested to join in and follow will check out and participate. I don't think you will need to force team trading, it will just come out normally while traders check the Journals Factory
Thanks,
Nader
Thanks,
Nader
- #40
- Oct 20, 2005 8:49am Oct 20, 2005 8:49am
- Joined Jan 2005 | Status: Keep Learning | 1,180 Posts
Thats really aamazing that a noob like me can bring this kind of interest back into play, however the 10 or 11 points by Narfa are way beyond my level of understanding so I am just gonna watch from the sidelines and learn form you guys.
Thanks,
Nader