Fear and delusion

I didn’t pay attention to the word “newbie” as much as I don’t pay attention to people who claim to be “experienced” traders. I read things between the lines.

Yes, markets are random at micro level, but at the macro level there is a consistency. Seriously, there is a secret to how to overcome that randomness, and the secret is as Mark Douglas states; “YOUR CONSISTENCY HAPPENS INSIDE YOUR MIND, NOT IN THE MARKET”.

Do you want to help in finding out why you cannot apply Mark Douglas’ principles? There must be a reason for it.

Q1) Trading is business, do you have a business plan? If so, lets go to Q2)

Q2) Are you applying the seven principles of consistency that Mark teaches? If so, lets go to Q3)

Q3) Are you willing to post 20 paper trades for us to help you find out where the problem is?

The decision is up to you, I’m sure others will help you as well to pinpoint where the problem is.

 

Thanks for offering your help! I seriously don't have any budget for a mentorship program. Also, I like the way things are.

PA

 

I didn't mentioned any money, I suggested help through this forum, which is free.

I think your answer "I like the way things are" explained why you're not making money. Traders who're not committed don't make it.

Just my 2c.

 

To me, it doesn't matter. I rather be a loser than a consistently profitable trader.


PA

 

When I first started trading 17+ years ago, I tried to find a mentor. Even way back then, there were plenty of people offering services for a price. Though I was not an experienced trader, I knew enough math to determine that the most important aspect of trading is having a sustainable edge (positive expectancy). Every time I spoke with a prospective mentor, I asked for evidence of his/her edge (e.g., account statements). I never found a single so-called mentor who would even bother to respond seriously to the question. So I spent the next two years finding an edge on my own.

Truth is, 99% of "mentors for hire" don't have an edge. If they did, they wouldn't be teaching -- they'd be trading.

 

lol

kiss!!

 

Just as a flight instructor should not accept any flight students because the flight instructor should be flying planes instead ONLY, right tomdavis?

 

A flight instructor has to pass tests and get a license to prove that he/she is qualified to teach flying. That includes actually flying an airplane. A flight instructor's qualifications to teach flying are verifiable and provable. In fact, a CFI (flight instructor's licence) requires the instructor to hold either a commercial pilot's license or an air transport pilot certificate before he/she can receive CFI status.

A mentor-for-hire should have to prove his/her qualifications to teach trading. A trading mentor who can't prove that he/she has a sustainable trading edge should not be taking anybody's money. The only real proof of a trading edge is trading results in real time with real money. Those results should be made available to a prospective student, just as a flight instructor must show credentials upon request by the student.

 

Oh, how unfortunate for those flight instructors, but how fortunate it is for trading instructors, they're not under tight regulations but perhaps they will in the future, in fact a trading advisor is exempt or is not bound by certain NFA rules or cannot be held liable under certain conditions. The problem of course is that some do take advantage of this while some of course do not, better luck next time Tomdavis.

 

Sounds like you agree with me that anyone thinking of hiring a mentor should require proof of a sustainable trading edge before handing over money to the teacher.