Trading Alone or With Others in Trading Room?

[nycdweller 10]

For those of you that trade for a living, do you hang out in an online trading room (chat or voice) during the day or trade quietly at home without the company of other traders? I ask this question because trading is boring and can be a lonely career. How do you prevent yourself from getting bored? Do you listen to the radio or music while trading? For those of you that hang out in a trading room, where is it located? Thanks.

[walterw 10]

HI nyc, my trading is very quirurgical, so no boring, lots of concentration and no place for distractions... sharing happens off line after the trading event... I know traders that trade more longer time frames have time to interact live...

 

music... easy listening, at very low volumes... cheers Walter.

[BlowFish 10]

Usually alone, occasionally have friends round to trade, that was a lot of fun. I tend to watch satellite TV while trading. Old digger Murdoch provides quite a good selection in the UK. In the past I tried playing computer games while trading that was a bit too distracting. Sometimes think it might be nice to join a prop shop for the comradarie but then I couldn't trade in bed all day if I wanted

 

If I was more motivated it night be nice to get a traders co-op going where people could hang out.

[nycdweller 10]

Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

[walterw 10]

Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

 

NOOOOOOO ¡¡¡¡ jejejej...

[Bam-Bam 10]

My broker has a chat room for traders. I got on it a couple of times. Hate to say it, but fading the emotions of the other participants would be an incredibly profitable strategy. I turned a few nice scalps using the chat as my leading indicator. Every time they say, "okay, YM is going to new highs," I would short, and it would turn around and head back down.

 

Trading can be a lonesome endeavor, and interaction with other traders could be advantageous. What I would really benefit from would be accountability. If I actually had to show someone all my trades and explain why I took them, I would act in a much more rational manor. Boy, that is a scary prospect!

 

I am back to trading with music in the background.

 

Cheers,

 

Bam-Bam

 

* Not a newbie, I just trade like one.

[brownsfan019 17]

Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

 

I don't think so either. By the time any major news is being reported on the TV, the market is reacting.

 

I have music on as well.

[namstrader 10]

I enjoy listening to Bloomberg that is free online, by launching their video player.

The guests give some very detailed and informative views that are less interrupted and more lengthy explanations, than you will ever hear or see on CNBC. Years and years of watching CNBC has made me sick. Same old, same old. Bloomberg has more to offer and it is new and refreshing, but probably boring to many that want the less in depth understanding and just entertainment.

 

As far as trading chat rooms, not for me, too distracting. I need to be alone and be trusting of my own judgements, not others. No hand holding here, I did that for some time and became dependent and unsure rather than self reliant. It is a lonely road that I find necessary for my success. Hey I am a lone Wolf and it has become more evident as I have gotten older, so I like to interact with the group, but stay clear of the dynamics that create tension. And when this lone wolf has found some success, I want to pass it on to others, but I ain't there yet.

[torero 10]

There are upsides and downsides to trading alone and trading with others. Distractions can be a hindrance when you're daytrading, particularly scalping where every second counts where the market will turn on a dime and you get in or out quickly. The problem with paying full attention is the emotional effect that carries with it. If you're disciplined and place your trades (entry and exit) in your plan, you should be able to walk away and let the trade take care of itself. Plus, there's no emotional attachment to the trade to influence you to get out early or late. Gotta see what suits you best.

 

I trade mostly forex now, London sessions, so the wait is essential, I place the entry, the stop, and target and let the market do the rest. I can do other things while the trade takes place. Unless it's news-driven market, it might be a volatile period, I stay in place and see how the market figures itself out before taking the entry or exit.

[brownsfan019 17]

There is a chat room here on TL - http://www.traderslaboratory.com/forums/misc.php?do=flashchat

 

It was fairly active when I first started visiting there were a few regulars but that seemed to die. Anyways, it's there if anyone is interested. I would pop in from time to time but cannot make a full dedication to it.

[The Bear 10]

Does anyone watch CNBC while trading? Does watching financial news help a daytrader in any way?

