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Trading Forex Alone Or Trading Forex As Part Of A Group

Are you trading Forex alone, or are you trading Forex as part of a group of traders?

Trading Forex as part of a group has many benefits, but ultimately you are the one that pulls the trigger and makes the decision to enter and exit a trade, so you have to prepare yourself for times when the group are not available and you have to trade alone.

Some traders prefer to trade alone, as they feel a group trading environment could distract them from taking a trade. For example, if you see what you think is a great set up, and you share the set up with the group, if the majority of the traders in the group think its not so great, the chances are you will go with the majority and not take the trade, which is perfectly normal behavior, but you may end up missing a great trade. I have done this myself, so i know it happens.

Group trading is a great platform for new traders to learn from more experienced traders. Its very hard when you are first starting out in Forex trading as you do not know where to start. What strategies do you learn, and what do you ignore? What works, and what does not work? There is no point in spending months learning a new strategy if its a bad strategy, but if you are a new trader you will not know its a bad strategy until you have learned it, and proved in the markets that its not reliable. You have to learn the best and most profitable strategies from other successful traders, or you will be wasting a lot of time, and picking up a lot of bad habits along the way.

If you are considering joining a trading group you need to join a good one. Free trading groups are generally a bad idea in my opinion as they are full of noise. By noise i mean lots of traders with differing views and various get rich quick systems. You don’t know who to listen to and who to ignore. This can be really detrimental to your learning process. To be successful you need to seek out the top traders, and learn from them. 95% of Forex traders lose money, and 95% of them are in free trading groups and free trading forums. To be the best, you have to learn from the best.

So my conclusion is, trading as part of a group of proven top traders, or joining a live trading room is a great idea when you are first starting out, but to be successful long term in Forex trading you have to be master of your own destiny, and take ownership of your trading, win or lose. At the end of the day to be a successful trader you have to be able to trade alone.

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