Trading is for loners:) | Forex Factory

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Day Trading vs. Swing Trading vs. Position Trading 86 replies

Trading is for loners:)

  • #1
  • First Post: Nov 28, 2005 2:12am Nov 28, 2005 2:12am
hi pals,

I've found that one distinct traits that make up a good trader is the solitary nature of the work.

Trading seem to be lonesome activity , by that I mean a state of mind that is away from the public.

People who are not good at socializing tend to have that traits that make up a good trader.But it's just one of the factor of course,others facets of character counts as well.
  • #2
  • Nov 28, 2005 2:15am Nov 28, 2005 2:15am
If one able to improve their trading multifold, would one give up the temptations of living in a big city for hermit lifestyle in a island or hilltop?

Kind of Zen thoughts...
  • #3
  • Nov 28, 2005 2:29am Nov 28, 2005 2:29am
I think you don't have to be a loner to be a good trader. You could trade together in a trading room but still a good trader. Discipline to stick to your plan is the key. Just my two cents
  • #4
  • Edited 4:14am Nov 28, 2005 3:54am | Edited 4:14am
Never thought about it but I think you're right.

It's nice to share thoughts now and then so trading clubs are good but I like to keep secrets more.

I've tried to get friends interested in it but they seem to think it's to hard or they are just not interested.

I've spent a lot of time learning how to trade FX and the like. I doubt everyone would have the patience. Personally I've only ever found it easy to study things I'm interested in, trading is never boring to me.
grist for the mill
  • #5
  • Nov 28, 2005 3:56am Nov 28, 2005 3:56am
Thanks guys for the input,I hope I don't offend anyone saying that good trading and social life does not go hand in hand.
  • #6
  • Nov 28, 2005 3:58am Nov 28, 2005 3:58am
Quoting Blackship
Thanks guys for the input,I hope I don't offend anyone saying that good trading and social life does not go hand in hand.
Depends what you call a social life
grist for the mill
  • #7
  • Nov 28, 2005 4:01am Nov 28, 2005 4:01am
Quoting Blackship
Thanks guys for the input,I hope I don't offend anyone saying that good trading and social life does not go hand in hand.
Just watch the TV drama christopher colombus that travelled all the way from Spain to america despite having no detailed map, is he alone in his faith and confidence he would hit land despite the insecurity of his crew and utimate mutiny?

In the end , he never give up , persevered and make it to land ahoy making him the admiral of spain and a legend in America history.
  • #8
  • Nov 28, 2005 5:42am Nov 28, 2005 5:42am
Probably all of such activities over the internet are for loners. I am analyzing my experience and see that it is easier to entertain and to work via the internet. You don't need to be dressed, made up, showered... A lonely person is a person who does not have anyone to show off or behave. Online trading gives you the feeling of power and self-importance without others watching you. But anyway a human is a social being and a man/woman cannot live without the others, without communication, live chatting. You can't feel the warmth of the interlokutor's hands and breathe, you cannot see his smile between the lines of a text, or catch a kind glance...
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  • #9
  • Nov 28, 2005 10:33am Nov 28, 2005 10:33am
I think if you ARE NOT Prone to be a loner, you can find ways to communicate with other traders during your trading time. What about using

This forum
Email or instant messaging with other traders
Skype
Telephone
In person ( have you seen the infomercial for one of the trading software systems that shows a group of 4 or 5 people each with a laptop, having a good old time together while they trade?) Not such a bad idea actually, different folks watching different forex pairs for moves and alerting the rest of the group)

There is nothing wrong with being a loner, but trading doesnt have to be a lonely experience.

Lou
  • #10
  • Nov 28, 2005 5:38pm Nov 28, 2005 5:38pm
Quoting Lou
I think if you ARE NOT Prone to be a loner, you can find ways to communicate with other traders during your trading time. What about using

This forum
Email or instant messaging with other traders
Skype
Telephone
In person ( have you seen the infomercial for one of the trading software systems that shows a group of 4 or 5 people each with a laptop, having a good old time together while they trade?) Not such a bad idea actually, different folks watching different forex pairs for moves and alerting the rest of the group)

There is nothing wrong with being a loner, but trading doesnt have to be a lonely experience.

Lou
What an interesting idea!

Some people have LAN parties where they try to out-do each other in video games. Imagine a LAN party where people try to out-trade each other? This would be difficult to do with trading because most of time you have to sit and wait for a signal to enter your trade. But, what about a combination of say, a forum, and the type of technology where you can go online to play in a poker game. It would have to be controlled but, hmmm...

Let's say it was possible to create a forum, or a thread like this? 3 or 4 like minded people could agree that every other day, for example, they would play the trading game between 6 and 8 pm. Live chat could be included, as well as voice?. They would sit around a table where they could see the others trades, ask questions in real time, etc.

If someone wanted to join the group they would have to ask a moderator. If there were available seats they would be welcomed.

There would have to be the availabilty to see charts , etc.

This could be done with demo, or live accounts (probably demo) would be safest.

