TJ 154: Power Teams

Join Matt and Tim on the importance of building a team for your personal trading business. With day trading being a solo activity, you may think that there's no need to create a personal team for yourself. It's just you, your computer, and the market, right? Not so much, actually. True, trade execution is all about you making the final call, but why work alone? Trading can be a lonely and draining activity. Being a tweet or forum post away from other fellow traders can take that edge off, as the folks you're posting with know what yer going through, as well. Furtherd iscussing and figuring out new strategies together can be rewarding for all involved. You might think keeping a killer strategy to yourself to prevent it from being overused, but the market is so big, it doesn't really matter.Lastly, you never know where connections may lead. Bridge building can end up introducing you to surprisingly interesting and important people for you.

Not quite sure where to start building your team? A good starting point are mentors. Mentors can serve two purposes: a power hitter on your team for the tricky stuff, and possibly to introduce you to other traders at about your same level the mentor knows themselves to work with. Trading and learning with other folks at your same skill level lends the ability to commiserate about the same struggles you're all going through and share the successes with. To that end, trading workshops (both online and in-person) is also a good place to meet like-minded folks to share ideas with. ...and don't forget Tackle Trading; its forums are full of fellow traders down to talk trade news & strategy, as are the coaches shows.