Forex Trading: Individual Entrepreneurship or Collective Creativity?
People tend to seek support for their actions or thoughts through the opinions of others. In everyday life, we are used to discussing our plans with our loved ones and being interested in their opinions on various matters. "One head is good, but two is better" is a well-known and wise Russian proverb, often applied in modern everyday life. It is this love of advising and listening to other people's opinions that is very detrimental to a trader, especially a beginner.
Forex trading is a kind of Internet Entrepreneurship. In just a few seconds you can increase your initial capital or lose everything. But people who come to the internet trading usually do not think about the bad things.
Having got the knowledge through dealing centre courses or educational programs and having got a Forex strategy for beginners they are eager to join trading on Forex market solely for making profit. But, as usual, knowledge is not enough, so they want to learn about the current trading situation from a colleague or a friend. Of course, it is understandable, but not the fact that it leads to profit.
As practice shows, a successful trader is not a public person, though, of course, there are some pleasant exceptions. When trading in silence, a successful gambler is not looking for someone who is willing to listen to his opinion. He does not need it. Neither do opinions of other, even more successful traders. That's why very often a beginner asks for an opinion from a colleague who may have a bit more experience and is willing to share it, but you will learn later if it is good experience or not.
If you ask ten traders at one time how they would like to trade on Forex today for a certain currency, one half of them will firmly say that they will buy this currency today, while the other half will be no less bearish. And that is natural. They simply trade on different systems and time intervals. Why would a trader looking for an entry on a five-minute chart listen to the opinion of a mid-term trader? Most likely, it will be the opposite and may cause that a competent, calculated entry will not take place, because a beginner usually takes the opinion of a more experienced trader as a call to action.
Another thing is if a group of traders trades with similar trading systems. This kind of communication is difficult to overestimate. By adhering to the same rules and regulations, and assessing the trading situation through their prism in discussing it, they will surely come to the same accurate opinion. It is in this kind of communication that the adage of benefit proportional to the number of heads is true and relevant. But for communication to be beneficial, the trader must initially be confident in his own abilities, so that other people's opinion would be just an ordinary judgment of a stranger, but not affect his own trading plan in any way. And such confidence is achieved through a combination of professional education and positive trading experience. And the more qualitative the education received by the trader, the more confident he will feel in his work, and the more profitable forex trading will be for him. Even if it takes more than one month to educate a trader, all this will return a hundredfold.
Summarizing the above, we can say that communication between traders is, of course, an individual matter, but it should by no means turn into teaching amateurs to each other. And it is a well-known fact that traders do not become professionals without proper education.