dvst8
Registered: Mar 2006
Posts: 42 |
08-14-12 07:42 PM
Quote from NoBias:
I have a successful business but it is not fulfilling and it's not my life's ambition.
--- You also have a family, your first and foremost priority is providing for them. This in mind, you need to accept the fact that with or without a mentor you can expect many years before you may become consistently profitable [if at all], and only after multiple years that your trading outperforms your business should you consider abandoning a successful enterprise.
A few years ago I happened up on elite trader and looked for beginner advice. In the end though, I didn't listen to any of the advice and did exactly what so many warned would happen.
--- To your fortune, you learned a valuable lesson, which should be a stark reminder how imperative it is to be patient and wait before leaping in the fire.
I agree that a mentor would be awesome right? So where does someone find someone like that?
--- Most traders did not have the luxury of a Mentor, they are autodidacts by nature, self taught. They achieved their success by sheer hard work, studying, trial and error, developing their trade plan [profitable strategies], building their tool sets, understanding the IMPORTANCE of patience and discipline, growing slowly, overcoming their Demons, blah, blah, blah...
--- Mentors are not easily found, most profitable traders "trade" not teach, you can't search out a Mentor. www.mentor.com does not exist, you will only find "snake oil salesman who advertise to mentor".
It is on the rare occasion that one may meet an individual who respects your attitude, determination, work ethic, finds you amiable and desires to help or mentor you. This may be due to interaction on the internet, local coffee shop, grocery store, etc... usually in a place you least expect...
You should plan on doing it on your own, and along your journey you may meet someone who can help direct you further, but don't wait or plan for that to happen...
Trading is a solitary/lonely business, and for most so is the journey to success.
I really needed some beginner basic information to get started.
--- Regarding getting solid, reliable information or advice on ET, you will need to do your homework. There are some very good experienced traders here, but unfortunately they are in the minority and outnumbered by imposters, trolls, and negative personalities. As in trading that 95%/5% ratio holds true for ET as well...
That being said, if ET is your only source for direction [may God help you] I suggest you create a list of those members which exhibit a positive attitude and post intelligent comments, advice, etc... [ET buddy list].
Once you have identified those individuals, research their past posts, compile a document of notes and find the common denominator. If I recall correctly 5-years ago you had some very good advice, you may reconsider re-visiting those threads.
Once you have completed your initial research, read the suggested books, prepare a personal training syllabus and start from there. Consider it like a Pyramid, build a strong foundation and progressively add layers.
--- As an FYI, most see Trading as a road to easy money... it is quite the contrary, Trading requires the same, if not more dedication, hard work, commitment of time as any other profession... You are competing against some of the most brilliant minds, institutions, algorithms in the world... don't for a minute think that this is an easy business... [Day Job may not be so bad after all]
Great post NoBias.
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