Recently, whilst in an on-line trading room, I received a private message asking if I was ever likely to post again. Time is a real issue for me but I was compelled to write this post by a situation I saw in the same on-line trading room.
Now, some of these rooms, a few, are very good. Some, though, are bloody awful and I feel for those new to trading who fall victim, but we all learn some how.
As a species, we are inherently lazy and, ultimately, the reason for trading is to make a profit, so it's very easy to simply follow instructions given to you in a room, particularly if that room is profitable. But, even though you make a profit, how can you get more value from your service/room?
When joining a service or room, you shouldn't view your investment as purchasing good quality trades, it should be viewed as purchasing someone else's knowledge and expertise. If they are very good they may explain the reason for the trade, if they are simply good at picking profitable trades but don't elaborate on how, review the markets and statistics involved to see what made that trade stand out. If the service/room is non-profitable you will very quickly learn what not to do.
Absolutely none of the people who are successful Sports Traders have become successful by following someone else. The way to becoming successful in anything is to seek knowledge and align yourself with others who are successful in that field. In the fist instance the wannabe trader should seek to learn instead of earn.