Sharing Trading Ideas: Good or Bad?
Sharing trading ideas has become very popular among market participants. Basically, it is in our very nature to want to know what other people are thinking – and the Forex market is no exception. By sharing sound trading ideas, you are helping others in widening their trading horizons, and by receiving valuable feedback – probably helping yourself, too. We are not talking about simply copying your trades – a possibility widely available through various Forex brokers and sites alike. There is no learning curve existing there and I am not an advocate of that approach.
Sharing Ideas Properly
While sharing your trading ideas, you want to make sure that the shared information is accurate and reliable. It will significantly help in gaining a reputation in the trader’s world. Disclosing the basic elements of your trading strategy is also very helpful to other traders. You don’t need to go too much into detail, just telling that it is based on a fundamental or technical setup (or a combination of both), and describing it briefly is enough. But, there is also no restriction in sharing your complete strategy, as basic elements of a sound strategy consist of very straightforward rules. Usually, the traders who receive your ideas are the ones who fail in following the basic trading rules and then block themselves from becoming profitable.
Besides sharing the underlying basics of your idea, possible entry and exit points should also be mentioned, as well as some other helpful information like the P/L ratio. If the trade setup is fundamental-based, mentioning the data sources should also be included, while in a technical setup the complete analysis and price targets should be indicated.
There are many ways to distribute your ideas online. Using social accounts like Twitter, Facebook groups (public or closed), trading forums, or publishing them on your own website are a few of the best ways to reach a wide audience. In my own experience, tweeting your ideas is probably the very best way in spreading your words. Using Forex-related hashtags like #TradeSetUp, #ForexTrades, or #TradeIdea, will help other traders to find you, and with solid trading ideas, you will quickly build a huge army of followers.