Building a Network as a Trader

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:

• 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.

One of the easiest ways to start building a trading network is to begin interacting with other traders online. For example, there are numerous discussion forums on stock trading, and even more specialized forums for things like futures trading. Blogs and personal websites may also be worth checking out. Besides discussion forums, chat rooms are another great way to interact with other traders and have the benefit of being live. Chat rooms have become a mainstay in the trading community, and can be used to watch others execute trades, discuss events in the markets, or even just to take a quick break and have some lighthearted talks. Many discussion forums also have chat rooms, and some brokers maintain their own chat rooms, too. Skype is another tool traders commonly use to keep in touch with one another, and is worth getting acquainted with. For those that still prefer face-to-face discussions, networking websites such as meetup.com have plenty of trading groups available. Workshops, trading expos, and trading shows can be excellent places to network and learn new trading methods and strategies in person, as well. However, one mistake new traders sometimes make is spending thousands of dollars on classes when similar learning materials are usually available online for a fraction of the price, or are even free. You should explore all your options before signing up for anything. Ultimately, by expanding your trading circle, you will learn more and faster, and potentially turn trading into a successful, life-long career.