All traders have started from somewhere and most get help along the way. Most traders learn from mentors, teachers, or from family members. And this isn’t a coincidence. There are many advantages to being part of a trading community as opposed to going at it alone. It can cut down on years of development time that you can use to make money. Here are just a few benefits to joining a trading community.
More eyes on the market
Having like-minded peers can be a huge asset when trying to scan the market for the best opportunities. Sometimes we or our scanners will miss something happening in the market. And frankly, it’s impossible to watch thousands of stocks on your own. But with hundreds of other eyes out there, there’s a high chance that you’ll get alerted to the biggest movers. Usually these traders will share the news without wanting anything in return. Twitter and Stocktwits are great places where traders call out the hot stocks of the day.
By connecting to other traders there is a huge potential to grow. Stagnation happens when you think you know enough. People are usually more than happy to share their trades, their tools, or the most effective indicators out there. Reach out to some people and you’d be amazed by the feedback you can receive.
Get objective analysis of our trades
We tend to be biased on our decisions and our trades. But guess what? Other people won’t be. Share your trades with others and you will likely receive brutally honest yet crucially vital analysis of your trades. Harsh honesty is more valuable than ego boosting compliments.
By being on the hook to share your results with other people, they will be able to blatantly see the truth in your trades. Did you follow your rules or did you break them? Did you become emotionally unstable or remain disciplined? By knowing other people will see your trades it will force you to try to be more disciplined and ultimately improve your overall trade performance.
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