The camaraderie can be very helpful.
Forex trading in a trading room has become a rather common occurance for our industry as traders ar seeking an edge for their trading activity. Our view is that based on the composition of the room and how it is moderated the advantages are tremendous.
Our traders are all in multiple rooms some where we are more of a teacher coach others where we are the students. Some we are a blend.
Forex trading in a trading room does require an adherence to a code of trader ethics that should be followed. First lets make sure that the rules of the room are known to all . When new traders join it’s important they know those rules.
If you are invited to a room lurk for a couple days or even a week to get a feeling for the norms Forex trading in a trading room should be mutually beneficial and you can better find how you can be helpful through observation .
You may be able to offer insights in how to use your platform . Today I saw a trader unaware of how to enter a STOP” order in MT4 So little things can make you a welcome addition when you can help
If you are Forex trading in a trading room beware of the chap who knows so much he cannot be silent. This personality type is known to us all. If you get a trader like this in your room get out.. or ask the moderator to get the boor under control.
Offering a closed trade chart after a trade is preferable to making calls before hand as Forex trading in a trading room should not be used as a one up venue.
Sharing a chart so that others can see what you saw will increase your credibility as a valued member.
Forex trading in a trading room should be considered as a tool to improve your edge. Let us know what you think. If you are a member of a room why do you participate?
