Anyone one on one mentoring?

Discussion in 'Hook Up' started by danielc1, Sep 7, 2019.

  1. soulfire

    soulfire


    Okay, here is my followup response:

    1) This biggest part about traders having to spend so much time in the research/trial and error phase before they come up with a working system, if they ever do, is the time lost chasing after false leads, and having to retrace ones steps and proceed in a new direction. This part is essentially the "hamster wheel" of R&D/Trial and error until one gets a good footing, which can easily take years to get past.
    The purpose of mentoring is to enable the student to skip all the time spent going down fruitless paths and concentrate their focus on understanding the mechanics and nuances of the right path.
    As such, having a good mentor should result in far less time in coming up to speed and as a result far less pain.

    I don't understand what you mean by your statement that each system is personal. A mentor should be able to tell their student exactly what they do, and from there the student can either seek to replicate ortailor it to their own risk preferences. A good working system can be passed on to another person doing the same type of trading- it doesn't have to be different.

    3) Just to be clear, you make enough money for you and your family to live on solely by trading? You mentioned you also had other businesses, but I wanted to be sure you meant you make a living from trading rather than just making "some money" which way not be enough to provide for the needs of the household.

    I'm also unclear on why you don't know what your performance is. Making a living via trading gives you your daily P/L counts. Your yearly tax forms has you submitting your P/L for the year which should spell out how you're doing pretty clearly. How do you not know your stats?

    5) I agree that just presenting your methodology doesn't mean people would understand it well enough to execute it properly, but it shouldn't be an issue in showing the general summary of your method without having to dig into the weeds.

    It's the same concept as showing a broad general presentation of your style (50Kft view) , a closer look view (100ft view), and the mentoring would come in dealing with the all the trees in the forest detailed view.

    If you're not mentoring on a specific methodology/plan, the it sounds more like a "coaching" position rather than mentoring.
     
    #21     Sep 7, 2019
  2. themickey

    themickey

    Speaking from personal experience where I have mentored others, many people have their brains wired wrong for trading, they come with preconceived false ideas. For example, one person I attempted to coach, I and they would buy into a position on my prompting, the trade turned pear shaped quickly, I would strongly advise exit but they would argue with me to justify holding the position.
    Then as their losses mounted begin to blame me, conveniently ignoring the fact they resisted my call to exit earlier.
    I'm mentoring 3 people now and it concerns me they rely too much on my calls which are made for the most part for educational purposes.

    Having a brain wired wrong for example, is they are happy to jump into a trade quickly then wanting to become a long term investor.
    Sometimes quick exits are required, other times holding is required longer term and being able to differentiate is hard for some to grasp.
     
    #22     Sep 7, 2019
    vanzandt, fan27, danielc1 and 2 others like this.
  3. danielc1

    danielc1

    1) In my vieuw mentoring is showing what I do, why I do it in such way, what my thought process is and then help you with your thought process, help you make a system that will fit your thinking and lifestyle, get you trough the obsticals you will encounter and finally get you consistent profitable. If your system resembles what I do, you are going to be or going to have my personality. That will only work for maybe 5 to 15% of the people that are willing to learn how to trade. That is way many fail at following a workshop or a training and then trying to replicate what they have seen.

    3) It's not my intention to avoide this question. I find it hard to answer it. I find trading for a living boring. I could live from it but I do have other incomes. I have several other incomes from things I also enjoy. I have periods I trade day in, day out, and I have periods my attention goes elswhere. Trading for me is really making money at will. I hope this statement does not come over like I know it all but it is true. If I need money, I can just sit down and make my self avaible to the markets to trade. That is way I find it hard to make a clear forward answer about income/statements. It's all mixed up. Also trading in Belgium is not a different taxcode then a business income. (In my case. Some people can put it as a speculator income, mine is to big and to regelar to put it in that code). Also what is trading for you? I also invest in stocks and write options. Is that also trading for you? For me trading is exploiting my edge on a daily basis. The statement from my broker that I use for taxes, includes everything. From dividends, option premiums, holding in stocks, cash to cash positions from future trading and so on. It is a jungle. Bottem line is a big plus and a number I use to fill in a tax return. If you asking my what did you make trading? I really do not know. I can find out and give a number. It says nothing about what you are going to make.If you want to verify a mentor on his ability to make money, you have to learn that person and trust yourself and your own judgement. If you see that person making money in front of your own eyes, consistently, you would care less how many days in a year he trade or if he makes enough in your eyes from trading.

    5) If I put a methodology on a forum I get two reactions. It doesn't work, or they want me to explain it in bit and parts every single aspect of a chart I may put up. Been there, done that. It is a waste of time. I have stated in my previous post that I like support resistance trading with mp, rangechart and orderflow. But that is my style, it doesnt have to be yours.
     
    #23     Sep 8, 2019
  4. danielc1

    danielc1

    If you mentor other people and give them fish in any way, they will not learn. That is the paradox. People looking for a short cut trough mentoring, need to understand that the long road is the short cut. The long road is getting your head straight on, do the work to make your own system, and then get over the obstacles to make it work.
     
    #24     Sep 8, 2019
  5. themickey

    themickey

    Yes, students need tools, not fish.
    My mentoring involves numerous self made instruction documentations on how to read markets and nearly daily thoughts for the day on market behaviour and quirks which may be currently going on.
    They also have access to my algos with instructions on the whys and wherefore's.
     
    #25     Sep 8, 2019
    danielc1 likes this.
  6. mosteel

    mosteel

    Hi Daniel, I’m John. I’m rather interested...
     
    #26     Sep 8, 2019
  7. I never mentor. At one time I mentored my relative to trade. I asked him using 100 shares and cut loss. I expected him to lose a few tens of dollars. In the end he averaged into losers.initial loss expanded to a few thousands. He kept trading that way and lost all his money around 200k including 401k
     
    #27     Sep 8, 2019
    vanzandt likes this.
  8. Nobert

    Nobert

    ....

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    ...

    Not your fault, just a wrong student/apprentice.
     
    #28     Sep 8, 2019
    vanzandt likes this.
  9. Pekelo

    Pekelo

    Well, nobody asked and there is no reason to discourage OP. The number of people offering free mentoring is pretty much zero, so why don't we just applaud his willingness, sit back and enjoy the show?
     
    #29     Sep 8, 2019
    Nobert likes this.
  10. ok...i don't bother to read your mumbo jumbo. i will cut to the chase. i'm a simple guy and it is very simple to prove what you say. just video record of your live trade for one day and put it in youtube for all us to see. that way we'll see if your personality fit whoever you want to mentor. either put up or shut up.
     
    Last edited: Sep 8, 2019
    #30     Sep 8, 2019
    qlai likes this.