I know..

I'm now in the "Twilight Zone"

But?...

Merlin?...

Thanks Jimmy
  • #11
  • Nov 28, 2005 6:31pm Nov 28, 2005 6:31pm
Like everything in life, it's all about having a balance. If you mix a passion for your professional life (be it trading or any other job) with a healthy amount of love/family/social life, then you are bound to have a good balance in your psyque and thus a possitive state of mind to achieve success.

Be wise guys: work hard and give your best, but after the closing bell has rung, go out with your friends and lovers. That's the only way.
  • #12
  • Nov 28, 2005 7:29pm Nov 28, 2005 7:29pm
I think a bunch of traders talking with each other and trading has potential for alot of bad if not done properly, but also have its good ..

pros:
ppl get to see how the other guys trade and potentially pick up suitable techniques for themselves.
if everyone is testing/trading a similiar technique/system, then it woudl actually be good..

cons:
you could easily get your winning-trading-strat-psyche affected because you could be asked alot of questions and start doubting yourself.


just my opinion though.
Ken
Trade what you see, not what you believe.....
  • #13
  • Nov 29, 2005 4:29am Nov 29, 2005 4:29am
Quoting khoong25
I think a bunch of traders talking with each other and trading has potential for alot of bad if not done properly
I think trading is an individual sport like tennis or golf. No such a thing as team-trading in my book, unless all of you are following exactly the same system and thus share the same signals.

At the end of the day, it's YOUR money what's at stake, and you don't want to follow someone else's signals.
  • #14
  • Nov 30, 2005 6:25am Nov 30, 2005 6:25am
Well if you start a in-house prop trading firm and hire a bunch of traders you won't be alone. you can throw office parties, take vacations, and of course hire a escort service to bring the girls. Aw life is good.
If I Go Broke Trying Then I Will die happy.
  • #15
  • Nov 30, 2005 12:12pm Nov 30, 2005 12:12pm
If we are loners it's because we didn't think much about the crowds we were with. Few people bother to wonder if things might be alot better, so they stick with the crowd, those of us who thought we were selling ourselves short, now find ourselves a little isolated. It's lonely at the top!

As for trading arcades and the like, might be too vulnerable to group think, I prepare to plug away, even if it's down the wrong route, you develop better psychology on your own.
Life Is Not Like A Box Of Chocolates.
  • #16
  • Nov 30, 2005 2:39pm Nov 30, 2005 2:39pm
Quoting WTB
Like everything in life, it's all about having a balance. If you mix a passion for your professional life (be it trading or any other job) with a healthy amount of love/family/social life, then you are bound to have a good balance in your psyque and thus a possitive state of mind to achieve success.

Be wise guys: work hard and give your best, but after the closing bell has rung, go out with your friends and lovers. That's the only way.
WTB,
The more you post, the better I like you. When I'm scrolling down a thread, I'm finding that I always stop and read what you have to say.

Thanks for your contributions!

Dial
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  • #17
  • Dec 12, 2005 2:34pm Dec 12, 2005 2:34pm
Hello everyone,

im a complete newbie, just gathering information for now. and I like this forum... people seem very helpful and no big egos. I can see your points that trading is a solitary activity by nature. But maybe having a group to bounce ideas around would be nice, and I don't see how anyone wouldn't benefit from such. like the saying goes. no one of us is as dumb as all of us! anyways. I hope to learn a lot from this site. keep it up. and if anyone is a newbie like I be, im in the los angeles area and would be interrested in grouping up.

lemme know. thanks,
  • #18
  • Edited 8:56am Dec 20, 2005 3:51am | Edited 8:56am
Welcome, dude!
Thou I am a fresher also, I will try to help you as far as possible. if you need any links or feed, just ask. Good luck! Merry Christmas to everyone!

With respect,
Penguin


Quoting rchurro
Hello everyone,

im a complete newbie, just gathering information for now. and I like this forum... people seem very helpful and no big egos. I can see your points that trading is a solitary activity by nature. But maybe having a group to bounce ideas around would be nice, and I don't see how anyone wouldn't benefit from such. like the saying goes. no one of us is as dumb as all of us! anyways. I hope to learn a lot from this site. keep it up. and if anyone is a newbie like I be, im in the los angeles area and would be interrested in grouping up.

lemme know. thanks,
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  • #19
  • Dec 25, 2005 1:59pm Dec 25, 2005 1:59pm
I can see where being a trader can seem like it caters well to those who might have more introverted traits, or "loners" as we've been calling them.

But, for me- I see trading as a benefit to my social life. To have a job with a good amount of flexibility and control over my own time gives me the freedom I want to be able to socialize more with my comrades.

Of course, I come from Management Consulting where I was traveling three nights a week- working at home would be an incredible improvement to my social life!
  • #20
  • Dec 26, 2005 9:56pm Dec 26, 2005 9:56pm
Even though I think i work well alone, it wasn't until I started trading regularly with BP that my trading started to become more consistent. It definitely helps to have a second opinion to show you "different angles."
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