Research shows that having a network of supportive relationships has many advantages including reduced stress, better coping skills, and an overall sense of well-being.
For forex traders, support groups are ones who give their time, money, knowledge, or encouragement to help you realize your goals.
So, who exactly is in an average trader’s support system? Let’s narrow them down into three groups:
Family and friends
It’s hard to watch charts for hours if your family keeps asking you to quit your “hobby” and get a “real job.” It’s also hard to talk markets with your friends if their eyes glaze over at the mention of “interest rates” or “tendies.”
You don’t have to give School of Pipsology quizzes for your loved ones to understand what you’re doing. In fact, they don’t have to understand trading at all!
Their support can be as simple as pretending to know what you’re talking about when you’re babbling over “broker spreads” or as important as not bothering you during your strict trading hours.
Trading mentor or hero
The best thing about having a trading mentor is that you have someone to guide you through your trading journey. Be careful though, as there are many scammers disguised as “mentors.”
But if you happen to find a legit one, then he/she can show you different trading techniques, point out mistakes that you wouldn’t have seen by yourself, and push you into improving your skills.
Other traders
Those who work in formal trading offices have like-minded peers who can challenge their trade ideas, techniques, and performances.
You don’t have to go to a prop firm to find your fellow trading geeks though!
These days you can easily hit up trading forums and discuss as many questions and trading tips as you want. Just remember to be patient with the newbies and respectful of everyone!
No trader is an island. Though not all traders perform better in groups, nobody should go through forex trading alone.