Forex trading can be lonely. A typical day of a forex trader involves sitting solitary in front of a computer screen for long hours, reading news, analysing charts and placing trades.
Forex trading involves making lots of decisions on a daily basis. Finding a friend to trade with, share ideas with and learn from can make trading a better experience, and possibly even more successful.
If you ever took a forex course, most of your interaction was with the instructor. If it was an online distance course, your interaction was likely even more limited and the chance of you making new friends at your same level were probably fairly slim.
Using high-tech for a very low-tech goal
Joining in forex forums online, reading blogs and trading chat rooms can be fun and can also be a way to make new virtual friends. It can also serve as a platform to interact with people who could potentially become friends in person.
While technology is a great tool for facilitating communication easier and making people more accessible, face-to-face meetings have their own benefits. Having a discussion in real life, where facial expressions and body language, play a significant role in conversations, provide a much richer experience than in an online chat.
If you can find someone to meet with from time to time, this will be a big boost. If not, even having an online friend trading at the same level as you can be great as well.
Why at the same level? An asymmetrical relationship most likely will not last long. You wouldn’t want to be dependent on someone else or have them feel dependent on you.
There are a host of benefits from having a forex buddy:
1. Someone to share information with: In most cases, your current friends probably are not forex traders and will likely have little interest in forex trading. Even if they do show some interest, you won’t go into details with them. Having a forex buddy means someone else with a common interest who you can share both knowledge and experiences with.
2. Someone to learn from: By sharing and comparing thoughts on trading with a forex buddy, you might come across tips and ways to improve your trading you would never have thought of yourself. Everyone brings a different approach and outlook.
3. Someone to teach: Learning is a two-way street. Just as you can learn from others, you can also turn the tables and teach them something in return. This can help them, but also comes with a benefit to you: when you teach someone, it forces you to become more focused on what you already know. Explaining something to someone else can help you better understand what you might only know in a general way.
Will you trade on your own? Or do you have trading buddies?
Further reading: 5 Most Predictable Currency Pairs – Q1 2012
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