Actually I was curious about the success rate in a "Free mentoring room". I think it would be very frustrating on your part to try and teach a method to people that aren't willing to pay for their education.
Well pay for it or not I have been searching for help in one form or another endlessly. Reading books, taking an online course, sitting in at Fidelity's free seminars, joining various ' trading systems' websites like zachs and trade the triangle to name a few. I investigated a group here in Houston who wanted 5000 to teach me to do ' e-minis' but thats all... I didnt want to do that I recently had a brief but highly volatile encounter with Tim. I have spent my share of money. Books only go so far, classes speed thru the information and too many people in the class doesnt help, online websites with stock picking systems and buy sell signals are always wrong- sheesh! I've just been using my own wits for a while but I surely wish there was someone in Houston or someone that mentors. I dont feel right tho asking for help when someone is obviously so ill...and really needs to take care of himself most of all. So this is not a post asking for help Its really a post saying "there are a number of sincere, educated, sophisticated, genteel , normal people out here...trying to handle their investments, trying to trade and be responsible for their own money. Its not easy when the ' whole system' is not supportive, other traders want you to fail and its a dog eat dog world in trading"
First what's with the picture? No one book or person can really ever teach you to trade. Think of a sport like tennis, its cumulative. You bring all your experience or lack of it every time you play (trade). Entries can be right or wrong hence risk management. How much drawdown can you handle, what is your style, swing/ scalper, do you understand news or event trading vs stat arb, pairs, etc. I would say get a good demo and practice execution as errors are really costly; trade with a small account to understand REAL drawdown, can you handle it, most can't. Do you want to make a living in a sport that is very similar to gambling, there are very few professional daytraders and even less retail folks although it can be done. Seeking the grail is a waste of time that almost every newb gets involved in. Systems will only tell you what happened before, there are no guarantees of the future. Imagine you have $100,000 where do you put it today and why? There is a classic trend following system in here, most will never find it. Good trading. http://www.webtrading.com/phantom/preface.htm
Well first off, the pic was just a way to introduce myself as I am new and lots of people seem to post their ' website link" or some other information about them in their signatures. I only did it on the first few posts. Second, my goal was to make trading a long term situation. My tolerance for risk is fairly high since I have lost 20,000 and am still here....plugging along. Next this comment that was made: "There is a classic trend following system in here, most will never find it. Good trading. " is what I was talking about ....traders with mysterious secrets- letting everyone know, they have the secret and good luck in finding it. I have heard all the horror stories about trading and such, and I have heard that 95% of us ' non-professionals' crash and burn. I hope I can hang in there. I do think however I picked the wrong time to be learning how to trade...I started in March and am now dealing with the worse market in recent history. I guess if I can survive this battlefield I will manage to do alright and keep investing and trading. I actually like day trading. I am not after the holy grail I just want to build a nest egg and make some reasonable income. I have other sources of money. I just need some support and maybe I will get it here....reading all the posts and listening to the experts
I'd imagine there's at least a couple thousand traders out there who've never heard of ET, and don't care about this magical 95% number. They just trade when they see their setups and disregard all the BS they get from friends and family like "Oh, you must have lost a lot of money lately!?", and, "What do you do when the Mkt goes down 5 Billion points in a day?" And my favorite from a Police Officer buddy, "Careful you don't get into using insider info!". (where the hell I'd ever get any to begin with is a mystery to me, and I enjoy my freedoms very much, thank you!) I'm trading Opening Range Pivots on the ES, and doing allright. I'm in SIM till I get 5 more straight winning days, then it's "LIVE". I was trying to trade the YM, but it kept blasting thru pivots and stopping me out. I started watching the ES, and I'm still amazed every day how "orderly" it is. Trading for a living can be done. Jhershierra, disregard everything but that which makes sense for you.
my point is that he gives you a trading system here which is profitable and free, you have to codify it yourself just like you do with your trading. Most won't find it because they don't understand what a system is, not because of mystery but because of a lack of understanding. There are many people who will charge you for their time, systems, software, etc as you have learned. Rule one is don't lose money, cut losers, lose small. This is a paradox as you have to risk to win, so how do you risk money without losing it. When your trade is moving against you, you can get out right away as oposed to waiting for your stop to get hit. This alone will save you alot of money. Trading is negative expectation meaning it is more costly due to commissions and slippage to trade. See the free turtle rules if you want to see a system complete, you can get them for free. The reason they were revealed is because some asshole was selling them for like $2,000. This is a simple breakout system based on Donchians' 5/20 system which is like a moving average crossover. Look at hedge fund returns this year, even with all their money and resources most of them got caught like a deer in the headlights, by the way they bear got underway around 1390 es. Good trading. http://www.google.com/search?source=ig&hl=en&rlz=1G1GGLQ_ENUS248&q=free+turtle+rules&aq=f