Trading with partners can be much easier compared to doing it alone. The following tips will help you find the best trading partner.
Reaching success in trading is not just the wishful thinking of most traders worldwide. In forex trading, you can be successful if you get consistent profits, experience a few losses, implement successful strategies, and so on. You can realize all that success with a trading partner.
You will be more responsible for the commitments if trading with a partner. In addition, overcoming all the difficulties and obstacles will be much easier if you have a trading partner.
However, finding a trading partner is not as easy as turning your palm. You can't just contact one or two people. Looking for a trading partner has its difficulties. So, how do you find the most appropriate trading partner? For more, see the following tips.
1. Same Timezone
First, look for a trading partner in your time zone. This will be very influential if you both need to meet in person. For example, if you are currently in the GMT timezone, look for a partner in the same zone as you. Avoid too many time zone differences because it will only complicate your and your partner's trading activities.
2. Have a Similar Understanding
Many believe choosing a trading partner is like choosing a mate, and it's not entirely wrong. A trading partner must agree with you and be able to complement each other. It would be much better if the potential partner has the same trading experience as you, whether it's the trading duration or the type of trading used. So, it is hoped that your partner can support you when you are down and vice versa.
3. 30-Day Training
Training is not only applied to office employees. It's important to undergo training or trials to determine the level of compatibility when looking for a trading partner. If you don't get along with him after training, it will be easier to find a replacement without feeling like you have abandoned them. For example, you use technical analysis often while your partner is a fundamental trader. If you can't find a meeting point, it is safe to say that you won't be compatible.
One tip for getting the next trading partner is to see how committed they are. If your partner often skips meetings, is slow-responding at times, or is trading carelessly and can't control their emotion, you should immediately find another partner. It will be very difficult to work together if one party is highly committed, and the other is not.
5. Weekly Meeting Routine
Last but not least, schedule regular weekly meetings with partners. This can help you to assess each other's performance. Besides that, Hugh Kimura, the founder of the TradingHeroes site, highly recommends regular weekly meetings.
Where to Find a Trading Partner?
There are many platforms that you can use to find a trading partner, including:
1. Facebook groups
Are you still on Facebook today?
Don't get me wrong! Facebook is currently the center of all information sourced from communities. You will find many forex trading communities on Facebook. Try joining some trader community groups that might be suitable. From there, you can meet many experienced Indonesian traders that you can trade with.
However, you should be careful if you come across groups containing spam or scams. You should try joining five groups for one or two weeks to avoid this. This time is enough to determine which group contains real and fake traders.
Even though it has decreased in popularity, Twitter is still the best place to find a trading partner. You can check the following profiles you want to browse. The more famous traders or trading accounts one follows, the more convincing it is to be contacted further. Kimura also suggested this trick if you want to find a trading partner via Twitter because it's easier than just searching for the keyword "trader" in the Twitter search field.
3. Trading Seminars
A trading seminar is one of the strategic places that allow you to meet many professional traders. There will be many successful traders, famous traders, and other business figures that you can meet. You can make the most of this moment to find the best trading partner that suits you.
4. Messenger Apps
Next, you can find trading partners through messenger applications like Telegram. Applications like this are easier to use because they are more optimized for cell phone use and sending messages. On Telegram, there are also many trading communities that you can find. You can find potential candidates to become trading partners or share ordinary trading knowledge from there.
5. Contact the Trading Instructor
If you have a trading instructor, you can contact them to get a trading partner. Of course, not with the instructor because they probably have limited time, but perhaps with one of his other students. If you have a partner guided by the same person, it will be easier, right?
Those are some tips on getting a trading partner that you can try and a platform to find them. Trading alone is legal. However, it will be better to trade with a partner because you will gain more knowledge and experience together. The difficulties that exist will be borne together. Provided that the chosen trading partner is right for you.
While choosing the right partner might be crucial if you want to trade together successfully, the two of you should possess adequate knowledge about trading. Luckily, you can get good and free trading classes from brokers.