The other day, I read a comment on BRKV about setting up a team to trade forex together, suddenly I remember the old days when I also did this. Now that I have free time, I should tell you about the old days.
My trading group
Back then I remember being a team leader for a forex trading group. To be honest, at that time I was inexperienced and technical analysis was very flabby. However, In the land of the blind, the one-eyed man is king, which was the situation I was in. In the blind eyes of my colleagues and friends, especially new graduates and forex newbies, I am the group’s idol. I can fluently read Japanese candlestick patterns, Fibonacci levels, support and resistance… Moreover, for every news release, I can analyze its impact and importance to the market.
Seeing my level of “professional”, the friends on the team decided to entrust me to get rich. There wasn’t any EA, robot or any trading program back then, so I had to do it all myself. The only real trading experience I have is a 500 USD loss on a 1000 USD account that I have once told. Anyway, in the group, I am still the person with the most real combat experience, because my colleagues all… have not actually traded, and are dreaming of making quick money from forex.
Creating a success trading group
At that time, the fixed rate offered by the company was 1000 USD. We are divided into 8 shares, each share is 125 USD. Mobilization is done quickly. Next is the division of positions. I’m a head trader who only analyzes strategy without placing orders. When analyzing the order, I have to take pictures, record the reason for the analysis so that the group can study.
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Below me are two people in charge of placing orders, including the chief and the deputy. The chief holds the password of the account. If it’s busy, hand it over to the vice guy.
The Control Board was also established with 2 members. The task is to control how accurate my analysis is, whether I give analysis to the side placing the order, or whether the other two have placed the order correctly as analyzed …
The downfall of my trading group
To be honest, the two guys who placed orders felt very bored. They feel they are just manual labor or slaves. They just follow orders like a robot. As time passed, they became more and more bored so they gave me a password. I can do whatever I want with the account.
After a few dozen commands, I don’t feel good. Control board yelled too much. It felt like I was alone working with the group. Therefore, I decided to stop the group.
Fortunately, the group was profitable. After dividing the shares, each of them seemed to have only a few dozen dollars. That’s me already charged the commission.
After the group trading 10 years ago, I stopped contact with the trade group all the time.
How to make a success trading group?
The essence of trading is personal opinion. People who do not know the trade do not have their own opinion. When you know the trade, your own opinion will form. The more the group, the more opinion.
Success trading group requires players to create a common trading system. All team members have to understand and follow the common system. This includes groups that must speak the same language. When there is a common system, then allocate work to each other to make transactions. You can check out more success trading groups at Babypips or ForexFactory. They are all reliable and trusted forex forums in this market. There are thousands of traders there who you can work with and form a team of your own.