Let’s start by saying there’s no right or wrong way to trade.
Two people can have opposing perspectives on trading and be profitable long term.
However…
You matter before the trade matters.
Your state of being, emotions, and lifestyle carry more weight than the trade you take. The environment you’re subject to can impact your condition, thus your trading performance too. That being said, trading solo or in a group can affect your ability to become a winning trader.
So now, let’s look at the pros and cons to help you decide the best route.
Benefits and Drawbacks of Joining a Trading Group
Benefit #1: Easier To Stay Disciplined
Think about it. Do most people stay focused working at home or in an office when their boss is watching them? A trading group with good structure and rules makes it easier for you to follow instructions – you’re constantly reminded what you should or shouldn’t do.
Benefit #2: Communicate With Experienced Traders
Other traders in your group are likely going through similar challenges to you. Plus, the experienced ones can guide you through adversity. Experienced traders to talk to may be more helpful than relying on yourself when facing trading difficulties.
Benefit #3: Time
If you love trading but don’t have the time to read the markets, a trading group is what you should consider. Having group members update potential setups forming on different pairs is priceless.
Benefit #4: Confidence
You’ll have more confidence in a trading group where people are winning and posting their wins or testimonials. It shows that the system you’re following is working.
Drawback #1: Contradictions
If a group isn’t structured right, all types of advice will fly in. You can easily be put off a trade if you’re receiving contradicting information. This is why it’s necessary for a trading group to have an established trading route and philosophy.
Drawback #2: Distractions
The focus from trading can shift if there are memes and off-topic conversations. Again, this depends on how the trading group is structured.
Benefits and Drawbacks of Trading Solo
Benefit #1: Focus
There’s nobody to distract or sidetrack you from your mission. Fewer people mean fewer voices, so you won’t be receiving information that could trigger unhelpful emotions by trading alone.
Benefit #2: Schedule
Being in a group is great for catching trading insights you’re unaware of, but it could distract you from your day-to-day tasks. When you have a schedule, you know exactly when you will trade and for how long.
Benefit #3: More Comfortable
You may feel more at ease when trading without a group. This could be because you naturally like to work in quiet places with few people around.
Drawback #1: No Guidance
What are the chances of winning without a winner showing you how to become a winner? Trading groups is a fast way to associate yourself with winners and those that can help you. Relying on yourself requires more confidence, belief, structure, discipline, and skill to become a successful trader.
Drawback #2: Nobody to Keep You Accountable
Who will question you when you go against your trading plan? A group reminds you to stick to the script, whereas trading alone allows you to be under no command.
Know Yourself To Trade Better
As you can see, team trading and trading solo have their benefits and drawbacks. Choose the approach that’s more suited to you for better long-term trading performance.
Be open to experimenting between the two approaches to find out which is best for you.
Happy trading!