We either rely on our gut feelings, third party signals or indicators in such a way we tend to miss the real understanding on the market movement when we initiate our trade. Hence, one of the thing that I am planning to embark, whether sooner or later is to have my own team of traders, consists of capable friends or families whom I can trust and rely on.
The best part of having a team (in my honest opinion) in this trading arena are:
1. Every trade decision will be treated as a serious business decision, just like an institutional trader who take their trade very very seriously.
2. You can counter check your analysis with your trading colleagues, whether or not a trade is feasible to be taken or otherwise.
3. You support each other in terms of analysis where one can focus on technical and the other on fundamental as well as market sentiments.
4. Though trading decision can and should be taken on your own personal basis, but having a team who really understands the market and what trading is all about will provide you with the cutting edge on either a position should be hold or exit.
5. A good team can always analyze each others trade and study where and when a good or a bad trade decision were made and record them accordingly for future reference.
6. Build a strong confidence and skills in taking any trade by having your own ways of looking at the market.
7. Achieves more by sharing what you know, think and see base on your own analysis.
So, if I were to have a team of traders, I would like to have someone who is expert in the following areas:
1. Technical Analyst - who will focus on daily pivot, resistance, support, fibo level as well as Stochastic and RSI strength. He needs to know all the relevant pairs chosen to be traded in terms of its technicality.
2. Fundamental Analyst - who will focus on weekly and daily major news release, oil & gold price movement, stock exchange performance, Bloomberg or CNBC breaking news, as well as market responds on each news release. He needs to know what the market is telling and doing from fundamental point of view.
3. Sentiment Analyst - who will focus on the general sentiment of the market, the news headlines, CNN News, geopolitical climate as well as major trend direction at the moment. (ie dollar weakness, euro strength etc)
4. Scheduler - who will identify and propose best trading hours on weekly basis. What is the best time and potential high volume trading hours. (for sure London Session is a must)
5. Risk Controller Specialist - who will determine on how much should be put at stakes, where to put stops and profit limit in any particular trade or day base on account levels.
6. Adviser - who will analyze the market generally from the daily range, character (ie ranging, trending or breaking) and volume whether trading is feasible or otherwise.
In short, it's all about having a team of my own market analysts who have faith in own capability and later work together towards a common goal - which is no other than making money.
You see, the point here is though trading is personal, we seldom have enough time to do a complete analysis on the market. Sometimes we focus too much on technical, at times we focus too much on the fundamental. Either way both are important So, when you have a team of your own, chances are you will make a better trading decision that could benefit every team member.
The only thing is that - still the final decision is yours and at your OWN risk, especially if you disagree among each other on the market's condition and analysis.
But no matter what, always trade what you see rather than what you wish to see... Having a team doesn't guarantee profit either, but will definitely help on a better analysis on the likelihoods of the market's movement especially if you have someone who is very knowledgeable, senior and experience with the forex market as your team member.
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