Here at BabyPips.com we firmly believe in the fact that no trader is an island. This means that no trader can and should not go through it alone.
One way to speed up your trading development is to bounce trade ideas with fellow traders.
If you surround yourself with smart, like-minded people, you will have the advantage of evaluating your business idea from different perspectives.
If you’re lucky, they’ll point you to things you missed or strategies that can still be improved.
Sharing your thoughts can also help you make deals with the right amount of confidence.
The validations you receive can reinforce your conviction while the criticisms can validate your overconfidence.
Unfortunately, not many traders engage in trading ideas. Some traders do not have the time, patience, confidence or energy to pick the minds of their fellow traders.
But for those who simply don’t know where to start, here are a few tips we came up with after delving in Trading discussions in forums:
Do: Share your best ideas
If you are confident enough to share it, then you are confident enough to trade it.
Feel free to put your best business ideas there. Not only will you get different opinions that will make you re-examine (or reaffirm) your trading ideas, you can also make a friend in the process.
Don’t: Share all of your thoughts
Save them for YouTube reviews or TikTok posts. Ensure that you contribute positively to the trading community by offering trade-worthy ideas, thoughtful advice, and constructive criticism.
There is also no point in flooding discussions with hateful opinions, confusing trading standards, and an avalanche of unbaked trading ideas. After all, you wouldn’t want to see this stuff on your own feed, either.
Do: Take note of the other party’s opinions and feedback
Why share your plans at all if you’re not ready for a little cash?
Instead of feeling offended that others point out your mistakes, take advantage of the different opinions that can improve your initial strategies and increase the odds in your favor.
Don’t blindly follow what others say
Many traders often adopt other people’s opinions for themselves. And who could blame them? In trading, it is usually easier (and more rewarding) to engage with the crowd.
The problem with this habit is that it exposes you to errors when the price starts going against you.
Because you have not done the research, you will lack the necessary conviction to stick to a trading plan and are more likely to make execution errors than if you had developed your own hypothesis.
Even worse, you can blame others if you lose your trade. Remember to take responsibility for your trades from start to finish.
Do: Share your experiences
Every day we receive questions like:
“Are there part-time traders?”
“How much time do you spend in front of your charts?”
“Which medium should I use?”
Trading professionals and beginners alike cannot deny that beyond trading advice, fellow trader’s daily anecdotes can help smooth the path to becoming consistently profitable.
Our trading paths may be different, but it never hurts to share your experiences for the benefit of others who may be facing the same fork in the road as you.
who do you know Maybe one day someone will share an anecdote or two that can help you overcome your trading hump.
Don’t be afraid to ask for help
Why deal with your trading problems on your own when you can easily ask for help?
Feel free to visit the trading forums when you have a trading idea that needs improvement, a bad trading habit that you would like to kick off, or any other trading related issues that you would like to deal with.
I have seen for myself that there are a lot of good traders on the forums ready and willing to share their year.
Sharing ideas with the right audience can complement your efforts and increase the odds in your favor. Take advantage of the good trading community and get help when you can get it!