This article is from the Paganism FAQ, by susanhk@ccwf.cc.utexas.edu (Susan Harwood Kaczmarczik) with numerous contributions by others.
Just as you shouldn't be in a big rush to find a teacher, you
probably shouldn't set right out to form a coven. Most Witches
believe the coven bond to be a very intense and serious one, one that
applies on the Karmic as well as mundane levels. Think of it as
getting married -- you wouldn't marry the first people you met who are
interested in getting married too, would you?
Forming a circle, or a magical study group, is perhaps a better
first step. It can be on a relatively informal basis, and you and the
other participants can get to know each other while learning about the
Craft together (as a matter of fact, many covens are formed from study
groups). The fun of this is that you can meet more people who are
interested in what you're interested in, and you can all learn
together, and maybe even develop a tradition from the results of your
studies. (You can do this as a solitary, of course, but some people
do take more enjoyment in working with others. Once again, do what's
right for you.)
The steps for contacting people to form a coven are much the same
as finding other pagans and Witches in your area. A word of advice,
though: You may want to leave your last name off, or get a P.O. box.
Don't give out your number (unless you have an answering machine).
Advertising yourself as being interested in this sort of thing might
attract, shall we say, undesirables. Try writing such a notice so
that those who are probably interested in similar ideals will know
what you're talking about without attracting the attention of people
who aren't. Even though *we* know that we're perfectly ethical and
legitimate, not everyone else does.
 
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