If you are a frequent trader that has taken Forex on as a real business, then you will know by now that in general the business of Forex can be very lonely. That is a common trait that some may not be aware of before coming into this business that soon hits them head on. So now it really depends on your character, do you mind feeling lonely? Would you prefer to be working with others rather than assessing charts? And is there a way to fix this loneliness. I will tell, there is a way to fix this issue.
How I See Forex Overall..
First off I wanted to share my thoughts on this business. To me, Forex is perfect for my lifestyle and yes it can be lonely at times. I am an online business owner running many sites online including this blog and the one thing i look forward to is placing a few trades on the market each day. So i really enjoy it being a part of my day overall. However am i lonely? The truth is i am far from it. And that is because i have found a solution to trading by myself. And that solution is…
Social Trading – Become a Part of a Community!
Above is an example of a profile in Etoro where a community is active around one traders trades. By being a part of this community you can see, view, copy and be social in this community as well.
Yes, that is right, you have choices in Forex now, you can choose to trade alone, or you can choose to team up with other good traders and trade with them. That is where i love platforms like Etoro, not that i use them fully for all of my trading, however it allows me to communicate with other traders on charts, copy other good traders, listen to others advise and generally hang out with other traders that take trading very seriously. In fact many on Etoro do trading for a living.
Social Trading in a way is similar to Facebook, except everyone is doing something productive and similar, making money from Forex. It is not just about checking your profile and adding friends, instead it is where we can chat on other traders profiles and interact on Forex related topics. So there you go, it does not all have to be so lonely. That is how many others do it as well, become a part of a community rather than choosing the full lonely road.
Other options are being part of a active forum such as Baby Pips, or Forex Factory. Each one is good, however seeing everyone’s trades in action to me has a more exciting effect.
So what i would recommend to all new traders or those feeling the pinch of loneliness is unless you are one of those quiet types that wants to take on Forex by yourself. That is fine, however if you are not then you should plug yourself into the social side as well. Etoro being my option to start. To me, not only is Forex better when discussed socially with other professional traders, but it is also helping us to make a better assessment of the overall market.