In this episode of Truth About FX, Walter touch on the topic of trading and socialization, trading tribes, and why it is important to have a balanced and healthy life outside of trading. He delves into the advantages of finding the right persons to hang-out with and the unusual but otherwise helpful things we can get from experienced people.

Download (Duration: 05:36 / 6.41 MB)

In This Episode:

00:32 – meetup groups

01:34 – Trading Tribe

02:39 – “cool” traders

03:21 – a balanced life

04:05 – wrong group

05:22 – retired friends

Tweetables:

Trading can be a lonely existence. [Click To Tweet].

Hang-out with people outside of trading.  [Click To Tweet].

Be with people who can teach you more. [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter! What is the best way to hang out with other traders if you don’t have traders in your local area?

Walter: That is a good one. If you go on to the internet, I don’t know if you’ve seen the Meetup Groups, Hugh. Have you seen those on the internet before?

Hugh: Yeah. Those were great.

Walter: Yeah. I think you can find a group for just about anything. I’ve actually even gone to a few of those meetup groups to give some presentations on how I trade to some of those forex traders because it’s fun to me and to other traders and things like that.

The other thing I would suggest, if you are into your psychology, you might look into the Trading Tribe. You can go to Ed Seykota’s website which we’ll link up in the shownotes to this podcast.

Basically, it is a group where you meet up with other traders and you work through your issues. You are not meant to go there and talk about trading, but what you are meant to do is go to there and figure out what are the emotional barriers in your life.

If you can purge those emotions, then the theory is your trading will get better. You will not play out these little dramas in your trading and you are, sort of like, you get them out of your system right at Trading Tribe.

That is another group and sometimes what will happen in Trading Tribe is some of the traders will go get together outside the Trading Tribe. Trading Tribe is really not meant to be chit-chat about trading. It’s really a specific routine.

There are Trading Tribes around the world. There’s probably one near you and you can go to Ed Seykota’s website and forum there. I would just say go to the meetup groups, you may go to a conference or something, but I don’t know if those things are really… I really do not go to those.

I think they are broker dominated and I guess there’s traders there, I do not know. I guess, there’s traders there because the broker is trying to sell you stuff. I don’t know, Hugh. What would you say?

Hugh: Yeah, I totally agree with you. I would also,