 

I trade alone every day and I do watch CNBC every day. It's pretty useless in terms of helping me. I do like to watch Maria giggle though, and I like to see what Erin Burnett's wearing. For me, CNBC is just background noise. I also like to see all the idiot experts trying to call the tops and bottoms in the markets. It's fun. They are almost always wrong.

[aiki14 10]

I trade alone every day and I do watch CNBC every day. It's pretty useless in terms of helping me. I do like to watch Maria giggle though, and I like to see what Erin Burnett's wearing. For me, CNBC is just background noise. I also like to see all the idiot experts trying to call the tops and bottoms in the markets. It's fun. They are almost always wrong.

 

I do the same and couldn't agree more, background noise, and some scrolling info. I do like Leisman and Santelli.

[Bannor 10]

Favorite Music to listen to while hammering away? I enjoy an eclectic mix of 80's Grunge, Chorale Classical, and Techno/Trance myself . .

 

Also, I agree it can be a lonely sport, this trading business. The problem with so many chat rooms is that there are sooo many blowhards and other communication evil-doers that its difficult to actually enjoy most of those rooms.

 

I did notice there is a chat room here, and I am going to start hanging out there if anyone wants to join me during the trading day.

 

Good trading today, people!

 

B

[wrbtrader 10]

For those of you that trade for a living, do you hang out in an online trading room (chat or voice) during the day or trade quietly at home without the company of other traders? I ask this question because trading is boring and can be a lonely career. How do you prevent yourself from getting bored? Do you listen to the radio or music while trading? For those of you that hang out in a trading room, where is it located? Thanks.

 

It depends upon your definition of Boring.

 

If you meant to said you are bored because you lack the comarade from other traders...try some chat rooms (the free ones).

 

However, if you are bored because you think its "too quiet" in your house while trading...listen to music, listen to or watch TV involving a financial network.

 

However, keep in mind that CNBC, Bloomberg, RobTV et cetera are designed for traders to use any info that's useful to their trading although I consider them to be excellent financial networks about anything involving the markets especially the FED related discussions.

 

Simply, if you're going to use them, use them properly as in for entertainment and educational purpose only...not for trading decisions.

 

Another option is to get an actual office somewhere that requires you to commute back and forth from work to help take away some of that boredom you may be feeling because it'll keep you busy in a different way.

 

Yet, that's only an option if you're a consistently profitable trader that can afford such easily.

 

Back to chat rooms, there are hundreds of free chat rooms on Paltalk and IRC...just type those words with trading words and you'll know where some are and then join those rooms.

 

Most are listed (public) while others are private (requires registration or you need to know someone to get in).

 

Once your in a few room (most are distractions)...you can then start learning about other rooms to fine tune your search of a room that's appropriate for you (not a distraction).

 

Last of all, I myself watch Bloomberg TV (radio and Satalite) on low volume when I'm bored but when I'm busy...I'm mainly just listening to music.

 

P.S. Don't watch Bloomberg or any other financial network online on the same computer your trading from. Thus, use them on a second computer and the same with music if you're listening to online music.

 

Best Regards,

[edabreu 10]

For those of you that trade for a living, do you hang out in an online trading room (chat or voice) during the day or trade quietly at home without the company of other traders? I ask this question because trading is boring and can be a lonely career. How do you prevent yourself from getting bored? Do you listen to the radio or music while trading? For those of you that hang out in a trading room, where is it located? Thanks.

 

Trading alone is tough. I now mentor and run a private trade room, but years ago I had a trading buddy, played music, read articles from the internet, and did a few things to relieve the boredom and share the pressure. So, if you don't want to hang out in a trade room, find a trading buddy who is as good or better a trader than you and trade together. Just remember to trade to a specified daily goal, then stop. After a bit you may find yourself done within an hour or two. So the boredom things won't be an issue.

[brownsfan019 17]

^^ great job finding a dead thread so you can plug your room!

[edabreu 10]

yea...pretty cool wasn't it. Did I mention my private room? did I say where it was or how to get to it? its free by the way.

[brownsfan019 17]

I now mentor and run a private trade room

 

 

I think you mentioned it. Or it was a wild guess by me.