Thursday, April 01, 2010

Five Questions for Starting a Virtual Trading Group

If I were helping start a virtual trading group, I would suggest that each member come to the first "meeting" with the following information:

1) What recent improvement in your trading process has been most effective for you? Please explain this "best practice" and how you incorporate it in your daily trading;

2) What entry setup is most effective for you? What markets and time frames do you utilize this setup?

3) What is most effective for you in managing risk? How do you incorporate good risk management on a daily basis?

4) How do you most effectively exit your trades, and how do you plan those exits?

5) Where do you most need to make improvements in your trading, and how can the group help you with that?

If you don't have concrete answers to those questions--or aren't willing to share those answers--a group won't be of benefit. But if you have clear strengths to share and are open to allowing others to assist with your weaknesses, a group can become much more than the sum of its parts.