Trading is a very personal journey. Old traders know and new traders quickly learn that for most of the day, the best traders are often holed up in their offices, with nothing but charts, trades and their own thoughts to keep them occupied.
Of course, no one can exist as an island. Building a network of fellow traders is essential and should be considered a high priority. For a trader, having a good support system can be the difference between failing and succeeding.
Trading is all about testing beliefs about the markets. Creating a network of traders can help you in a few ways:
Market News and Data brought to you by Benzinga APIs- Learning from other traders' mistakes: Nothing has had a more lasting effect on my risk management outlook than this video from High Probability Trading. In the video, a day trader explains how he quickly lost $30,000 on the markets.
- Motivation through tough times: When it seems like every trade you make is flopping, or that the market is purposefully stopping you out, talking to other traders can help you to determine if you are victim to a broader trend affecting everyone, or if you specifically are doing something wrong.
- Keeping an open mind: It is very easy to get tunnel vision when you have only yourself to listen to. By listening to a lot of different traders, it becomes much easier to see the markets objectively.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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