Team Trading

I am a big fan of trading in a team with other traders. My son and a few of our friends have formed a team (Team Fantasy Forex at forexfantasy.com) to exchange ideas and post our trades before we take them to provide some accountability and to keep each other honest.

Does anybody else trade in teams?

What do you think of having a team section (kinda like the chart section) for the Factory?

Not a bad idea, whip

You have a great idea here. Just last week I spoke with both my sons and we are going to start something similar. But we have decided to take it a step further. We are going to take shifts and as well as discussing each other's trades, we are going to baby sit each other's trades as well.. I think the world of them and we have a great relationship and have worked together in my other business, so I think it should work to our mutual benefit.

We plan to start at the first of the new year...

This is something I would love to do also. It would be great!! Each person could verify for each other whether a trade should have been taken or not.

The idea is not origonal with me. I got it from Rob Booker. (robbooker.com) He is a big fan and does it at all of his live training seminars. The dream for Team Forex Fantasy is to all go to one of Rob's seminars and kick but as a team.

Taking that idea one step further you could have members of the team from each time zone. Someone could watch the Aussie session, London and New York. That way an hour or so before your local session starts you could be updated on the goings on. Just a quick look around FF member list and you can see that member here hail from all around the globe.

I think that an atmosphere of having your trade decisions 2nd guessed would be instructive, but wouldn't last very long. Traders by their nature do not strike me as team players. Team meaning like baseball or basketball in that u rely on other team members to win. Trading team would be more like a 'golf foursome' or more closely a high school wrestling or boxing team. Each is responsible for their weight class.

One of the VWB docs mentioned that Vegas has a team. Each member is responsible for a particular pair. Vegas' is GBPUSD. This I see has some merit as with that responsability would come accountability also but not much was said in the docs on that subject.

As an aside, I wonder if a study has ever been done on what type of sports the most successfull traders participate(d) in. Might be a good subject for a 'Member Poll". I am reading Victor Niederhoffer's book "Education of a speculator" and he was a handball champion, an individuel sport.

How about trading the entire FF community at the same time and in the same direction.

For example, At exactly 9 AM EST Today, The whole bunch of FF community traders would buy euro/usd and sell it off exactly after three hours at 12 PM EST.

Will that make any difference to the PIPS, I think in this way we can compete with the big boys like morgan stanley's and citi banks.

Well, if 100 traders from here with a leverage of 1:200 make a 5 lot buy, it would be 5 million dollars...and when the pip goes on our side, i mean 100 others would also join in and it would be a small rally of sorts yet we would only know when to exit and we would leave the suckers behind...and i would love to see some of the banks getting wipped :..

is that even possible...... i should get to bed now...my noon sleep....yeah...im unemployed...so i can think of anything

Sorry to be negative, though my experience of 'Team Trading' and or the various chat rooms, is that there is usually a problem with honest calls.......

It would be interesting to have a Forex Factory chat room, with a moderator. Anyone calling trades needs to call only when price is within the spread of the entry. Then should define where the stop is, if it exists.

If you check out most trading chats, you will see that you never get participants saying 'I am long Cable @83' when the price is already @74. Most of the calls are always already in the positive...................by the time they are called.

Discussing the market / trading ideas is good, though I am not sure about asking to be second guessed when you are about the enter or exit a trade. Dangerous stuff. IMHO.

i think, one can team up on the analysis section or preparation...but team up on the trade section ? difficult...imo any calls on chats had to be in a "lmt sell/buy oder" format, lets say at least 5min ahead of (expected) entry

ive been thinking of teaming up in the following way as well...trader 1 is only allowed to enter trades and trader 2 is only allowd to manage/close trades...might be an interessting kind of "labour split"

It is a bit of a catch 22, I used to call all my trades live via a Yahoo messenger subscription basis, if I call it 10 pips late, then you got complaints you are calling it late, you call it straight off and it goes against you, and you get complaints you are not reliable, in the end not worth the trouble.

Team trading can only really work in my opinion of you are all trading the same system, keeping an eye out for each other so to speak.

I am with you


good idea

In my mind, there is a difference between calling a trade on a chat room and Team Trading. In team trading we are a tight knit team of trusted individuals with unique styles. We use the team to bounce ideas off of each other and encourage each other. That is why my team Forex Fantasy (forexfantasy.com) has our own website and private forum where we don't have to expose our drawers to the whole world, but we can still get some feedback.

I love the idea to use a team to bounce ideas off each other. I have noticed that in some teams there is a problem with honest calls, but I set a rule in the teams I set up: you make the call as soon as you take the trade, not afterwards. Otherwise it's of no use to anyone. And this works quite well. If there is a person on the team that does not like that arrangement they usually sign off.

The recent teams I have set up are larger -- 10 to 15 people chatting at the same time, following similar systems. They don't all take the same trades but they do help each other. Sharing ideas rocks.

Rob