Every so often, someone suggests we form a study group or Facebook page whereby students interact with each other.
The only problem is, they sound good in theory but they don’t work. Many of us have been in these in the past and perhaps you share the same observations.
A bunch of traders gather around and a de facto leader emerges. He/she will be the charismatic one in the group, very likable and maybe very intelligent. Everyone watches this person and tries to emulate him/her. Members feel the need to submit their own twists on the strategy, often introducing new methodologies. Before long, there are a number of differing systems being watched and traded, resulting in confusion, chaos and sometimes even confrontation. The boat may even sail along nicely until one day, this group leader falls over the edge, taking everyone else along. Something happens and the group disbands; everyone is off looking for the next big thing.
Essentially, these groups are followers, looking for a peer to lead instead of the original mentor who is best qualified to assist. Why would you not want to talk to the top person?
Everyone ultimately loses. Instead of assembling followers, we try to garner a collection of leaders, each an expert trader in their own right. Forget what anyone else says about markets; it is you who will become the professional trader.
Hugh Grossman, Head Trader at Day Trade SPY.
Hugh Grossman is the founder and Head Trader at DayTradeSPY and uses his vast experience to teach his methods to make consistent daily gains trading SPY options. Join Hugh in his interactive Trading Room to see how he regularly pulls in the profits!
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