BenniRenn374
Trade Alone or Having a Partner?
You will find benefits and drawbacks to each alternative. If you trade alone, there won't be any someone to help you with your projects (unless you hire employees) and there will be no one that can trade for you while you are away. Furthermore, there won't be any one with whom you can discuss various markets, indicators, techniques and trades. To those those who need this type of assistance, someone or well-trained assistant may be desirable. However, prior to you making such decisions think about the potential negatives of getting a partner.
A lot of Cooks Spoil the Broth
Futures trading is really a 'loner's game'. Sometimes a partner or partners can get in your way. You might be influenced to prevent some trades you should have made and to have trades you ought to have avoided.
Who's Responsible?
It is good to understand that you alone have the responsibility for profits and losses. For those who have a partner or partners, it may be hard to know who's accountable for each decision. Lacking such knowledge will slow the team process and may, actually, stall it entirely.
Sharing the Profits
You may not wish to share your profits with partners? Granted, they might also share in your losses, consider you might end up getting more losses if you have partners, the advantages may prove nil.
Would you like to Share Your quest?
Many of us consider our research proprietary. We work long, hard hours to develop trading systems and methods and we may not wish to share all of them someone regardless of what she or he may bring into the relationship.
Slower Decision Time
You may already know, decisions within the futures markets should be made quickly. Many times the presence of a trading partner may slow down the decision-making process and, hence, severely limit the speed with which you can execute orders. This, as you can well imagine, can frequently have negative results.
Trade for a while, Long Term or Immediate Term?
I possibly could teach several courses just addressing this subject. There are so many variables to consider, not minimal which are your personality and temperament.
Factors You should think about for making this Decision
•Trading System
While some trading systems are more ideally suited to short-term trading, other medication is more appropriate to long-term trading.
•Time Availability
Known only to you how much time you have available. To trade for the short term or intraday you will have to make a major commitment of time. If you have another job and you can't make this commitment, don't even try! Be realistic and determine what you can do using the time available for you. This might automatically make your decision for you.
•Commissions
Are you currently paying sufficiently low commission's to permit short-term trading having a positive main point here?
•Personality
Are you able to go ahead and take pressure of short-term trading? Are you currently more in tune with long-term trading, its less demanding pace and also the patience required?
•Health
Believe it or not, health is a consideration. In case your health is at stake, then go for it don't push your luck. Trade with the period of your time in your mind, which will best be suitable for any health issues. Answering this honestly can help make many decisions for you without considering the other aspects.
•Data
Many people are under the optical illusion that they can day trade the marketplace with no steady source of tick-by-tick data. Don't fool yourself. To day trade you need up-to-date, tick-by-tick, accurate and reliable data. If you cannot afford it, if you don't understand how to use it, then don't kid yourself. Daytrading is not for you.
