Most traders start their activity at Forex market with independent work.Whether he needs a team, and what kind of team it has to be, a beginning trader cannot know yet. He tries to make head or tail of questions, opened to him, on his own.
The market knows few successful teams that can boast of their results. Maybe, the problem lies in organization of a group; maybe, professionalism of participants of the trading process is the issue. Anyway, if you are invited to work in a team, you should think it over, get acquainted with reasons of its formation, current situation, as well as your responsibilities in case of agreement. Ideally, any structure should have a leader to keep an eye on teamwork. Such person gathers specialists, distributes obligations, and asks for results.
The most widespread are teams that get together to discuss the market situation and make a joint decision on most probable further movement of a currency pair. As a rule, all participants of a team have their deposits, where they make deals. Communication is happening via argumentation, discussion, criticism, and decision making. As a result, every participant gets an idea about the situation, judging from which he effects a deal.
The characteristic feature of such team at Forex is alike method of market analysis for its participants. If this is not so, then traders will have nothing to discuss, as everyone will have his own view on the market. When working at the market by about the same principles, traders hold a discussion in order to take all opinions into consideration and highlight some working moment, which they may have not noticed on their own.
What is the point of teamwork at Forex? Can one make money in team? The "Market Leader” has discussed these and other questions with the dean of Masterforex-V Academy Department of Intermediate Trade Evgeny Olegovich Antipenko (ATEI) experts department "news Forex, stock exchanges and exchange rates" magazine for investors "Market Leader".
Expert on Teamwork and Partnership at Forex
"Market Leader": Hello Evgeny Olegovich!
ATEI. Hello! The market has slightly calmed down after Brexit. It’s time to do what has been promised.
"Market Leader": Yes, of course. You recalled. Last time this was the end of our talk on “Forex Market Forecast: How to Make Real Money at Exchange Market?".
"Market Leader":Don’t you find the term "teamwork” strange?
ATEI. Why?
"Market Leader": For profession of a trader is considered to be individual, isn’t it?
ATEI. Let us see. As for me, I think it’s absolute nonsense. It is not a secret that large banks and investment funds have their own “teams" of traders. Of course, there is ambition and desire of career growth, but I doubt that there is total war in such teams. In other words, there exists in-company team spirit. Otherwise, they would simply show negative balance. Or do you think these banks’ top managers are idiots?
"Market Leader": Well, probably, not. Either “war", or profit – there is no third option.
ATEI. You said that (laughing). So, that let us dismantle another stereotype. If teamwork is possible and welcome in commercial structures, why is this impossible within the Academy? Have I convinced you?
"Market Leader":Not really.
ATEI. Good. Let us take a different approach. Tell me do schools and universities have elements of mutual help?
"Market Leader": Is this the principle of sharing your notes? Probably, yes.
ATEI. Roughly, but that’s true. In such a way, though mutual help exists. There is another question. Do individual traders have competition in profit?
"Market Leader": Probably, yes.
ATEI. No, they don’t. It simply cannot exist by definition.
"Market Leader": Why?
ATEI. Because the market, with its trillionth turnover, simply does not notice deals with tens of thousands dollars, let alone smaller ones. This is not a flea market or a trading network, there is enough money for everyone. So, fairytales about competition are for primary school.
"Market Leader": Can you give a concrete example of teamwork?
ATEI. Easily... I have already told you that we use over 40 financial instruments at our department. Even I cannot follow all currency pairs, I physically cannot. Just like any student of the department. We have opened two topics (for demo- and real accounts), where everyone – myself, a moderator, a student – shares signals of SACS TS.
"Market Leader": Is this a kind of an obligation?
ATEI. Of course, not.
"Market Leader": What is the point then??
ATEI. The point is that someone sees and displays a signal today. He makes profit, so do his mates at the department. Tomorrow he may likewise use information, displayed by another person.
"Market Leader": So he has to be convinced to enter the market, doesn’t he?
ATEI. Absolutely NOT! The decision is made individually. However, this does not disable the principle of a team.
"Market Leader": Will you give any examples?
ATEI. Of course. Here you are... I try to inform my students about Central Bank meetings on interest rates. As a rule, beginners forget about this. By the way, the rector of the Academy has also written about this. A DC teaches one thing, but everything happens just the other way around. 10 years have passed. And how many more traders will break their necks on this? Ok. Let us turn to specifics.
On April 27, before the session of FRS, I have display the following text with a picture in a closed forum of the department.
"Market Leader": This is a rather competent forecast, with levels and targets of movement.
ATEI. Compliments aside, let us see how everything ended.
"Market Leader": Well, you seem to have some kind of a tradition when you never aim at profit smaller than 500 points.
ATEI. You have to think big. The main point is for it to work out. Did this prediction work?
"Market Leader": Yes.
ATEI. So, if at least 2-3 students have taken 30-50% of this movement, then I believe that I prove my salt.
"Market Leader": Well, that’s about you. And others?
ATEI. Others do the same. Following the principle “when get help – give help". By the way, this has been one of Academy’s principles for over 10 years.
"Market Leader": You must be kidding!
ATEI. Why do I keep agitating you? One student has been keeping a position for 3(!) months. He has earned over 1000 points on a real account. Did he hide this information? No, he displayed everything at the forum of the department.
"Market Leader": But this is your VIP.
ATEI. You will not catch me here... He received VIP status on July 5. And not only for the result, although this was excellent work. I find more important the fact that he has shared information with fellows. This I call “Cooperation".
"Market Leader": And what can you say about the new program of the Academy and partners of PRO-rebate?
ATEI. This is a topic of a separate and serious talk. In general, I find it rather positive. But this is an absolutely different story. Let us talk about it next time.
"Market Leader": Thank you for the talk!
ATEI. You are welcome. Good luck to your magazine and your readers... Good-bye.
